TMI Blog2022 (9) TMI 905X X X X Extracts X X X X X X X X Extracts X X X X ..... tition is filed within limitation. Whether the present petition 'by investors who are the creditors of same class is maintainable? - HELD THAT:- In the present case, more than 132 creditors of same class who have approached this Authority for the redressal of their grievances. In view of The Insolvency and Bankruptcy Code (Amendment) Act, 2020 dated 16.08.2019 by which 1st Proviso to Sec. 7(1) was added which was upheld by judgment of the Hon'ble Supreme Court of India in MANISH KUMAR VERSUS UNION OF INDIA AND ANOTHER [ 2021 (1) TMI 802 - SUPREME COURT] , the petitioners being more than one hundred of such creditors in the same class are eligible to file the present petition under Section 7 of the IBC, 2016. Moreover, no such objection on the maintainability of the petition has been raised by respondent as it proceeded against ex-parte. Thus, the application filed in the prescribed Form No. 1 is found to be complete. The present petition being complete and having established the default in payment of the Financial Debt and default amount being above threshold limit, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Financial Creditors is Rs. 2,01,97,925/- and date of default is since January 2017 till November 2019 i.e. 05.11.2019 which is date of maturity of investment to Mr. Dhan Kunwar Verma/Financial creditor and the default is being continued even till date. 4. It is observed from the record that the petitioners have proposed the name of Mr. Anurag Nirbhaya as Interim Resolution Professional bearing IBBI registration No. IBBI/IPA-001/IP-P-P00870/2017-18/11468. A copy of Form 2 along with valid AFA and IBBI Registration Certificate obtained from the proposed IRP has been attached at page 281-289 of the petition. 5. The notice of this petition was issued to the respondent-Corporate Debtor vide order dated 22.11.2021 by this adjudicating authority to show cause as to why the present petition be not admitted. It is to be noted that as per order dated 22.11.2021 passed by this Adjudicating Authority, despite repeated service on registered office and corporate office of corporate debtor vide order dated 11.01.2022 and even after service through emails, none has appeared on behalf of the respondent. Therefore, this Adjudicating Authority was constrained to proceed with the matter and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the total number of such creditors in the same class, whichever is less: Provided further that for financial creditors who are allottees under a real estate project, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such allottees under the same real estate project or not less than ten per cent of the total number of such allottees under the same real estate project, whichever is less: Provided also that where an application for initiating the corporate insolvency resolution process against a corporate debtor has been filed by a financial creditor referred to in the first and second provisos and has not been admitted by the Adjudicating Authority before the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2020, such application shall be modified to comply with the requirements of the first or second proviso within thirty days of the commencement of the said Act, failing which the application shall be deemed to be withdrawn before its admission.] Explanation.--For the purposes of this sub-section, a default includes a default in respect of a finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. (e) It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during moratorium period. (f) The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. (g) The order of moratorium shall have effect from the date of this order till completion of the corporate in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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