9911796707
TMI Blog2023 (11) TMI 833X X X X Extracts X X X X X X X X Extracts X X X X ..... n Kerala. The Federal Bank of India filed an application under Section 7(4) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "IBC" for short) for initiation of corporate insolvency resolution process against the petitioner before the National Company Law Tribunal, Cochin. The said application was admitted by the adjudicating authority vide Exhibit P-1 order dated 08.03.2021. Vide Exhibit P-1 order an Interim Resolution Professional (IRP) was appointed to maintain the affairs of the petitioner. The resolution plans submitted by the applicants were rejected by the Committee of Creditors. As no resolution plan was accepted, the Committee of Creditors resolved to seek a direction from the National Company Law Tribunal, Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 14 of the IBC. The assessment were completed in accordance with law in compliance of the statutory prescription. It is therefore submitted that the assessment orders in Exhibits P-7 to P-10 cannot be set aside on the ground that the Official Liquidator was not heard while finalising the assessment. 4. I have considered the submissions. Section 14 of the IBC reads as under; "Section 14: Moratorium 14.(1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d or suspended or interrupted during moratorium period. [(2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified.] [(3) The provisions of sub-section (1) shall not apply to- [(a) such transactions, agreements or other arrangements as may be noti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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