TaxTMI 
TaxTMI 
2017 (6) TMI 1090
X X X X Extracts X X X X
X X X X Extracts X X X X
....ioner is a Company registered under the Companies Act, 1956. 3. In this Petition, it is shown that Rajkot Nagarik Sahakari Bank Limited [hereinafter referred to as "the Bank"] is the Financial Creditor, and it has also annexed names of Operational Creditors as per "Annexure-6". As per Annexure - 6, there are six Operational Creditors of the Corporate Applicant. 4. It is stated in the Petition that the total debts raised and the amount in default is shown in "Annexure-7". The details of total debts are also shown in Annexure-7 due to Secured Creditors which is put at Rs. 506.52 lakhs. The Corporate Applicant mortgaged its immoveable properties. 5. In the Affidavit of the Petitioner dated 16th May, 2017 filed on 17th May, 2017 it is ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Tribunal under the Insolvency and Bankruptcy Code within 180 days from the commencement of the Insolvency and Bankruptcy Code. 8. In the case on hand, the proceedings before the BIFR are abated not by virtue of Section 4 of The Sick Industrial Companies (Special Provisions) Repeal Act, 2003, but it is on account of taking possession of the assets of the Company by the Bank under the SICA. 9. This Petition is filed before this Adjudicating Authority on 11th May, 2017. Petitioner filed proof of service of petition on the Secured Creditor. This Adjudicating Authority directed the Petitioner to file documents relating to proceedings pending or disposed of before the DRT and BIFR. This Adjudicating Authority also directed the Petitioner to....
X X X X Extracts X X X X
X X X X Extracts X X X X
....itors which includes mortgage of immoveable properties of the Company. Therefore, Petitioner, who is a Corporate Applicant, is also a Corporate Debtor. In that view of the matter, Petitioner is entitled to trigger insolvency resolution process, provided the Petitioner (Corporate Applicant/Corporate Debtor) committed default. Petitioner, being the Corporate Applicant/Corporate Debtor, admitted that he has committed default in repayment of loan to the Secured Creditor as well as Operational Creditors and other Governmental authorities which includes mortgage of properties. It is stated by the learned Counsel for the Petitioner that no liquidation order has been passed in respect of the Petitioner. 14. The proceedings under the SARFAESI Act....
X X X X Extracts X X X X
X X X X Extracts X X X X
....fessional" who filed Form-2 and Certificate of Registration issued by the Insolvency and Bankruptcy Board of India. This Adjudicating Authority also directs the Corporate Applicant to make a public announcement in terms of Clause (b) of sub-section (1) of Section 13 of the Code. 18. In view of the commencement of the Insolvency Resolution Process with the admission of this Petition and appointment of the Interim Resolution Professional, this Adjudicating Authority hereby passes the order declaring moratorium under Section 13(1)(a) prohibiting the following as laid down in Section 14 of the Code; (i) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any ju....