2017 (8) TMI 1548

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....433(e) and (f), 434(i)(a) and 439(i)(b) of the Companies Act, 1956 before the Hon'ble Madras High Court which has been transferred to this tribunal pursuant to the Companies (Transfer of Pending Proceedings) Rules, 2016. Now, pursuant to the Central Government notification number GSR 119(E) dated 07.12.2017, this petition needs determination as per the provisions of the Insolvency and Bankruptcy Code 2016 (In short, 'IB Code 2016'). 2. Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition. 3. Shri Aran Karthik Mohan, the learned counsel appearing on behalf of the petitioner/OC submitted that the Petitioner is a supplier of Boiler/Pre....

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....56, demanding the payment of Rs. 2,84,52,426/- alongwith interest @ 18% per annum (Rs. 4,18,26,914/-) and thus now claimed to be an Operational Creditor under the provisions of the IB Code 2016 and prayed to initiate Corporate Insolvency Resolution Process against the Respondent/CD. The petitioner further submits that the total outstanding liability of the respondent company as of June 2017 amounts to Rs. 5,32,36,147.90/-. 6. It is pertinent to mention herein that the respondent company neither gave any reply to the statutory notice dated 16.04.2016 sent by the Operational Creditor nor caused appearance before this adjudicating authority even after receiving another notice for appearance. The Petitioner has complied with all the requirem....

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....ich shall have effect from the date of this Order till the completion of corporate insolvency resolution process for the purposes referred to in Section 14 of the I & B Code, 2016. I order to prohibit 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 judgment, decree or order 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 ....