2018 (11) TMI 1631

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....Creditor) against M/s. EMPEE DISTILLERIES LIMITED (in short Corporate Debtor) under section 7 of the Insolvency and Bankruptcy Code, 2016 (in short IB Code 2016) r/w rule 4 of Insolvency & Bankruptcy (Application to "Adjudicating Authority") Rules, 2016 (for brevity, IB Rules 2016). The Corporate Debtor is a private limited Company incorporated under the Companies Act, 1956 on 15.09.1983 having its registered office at Empee Towers, 59, Harris Road, Pudupet, Chennai-600002. 2. The amount claimed to be in default by the Corporate Debtor as per the Application is Rs. 10,18,20,789 as on 31.12.2015. The date of default as per the petition is 31.12.2015 and the amounts due as on 08.02.2018 is set out in Annexure-5. 3. The Applicant Bank....

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....le of payments to the other side for their consideration, since they are intending to settle the matter with the Petitioner. Matter is adjourned for reply in relation to the fresh proposal." 5. From the above, the Tribunal observes that payment as per the fresh proposal has not fructified and order has been reserved in the said matter on 16.10.2018. 6. The counsel for the Corporate Debtor has not filed any counter, documents or objections for the petition filed against them by the Applicant Bank before this Tribunal after the attempts to settle the matter has failed. 7. In view of the above, the Tribunal observes that there is a debt due payable by the Corporate Debtor and that a default has occurred which the Corporate Debtor was ....

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....We order to prohibit all of the following, namely: (i) 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. (ii) Transferring, encumbering, alienating or disposing of by the corporate debtors any of its assets or any legal right or beneficial interest therein; (iii) 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) (iv) T....