2018 (12) TMI 1671

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....Johri, Advocate For The Corporate Debtor : Mr Sumranjot Singh ORDER Per : Smt. Ina Malhotra, Member (J) The present petition has been filed by the Operational Creditor praying for initiation of Corporate Insolvency Resolution Process of the Respondent/Corporate Debtor on grounds of its inability to liquidate its debts. The Operational Creditor who is in the business of wholesale supply of gra....

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....d to Rs. 12,96,214/- on account of accruing interest. The said petition has been filed in the required format annexed with relevant documents and correspondence. 4. On being served through the process of Bench, the Corporate Debtor entered appearance through their counsel, Mr. Simran Jot Singh. Ld. counsel has candidly admitted the claim made by the Operational Creditor and has expressed their in....

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....ibunal, 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 Fi....

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....od, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be." 6. The Operational Creditor has not named any Interim Resolution Professional in the petition. Therefore, this ....