2020 (1) TMI 304

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....e Insolvency Resolution Process (in short "CIRP") of the Corporate Debtor as the Corporate Debtor committed default in paying financial debt of Rs. 38,04,149/- (Rupees Thirty eight Lakh Four Thousand One Hundred and Forty-Nine Only). 2. The following facts are not in dispute. 2.1. On 10.05.2018, the Financial Creditor granted and disbursed a loan of Rs. 40 Lakhs in favour of the Corporate Debtor. The loan was repayable by equitable monthly instalments including interest. The Corporate Debtor committed default in paying loan instalment. Last default took place on 05.03.2019. The loan agreement permits the Financial Creditor to recall loan in case of one default. Hence, this application is filed to start CIRP of the Corporate Debtor. ....

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....uptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016 shall be made immediately. (iv) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: (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 corpo....