2020 (2) TMI 192

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....ding Company Private Limited, M/s. Alpha (India) Properties Ltd., M/s. Glean Trading Private Limited and M/s. Kanha Textile Private Limited filed this Petition on 4th April, 2019 under section 7 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") read with Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") seeking reliefs under Section 7(5)(a) and Section 13(l)(a)(b)(c) of the Code. 2. The applicant No. 1 is a registered private limited company incorporated on 23.03.2010 having identification No. U51900DN2010PTC000316 and having registered office at Silvassa. 3. The applicant No. 2 is a registered private limited company i....

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.... 51,57,484 Kanha Textile 50,00,000 31.12.2011 17% 31.12.2017 1,64,90,495 Gr. Total 6,76,55,000       20,04,37,016 8. As per the details submitted by the petitioners, a total sum of Rs. 20,04,37,016/- (Rupees twenty crores four lakhs thirty-seven thousand sixteen only) has fallen due and payable on different dates as per the promissory notes executed by the corporate debtor in favour of the financial creditors on different dates. 9. In support of its claim, the petitioners have submitted copy of the following documents:- Sl. No. Particulars Page No. 1 Board resolution passed by Board of Directors of the applicant companies authorising Ms. Divya B. Jain to submit appli....

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.... Debtor committed default in paying the financial debt to the Applicants and the respondent company has acknowledged the debt. 14. In the instant case, the documents produced by the Financial Creditors clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'financial debt'. 15. There is no dispute in the case that the petitioners are the financial creditors. The application is also furnished in the prescribed form - 1 of the Rules and the prescribed fee has also been paid. Along with the application, the applicant proposed the name of the Resolution Professional The applicant/operational creditor has proposed the name of Mr. Vinod Kumar Pukhraj Ambavat to act as Interim ....

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....ts 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) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 19. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply t....