TaxTMI 
TaxTMI 
2020 (2) TMI 867
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....h Industries Limited, a winding up petition has already been admitted by the Hon'ble High Court of Punjab & Haryana being in CP No.119 of 2011 (O&M) on 16.05.2019. A Provisional Liquidator stands already appointed who is represented by Sh. Deepak Agrawal, Advocate. On behalf of the Provisional Liquidator it has been stated that the liquidation proceeding are at the stage of holding meeting between the Financial Creditor and the Corporate Debtor-the company in liquidation. There is no transaction of sale of assets etc. till date. 2. The law laid down by Hon'ble Supreme Court in Forech India Ltd. v. Edelweiss Assets Reconstruction Co. Ltd. (CA No.818 of 2018) decided on 22.01.2019is that there is no bar by admission of a petition u....
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....n cannot in any way affect the remedies available to a person under IBC, vis-a-vis the company against whom a winding up petition is filed and retained in the High Court, as the same would amount to treating IBC as if it did not exist on the statute book and would deprive persons of the benefit of the new legislation. This is contrary to the plain language of IBC. If the contentions of petitioner were to be accepted, it would mean that in respect of companies, where a post notice winding up petition is admitted or a provisional liquidator appointed, provisions of IBC can never apply to such companies for all times to come. **  ....
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....to do so that the Corporate Debtor-Company in liquidation is in a position to pay the dues of the Financial Creditor-Petitioner. According to the averments made in the petition the various debts were granted during the period from September 2009 to April 2010 and disbursed in various account numbers and the total amount of default is Rs. 1622415380.11. The accounts are running accounts. The account was declared NPA on 30.06.2009 and the Master Restructuring Agreement took place on 26.03.2011 executed between the Corporate Debtor and the consortium bank including the petitioner herein. The Corporate Debtor gives a commitment to restart and complete the project by improving its operation. The Corporate Debtor had been referred to the Corporat....
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....yable (Annexure A-82). A copy of the Revival letter dated 30.11.2015 was also executed by the Corporate Debtor in favour of the Financial Creditor (Annexure A-83). The Consortium Leader- Union Bank of India issued possession notice on 11.02.2015, 23.02.2015 and 28.04.2016 (Annexure A-88). Accordingly, we find sufficient evidence within the meaning of Section 18 of the Limitation Act to conclude that the petition filed on 04.02.2019 is within the period of limitation. It is also evident from the perusal of order dated 16.05.2019 passed in CP No.119 of 2011 rendered by Hon'ble Punjab & Haryana High Court that winding up proceeding are already pending since 2011 and on that account also the instant petition is found to be within a period o....
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....o the above discussion, this petition is admitted and Mr. Desh Deepak is appointed as an Interim Resolution Professional. 9. In pursuance of section 13(2) of the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immediately with regard to admission of this application under Section 7 of the Code. 10. We also declare moratorium in terms of section 14 of the Code. It is made clear that the provisions of moratorium are not to apply to transactions which might be notified by the Central Government. Additionally, the supply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. These would include ....