2019 (1) TMI 1768

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....ocess (hereinafter called "CIRP") of Shalini Publicity and Creativity P. Ltd. (hereinafter called the "corporate debtor") on the ground, that the corporate debtor committed default on August 31, 2014 in repayment of facilities granted to the corporate debtor to the extent of Rs. 28,15,26,092 under section 7 of the Insolvency and Bankruptcy Code, 2016 (hereafter called the "Code") read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The petitioner has enclosed sanction letter dated February 26, 2015 which shows that the following facilities were granted to the corporate debtor by the petitioner :  Sl. No. Nature of facility Amount (Rs.) 1. Cash credit 11,00,00,000....

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....s in that regard and had requested for further time. It was submitted by the corporate debtor that O. A. No. 1194 of 2016 is pending for adjudication before the Debts Recovery Tribunal, Mumbai and in view of this the application cannot be admitted. However, the pendency of proceedings before the Debts Recovery Tribunal is not a bar for initiation of CIRP and hence this objection is not sustainable. The corporate debtor further contended that the Reserve Bank of India has come up with a new scheme for restructuring the loan account of Medium Small and Micro Enterprises (MSME) up to Rs. 25 crores hence, they are willing to restructure the account and sought time. The corporate debtor has neither disputed the liability nor the default. 8. C....

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....; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (II) That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (III) That the provisions of sub-section (1) of section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (IV) That the order of moratorium shall have effect from January 7, 2019 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) o....