2018 (1) TMI 1602

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....capacity of 'Financial Creditor' on 7th September, 2017 by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code (hereinafter as Code. 2. In the requisite Form. under the Head 'Particulars of Corporate Debtor' the description of the debtor is stated as 'M/s. Khandoba Prasanna Sakhar Karkhana Limited' having  CIN : UI5421PN2001PLC015691 and having Registered office at, 52/788. Lokmanya Nagar. Near Jogging Park. Pune - 411030. 3. Further, under the Head 'Particulars of Financial Debt' the total amount of Debt granted is stated as Rs. 17,81,84,138/- and the total amount claimed to be in default is stated as Rs. 28,46,86,768/- along with the interest. Alongwith this Application complete details of the type of Loa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....It is also submitted that, the Debtor has also filed an Application U/s. 10 of the Code for declaring itself as Commercially Insolvent which bears no. CP 1410/IBC/NCLT/MB/MAH/2017 which is also listed today for hearing. Further that action of filing Application U/s. 10 of the Code itself shows that the Debtor is admitting is default as the Debtor itself recognises the Applicant as its 'Financial Creditor' in the said Application. h) It is further submitted that, the Applicant has categorically established the Default of the Debtor and hence, this Application U/s. 7 of the Code deserves Admission. 5. Findings: a) Considering the above facts. it is established by the Financial Creditor that the nature of Debt is a 'Financial Debt&#39....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Road, Kothrud, Pune - 411038 having registration No. IBBI/IPA-001/IP-P00074/2017-18/10159 is appointed as Interim Resolution Professional to conduct the Insolvency Resolution Process. e) Having admitted the Application, the provisions of Moratorium as prescribed under Section 14 of the Code shall be operative henceforth with effect from the date of order shall be applicable by prohibiting institution of any Suit before a Court of Law, transferring/encumbering any of the assets of the Debtor etc. However the supply of essential goods or services to the "Corporate Debtor" shall not be terminated during Moratorium period. It shall be effective till completion of the Insolvency Resolution Process or until the approval of the Resolution Plan ....