TaxTMI 
TaxTMI 
2020 (9) TMI 384
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.... the remaining amount of loan will be considered and admitted by the R.P., after verification of the claim submitted by the Applicant. Appellant contends that impugned order was passed on 06th July 2020. A free copy was not received by the Appellant. However, the Appellant was informed of the said Impugned Order by the Respondent No.2/Resolution Professional vide an e-mail dated 11th August 2020, and this Petition is filed on 21st August 2020. The Applicant has filed IA No.2011 of 2020 for Condonation of delay, due to unprecedented situation, arising out of the spread of Covid-19 pandemic and the prevailing circumstancesand on account of lockdown/restrictions, which affected the functioning of the Courts/Tribunals. The Appellant thus could not apply for a certified copy of the Impugned Order, and therefore, the Appeal could be not filed within 30 days of the order. It is essential to mention that the Appellant has preferred this Appeal against the order dated 06th July 2020 on 21st August 2020. Appellant contends that due to Covid-19 situation and lockdown restrictions by the Government, he could only get a certified copy of the order on 11th August 2020. After that, the Appeal ....
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....lation of the moratorium order passed under Section 14 of the I&B Code. The Adjudicating Authority vide impugned order allowed the submissions of the claim by Respondent No.1 after due adjustment of the sums received by them during the moratorium period. It is pertinent to mention that CIRP is going against the Corporate Debtor. During CIRP if the Resolution Professional finds that any preferential transaction is made, then he is at liberty to file an Application under Section 43 of the Code. At this stage, no adverse interference can be drawn, based on deduction of EMI by the bank, for which loan was sanctioned, and an agreement was signed before initiation of CIRP, and EMI was deducted by the bank as per the loan agreement. Thus, we are of the considered opinion that the Appeal is premature and liable to be rejected. There is no reason for interference in the impugned order by this Appellate Tribunal. Thus the Appeal is dismissed at the threshold. [Justice Bansi Lal Bhat] Acting Chairperson [V.P. Singh] Member (Technical) [Dr. Alok Srivastava] Member (Technical) ORDER { Per : Alok Srivastava, Member ( Technical ) } 1. The instant Comp App (AT)(INS) no. 749/2020 has been f....
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.... beyond the 90 days' time limit specified in the procedure for submission of claims. It is seen from documents filed with appeal paperbook that neither Respondent No. 1 nor ICICI Bank refunded the amount to the CD's account that was realised through ECS during the moratorium period in the account of the corporate. Aggrieved by decision of RP rejecting its claim Kotak Mahindra Prime Limited filed an application dated 15.05.2020 before the AA (NCLT, Kolkata Bench) for acceptance and admission of their claim as secured financial creditor. 5. Aggrieved by this action of the RP the Respondent no 1 filed an application before the AA for accepting and admitting his claim as financial creditor. The RP also filed an application before the AA for seeking orders for direction to Respondent No. 2 (Kotak Mahindra Prime Limit) to refund the amount of Rs. 2,24,792 that he had been continuously asking for. The AA vide order dated 06.07.2020 accepted the prayer of Kotak Mahindra Prime Limited for considering its claim as Financial Creditor and also ordered that the amount realised by Kotak Mahindra Prime Limited through ECS during the moratorium period be adjusted against its claim. 6. In complia....
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....the statutory provisions and any judgment or observation on these issues by the Hon'ble Supreme Court or NCLAT. 10. The Insolvency and Bankruptcy Code, 2016 contains the following provisions regarding the declaration of moratorium and public announcement after the admission of an application under any of the sections 7, 8, 9 or 10. "13. (1) The Adjudicating Authority, after admission of the application under section 7 or section 9 or section 10, shall, by an order- (a) declare a moratorium for the purposes referred to in section 14; (b) cause a public announcement of the initiation of corporate insolvency resolution process and call for the submission of claims under section 15; and (c) appoint an interim resolution professional in the manner as laid down insection 16. (2) The public announcement referred to in clause (b) of sub-section (1) shall be madeimmediately after the appointment of the interim resolution professional. 14. (1) Subject to provisions of sub-sections (2) and (3), on the insolvencycommencement date, the Adjudicating Authority shall by order declare moratorium forprohibiting all of the following, namely:- (a) the institution of suits or continuatio....
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....the sanctity and integrity of the moratorium in the CIRP which, inter alia, requires maintaining of the assets of the corporate debtor in the same form as on the date of declaration of moratorium has been considered by Hon'ble Supreme Court, which had held as follows in Rajendra k. Bhutta vs. Maharashtra Housing and Area Development Authority and Ors. (Civil Appeal No. 12248 of 2018): "16.This is for the very good reason that when a moratorium is spoken of by Section 14 of the Code, the idea is that, to alleviate corporate sickness, a statutory status quo is pronounced Under Section 14 the moment a petition is admitted Under Section 7 of the Code, so that the insolvency resolution process may proceed unhindered by any of the obstacles that would otherwise be caused and that are dealt with by Section 14. The statutory freeze that has thus been made is, unlike its predecessor in the SICA, 1985 only a limited one, which is expressly limited by Section 31(3) of the Code, to the date of admission of an insolvency petition up to the date that the Adjudicating Authority either allows a resolution plan to come into effect or states that the corporate debtor must go into the liquidation. ....