TaxTMI 
TaxTMI 
2020 (9) TMI 893
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....ying for initiation of Corporate Insolvency Resolution Process of the Corporate debtor i.e. "Lanco Mandakini Hydro Energy Pvt. Ltd." on grounds of its inability to liquidate its financial debt. 2. As per averments made in the petition, on the request of the corporate debtor, the financial creditor has sanctioned financial assistance in the form term loans to the tune of Rs. 138.24 Cr. under the term loans 1, 2, 3 and 4 from July 17, 2009 till the filing of the application and the corporate debtor have agreed to repay the principal amount of the facility together with interest in accordance with the Financing documents and within agreed timelines. 3. Further submitted that the corporate debtor failed to the terms and conditions of agre....
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....re is default in payment of debt and name of resolution professional is proposed to act as IRP and no disciplinary proceedings are pending against the proposed resolution professional. 6. Referring to the decision of Hon'ble Supreme court in Innoventive Industries Ltd. v. ICICI Bank, (2017) 205 Comp Cas 57(SC) it was held that- "....... The moment the Adjudicating Authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete....." Further in the matter of Karan Goel v. M/s. Pashupati Jewellers & Anr. Company Appeal (AT) (Insolvency) No. 1021 of 2019 dated 01.10.2019 stated: "................. it is clear that once the Adjudicating Authority is satisfied on the basis ....
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....ble in the present petition. 9. Considering the facts and circumstances of the case, this adjudicating Authority is inclined to admit this petition and initiate CIRP of the Respondent Company. Accordingly, this petition is admitted. A moratorium in terms of Section 14 of the Insolvency & Bankruptcy Code, 2016 shall come into effect forthwith stating: (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of l....
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.... (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified.] (3) The provisions of sub-section (1) shall not apply to -- (a) such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with....