TaxTMI 
TaxTMI 
2019 (9) TMI 1443
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....ered office at 219C, Old china Bazar Street, Room No. B/1, Kolkata - 700 001 against M/s. RCI Cash Management Services Private Limited (in short Respondent/Corporate Debtor), a company registered under the Companies Act, 1956 having its registered office at RCI House, 1st Floor, Survey No. 83, Near Kompally Railway Bridge, Kompally, Secunderabad - 500 014 under section 7 of the Insolvency and Bankruptcy Code, 2016 (in short IB Code 2016) r/w Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ( in short IB Rules 2016). 2. Brief facts of the present Application are as under: 3. That M/s. Vantage Vinmay Private Limited provided an amount of Rs. 1,79,50,000/- towards unsecured loan and the same was disbu....
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....of the shares of the Corporate Debtor has filed a counter inter-alia stating as under: 6. That his role in the company was only limited to that of an Investor Director. The other whole time and executive director viz. Shri. Sudip Kumar was the in-charge of the day to day affairs of the Company and the responding director was looking after the working capital and corpus requirements of the Corporate Debtor. There was a constraint for working capital and the responding director approached the petitioner/financial creditor for an inter-corporate loan of Rs. 2,00,00,000/- and the financial creditor has also accepted to disburse the loan amount. This was also intimated to the other whole time executive director. From the year 2016, the financia....
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.... 9. During the hearing held on 27.06.2019, the counsel for Respondent requested time to file counter and the matter was adjourned to 15.07.2019 and again for the same reason was adjourned to 08.08.2019. 10. During the hearing held on 08.08.2019, the counsel for the Respondent stated that they are intending to settle the matter with the Financial Creditor and prayed time. At request, matter was adjourned to 23.08.2019 and for the same again adjourned to 03.09.2019. 11. During the hearing held on 03.09.2019, the counsel for the Respondent stated that talks for settling the matter have failed and he filed counter and furnished the same to the other side. On 12.09.2019, the matter was heard at length and was reserved for orders. 12. Heard b....
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.... 16. The Hon'ble Supreme Court, while deciding the matter in the case of INNOVENTIVE INDUSTRIES LTD. Vs. ICICI BANK & ANR., in Civil Appeal Nos. 8337-8338 of 2017, held as under: ".............The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. Under subsection (7), the adjudicating authority shall then communicate the order passed to the financial creditor and corporate debtor within 7 days of admission or rejection of such application, as the case may be." 17. In the present case, this Adjudicating Authority....
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....to in Section 14 of the I&B Code, 2016. We order to prohibit 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 judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); ....