TaxTMI 
TaxTMI 
2019 (1) TMI 1833
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....of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. 2. That the applicant M/S. Pani Logistics is a proprietary firm of Ms. Kiran M. Jain, incorporated on 10.03.2008, having its registered office at 1302, Mantri Greens, Malleshwaram, Bangalore (Karnataka) having PAN -AFVPD7709K, had granted unsecured loan of Rs. (Rupees fourteen crores eighty-two lacs only) during the period from 15.05.2012 to 01.08.2016, as per the details placed at page No. 9 marked Annexure A to the application. 3. M/S. Ganga Advisory Private Limited is a company incorporated under the Companies Act, 1956 on 18th May, 20....
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....reply dated 20th October, 2018 admitting the debt and stated that the corporate debtor has no objection, if the present application is admitted by way of an order for commencement of Corporate Insolvency Resolution Process. 7. Heard both sides as also perused the documents annexed with application. In support of the contention, the applicant annexed copy of the bank statement, copy of ledger, form No. 2 - written communication by proposed Interim Resolution Professional and copy of demand notice dated 21.05.2018 sent to the respondent. 8. There is no dispute in the case that the petitioner is the financial creditor. More so when the corporate debtor has admitted the debt by way of an affidavit in reply. The application is also filed in th....
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....nal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 12. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be termin....