TaxTMI 
TaxTMI 
2021 (1) TMI 714
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....4 of the Insolvency & Bankruptcy Code, 2016, to start Corporate Insolvency Resolution Process (hereinafter referred to as the 'CIRP') against the Patwa Automotive Pvt. Ltd. the Corporate Debtor, on the ground that, it has committed a default in paying the outstanding debt of Rs. 14,23,83,521/-. The date of default is stated as 1st July, 2018. 2. The brief facts of the case are as under : I. The Financial Creditor sanctioned and disbursed Loan Facilities of Rs. 12,00,00,000/- on 25th December, 2017 to the Corporate Debtor. II. The Financial Creditor submits that the Corporate Debtor agreed to repay the loan facilities as per terms and conditions of the sanction and Schedule D of the Loan Agreement. Apart from thi....
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.... HDFC Bank Ltd. A copy of the same is annexed with the application. 3. The Financial Creditor submits the foreclosure statement for an amount of Rs. 14,23,83,521/- is outstanding as on 30.06.2019 including Principal amount, interest and other charges against the Corporate Debtor. Hence, the application for initiation of CIRP against the Corporate Debtor. 4. The Financial Creditor submits that the Notice upon the Corporate Debtor has also been served by way of Paper publication in "Patrika" daily in vernacular language on 27.11.2019, however, no one appeared for the Corporate Debtor to object this Application. Hence, the matter proceeded for Ex-parte hearing vide order dated 28.02.2020. 5. This Bench vide its order dated 24.07.2020 ....
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....ation 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; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the cor....
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.... (CIRP) and call for submission of claims under Section 15 as required by Section 13(1) (b) of the Code. 6. It is further directed that the supply of goods/service to the Corporate Debtor Company, it continuing, shall not be terminated or suspended or interrupted during moratorium period. 7. The IRP shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Insolvency & Bankruptcy Code, 2016. The Financial Creditor is directed to pay an advance of Rs. 2,00,000/- (Rupees Two lacs Only) to the IRP within two weeks from the date of this order for the purpose....