TaxTMI 
TaxTMI 
2019 (12) TMI 1454
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....Bankruptcy Code, 2016 (IBC) by Bank of Maharashtra ("the financial creditor"), seeking to initiate the corporate insolvency resolution process (CIRP) against Nava Bharat Press (Bhopal) P. Ltd. ("the corporate debtor"). The petitioner/applicant, i. e., Bank of Maharashtra has furnished form 1 under rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 in the capacity of financial creditor on March 16, 2019. 2. In the requisite form, under the head particulars of "financial debt" is mentioned : (i) Dues as per the Debts Recovery Tribunal decree dated August 5, 2011 of Rs. 24,93,08,874. (ii) Interest from July 28, 2009 to September 30, 2018 of Rs. 58,43,50,816. (iii) Other exp....
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....fifty four thousand one hundred and eight and paise seventy three only). 4.4 The loan account was declared NPA on March 31, 2004. As on July 25, 2009 the outstanding loan was Rs. 24,93,08,873.73 (rupees twenty four crores ninety three lakhs eight thousand eight hundred seventy three only). 4.5 Thereafter an Original Application No. 35 of 2009 was filed before the hon'ble Debts Recovery Tribunal, Jabalpur for the purpose of recovery of the loan from corporate debtor by financial creditor. A decree was passed by the Debts Recovery Tribunal, Jabalpur vide order/judgment dated August 5, 2011 in O. A. No. 35 of 2009, whereby recovery certificate of an amount of Rs. 24,93,08,873.73 with interest of 14.25 per cent. from the d....
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....i. e., on August 21, 2019 when matter was called none appeared for corporate debtor. Therefore, this petition was heard exparte qua the respondent. 9. The financial creditor as per the decree dated August 5, 2011 by the Debts Recovery Tribunal, Jabalpur and recovery certificate dated May 6, 2015 a total sum of Rs. 24,93,08,874 was due. This along with interest and other expenses as on the date of filling the application, as per the petitioner, amounts to Rs. 83,40,90,183. 10. The financial creditor has proposed the name of Mr. Amresh Shukla, Registration No. IBBI/IPA-001/IP-P00120/2017-2018/10255, as the interim resolution professional of the corporate debtor. He has filed his written communication in form 2 as required under rule 9(1....
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....te 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 ; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. 14. Notwithstanding the above, during the period of moratorium : (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period....