2022 (2) TMI 739

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....ubmitted that nothing effective has happened for all time these years and except for a sale of movable property for a sum of Rs. 9,500/-. It was submitted that the Learned Official Liquidator has not taken steps to realize the property of the Company in Liquidation and settle the creditors. 2. While the proceedings were pending before the Hon'ble High Court of Madras, one of the Creditor of the Company in Liquidation viz. Harikrishna, Proprietor of M/s. Classic Marketing has moved a Company Application No. 98 of 2021 seeking transfer of proceedings in CP No. 201 of 1996 to National Company Law Tribunal (NCLT), Chennai to be treated as an Application for initiation of Corporate Insolvency Resolution Process under the provisions of the....

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....orporate Debtor in terms of the provisions of IBC, 2016. 6. As a consequence of the Application being admitted, moratorium as envisaged under provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor; a. The institution of suits or continuation of pending suits or proceedings against the respondent 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 respondent 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 respondent in respect of....

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....h 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 any financial sector regulator or any other authority; (b) a surety in a contract of guarantee to a corporate debtor. 8. The duration of period of moratorium shall be as provided in Section 14(4) of the Code which is reproduc....