2018 (12) TMI 1942

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....he Applicant: Mr. Rahul Dev, Advocate, i/b Argus Partners Per: V. Nallasenapathy, Member (T) ORDER 1. This Company Petition is filed by Goa Auto Accessories Limited (hereinafter called Corporate Applicant), under Section 10 of Insolvency and Bankruptcy Code 2016 ("the Code") read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, for initiation of....

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.... the Code. 4. The Corporate Applicant has submitted that a sum of Rs. 13,81,86,002/- is due to two Financial Creditors which is in default. 5. The Corporate Applicant has enclosed the audited financial statements for the years 2016-17 and 2017-18, the provisional financial statement for the period from 1.4.2018 to 26.09.2018, list of assets and liabilities of the Corporate Applicant, list of....

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....ebts and the Petition contains the particulars as required u/s 10 of the Code. Hence, this Bench hereby admits this petition, declaring moratorium with consequential directions as mentioned below: (i) That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Applicant including execution of any judgment, decree or order....

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.... (iii) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (iv) That the order of moratorium shall have effect from 11.12.2018 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under ....