2022 (5) TMI 1206

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....lvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor 2. The transaction leading to filing of application under consideration is as follows: a. It is the case of the Financial Creditor that in the month of September/October 2015, Corporate Debtor Company namely M/s. MKY CONSTRUCTIONS PRIVATE LIMITED (Formerly known as Action Bridgegap Constructions Private Limited) approached through its Managing Director/representative to the Financial Creditor and requested to provide them a loan against the security of the assets of the company for the business purposes and personal guarantee of directors. The Corporate Debtor borrow....

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....the Corporate Debtor vide RTGS no. BRN-RTGS-UTIBHI5274055220-ACTIONBRIDGEGA- dated 01.10.2015 through Axis Bank, Punjabi Bagh as per the loan agreement dated 01.10.2015. d. It is averred that the said loan agreement was extended from time to time vide various request letters dated 24.12.2015, 23.03.2016 and 20.09.2016 of the Corporate Debtor for extension of Inter Corporate Loan for Rs. 1,00,00,000/- for further period (s) up to 25.03.2016, 25.09.2016 and 25.06.2017 respectively on terms and condition as agreed. It is stated that the Corporate Debtor paid the agreed interest amount of Rs. 3,75,000/- on quarterly basis to the Financial Creditor. The Corporate Debtor has paid interest amount Rs. 37,50,000/- in total for the period 01....

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.... through the proof of service of present petition upon the Corporate Debtor. The present petition has been duly served on the Corporate Debtor through e-Mail as well as Courier and the delivery report given indicates that the present petition has been successfully delivered to the Corporate Debtor on 13.12.2021. E-mail has also been sent on 11.12.2021 and the same is stated to be not bounced back till date. In view of above, the service of the present petition on the Corporate Debtor is held sufficient for all future proceedings. Accordingly, the CD is set Ex-Parte in the matter." 4. During the final arguments, the Counsel on behalf of the Financial Creditor submitted that the financial creditor has provided the corpora....

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....the copy of this order and call for submissions of claim in the manner as prescribed. 7. The moratorium is declared which shall have effect from the date of this order till the completion of CIRP, for the purposes referred to in section 14 of the IBC, 2016. It is ordered to prohibit all of the following, namely: a. The institution of suits or continuation 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's assets or any legal right or beneficial interest therein; c. Any action to foreclose, recove....