TaxTMI 
TaxTMI 
2022 (11) TMI 456
X X X X Extracts X X X X
X X X X Extracts X X X X
....titioner/Financial Creditor') through its Chief Manager, Mr. Jasbir Singh Meelu under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to initiate the Corporate Insolvency Resolution Process ('CIRP') against Shri Vishnu Overseas Pvt. Ltd. (hereinafter referred to as 'Respondent/Corporate Debtor'). The petition is signed by Mr. Jasbir Singh Meelu with the affidavit verifying the contents of the application appended thereto. 2. The Corporate Debtor is stated to be incorporated on 09.06.1995. The company having its registered address at Jind Road, Kaithal-136027, Haryana. Therefore, the jurisdiction ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....AESI Act, 2002 to discharge their debt. The corporate debtor filed its objections against the notice dated 09.11.2017. The financial creditor replied to the objections and issued possession notice under Section 13(4) of the SARFAESI Act, 2002 to the corporate debtor. The financial creditor filed Original Application bearing No. 1524/2019 before Debt Recovery Tribunal-II, Chandigarh for recovery of Rs. 157,67,65,699/- (Rupees One Hundred Fifty Seven Crores Sixty Seven Lakhs Sixty Five Thousand Six Hundred Ninety Nine Only) against the corporate debtor, guarantors and mortgager which is pending for adjudication. 4. It is stated in Part-IV of Form No.1 that the petitioner has provided a loan amount of Rs. 104,27,87,056/- (Rupees One Hundred....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ly was filed. A perusal of affidavit of service showed that respondent-corporate debtor could not serve through ordinary process and therefore, the substituted service was effected through publication in two daily newspapers (Financial Express and Jansatta), both dated 03.03.2022 having wide circulation in the area. Affidavit of service was filed vide Diary No. 00667/1 dated 27.04.2022. It is stated that last opportunity was granted to respondent for filing reply as per order dated 05.05.2022, however, the same has not been filed. Therefore, respondent-corporate debtor proceeded ex parte vide order dated 27.07.2022. The short written submissions are filed by petitioner-financial creditor vide Dairy No. 00667/2 dated 20.10.2022. 6. We hav....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... litigant-public in all the states. We, therefore, restore the order dated 23rd March, 2020 and in continuation of the order dated 8th March, 2021 direct that the period(s) of limitation, as prescribed under any general or special laws in respect of all judicial or quasi-judicial proceedings, whether condonable or not, shall stand extended till further orders." Further in M.A. 21 of 2022, Hon'ble Supreme Court held:- "In continuation of the subsequent orders dated 08.03.2021, 27.04.2021 and 23.09.2021, it is directed that the period from 15.03.2020 till 28.02.2022 shall stand excluded for the purposes of limitation as may be prescribed under any general or special laws in respect of all judicial or quasi-judicial proceedings". ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rt-III of Form No.1, Mr. Hemanshu Jetley, Registration No.IBBI/IPA-001/IP-P00219/2017-2018/10457 has been proposed as Interim Resolution Professional (IRP). Form No.2 dated 05.04.2021 along with the the certificate of IBBI issued in favour of proposed Interim Resolution Professional i.e. Mr. Hemanshu Jetley is attached at Annexure-II/A of the petition. The Law Research Associate of this Tribunal has checked the credentials of Mr. Hemanshu Jetley, and there is nothing adverse against him. In view of the above, we appoint Mr. Hemanshu Jetley, Registration No.IBBI/IPA-001/IP-P00219/2017-2018/10457, Email: [email protected], Mobile No.90417-00000, the Interim Resolution Professional. The IRP is directed to take the steps as mandated under the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during the moratorium period. (f) The provisions of Section 14(3) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. (g) The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33 as the case may be....