TaxTMI 
TaxTMI 
2022 (8) TMI 1454
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....nd that it is unable to pay the debt of various Banks amounting to Rs.40,11,80,000/-. The date of default is stated to be 15.05.2021. 2. Since the Corporate Person itself come before us with the prayer to admit it in CIRP holding that it is Insolvent Company, we have only to see whether the Applicant has submitted along with the application (i) the information relating to the books of accounts and such other documents, (ii) information relating to Resolution Professional to be appointed and (iii) special resolution passed by the shareholders of the Corporate Debtor at least by ¾ of the total numbers. 3. Such application can be rejected only on a ground that if the application is incomplete or any disciplinary proceeding is pending ....
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....idavit in reply and learned counsel for the PNB Bank, Mr. Jaimin R Dave made submissions opposing the admission. 6. It is submitted by both the Banks that it is fraudulent initiation of CIRP to get benefit of moratorium in order to halt their recovery proceeding filed in DRT. We hold that this cannot be a ground to reject the application. The Insolvency and Bankruptcy Code, 2016 is a beneficial legislation inacted for resolution of Insolvency of the Corporate Person and, hence, only because any recovery proceedings is pending against the Corporate Person is not a ground to reject this application. Moreover, it is seen from the material available on record that this application was filed on 30.07.2021 whereas the HDFC Bank has given a notic....
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....perty including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. iii) The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under sub-section (1) of the Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolvency & Bankruptcy Code, 2016, as the case may be. iv) We hereby appoint Mr. Manish Santosh Buchasia, having Registration No.IBBI/....