M/S Arvind Envisol Limited vs M/S Arvind Envisol Limited

Date,"Payment

Received

amount

(in Rs.)","Balance

amount

unpaid (in

Rs.)

07.10.2017,"5,00,000/-","69,23,500/-

16.12.2017,"5,00,000/-","64,23,500/-

05.03.2018,"7,00,000/-","57,23,500/-

time and again accepted and admitted the operational debt vide its email dated 27.03.2018. Hence, the present application is admitted.",,

As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016 moratorium as envisaged under the provisions of Section",,

14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor prohibiting all of the following:,,

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 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 corporate debtor in respect of its property including any action",,

under the Securitization 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.,,

However, during the pendency of the moratorium period in terms of Section 14(2) and 14(3) as extracted hereunder:",,

(2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during,,

moratorium period.,,

(3) The provisions of sub-section (1) shall not apply toâ€",,

a. such transaction as may be notified by the Central Government in consultation with any financial sector regulator.,,

b. a surety in contract of guarantee to a Corporate Debtor.,,

(4)The order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process, provided",,

that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-",,

section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the",,

date of such approval or liquidation order, as the case may be.",,

In terms of above order, the Application stands admitted in terms of Section 9(5) of IBC, 2016.",,

The Operational Creditor has not proposed the name of any Interim Resolution Professional. In view of the same, this Bench appoint Mr. Shakun",,

Gupta having registration no. IBBI/IPA-001/IP-P01218/2018-2019/12090 having email address shakun.guptas@gmail.com and contact number is,,

9818370187 the IRP of the Corporate Debtor. The IRP is directed to take all such steps as are required under the statute, more specifically in terms",,

of Sections 15,17,18,20 and 21 of the Code.",,

A copy of the order shall be communicated to the Applicant as well as to the Corporate Debtor above named by the Registry. Further the IRP,,

above named be also furnished with copy of this order forthwith by the Registry. In addition, a copy of the order shall also be forwarded to IBBI for",,

its records.,,