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Judgment
IA No. 227/2020
IA No. 227/2020 is filed for seeking urgent hearing of CP (IB) No. 184/Chd/Pb/2020. In the circumstances, IA No. 227/2020 is allowed and CP (IB) No. 184/Chd/Pb/2020 alongwith other IAs i.e. IA Nos. 228/2020 & 229/2020 are taken up for hearing.
Accordingly, IA No. 227/2020 is disposed of.
IA No. 228/2020
The petitioner in CP (IB) No. 184/Chd/Pb/2020 has filed the instant IA seeking amendment of the Memo of Parties by submitting that the CP was originally filed by Oriental Bank of Commerce and after filing of the same, the said bank, on amalgamation with Punjab National Bank become Punjab National Bank. Accordingly, the instant IA No. 228/2020 is allowed seeking to amend the Memo of Parties.
In the circumstances, IA No. 228/2020 is allowed and the amended Memo of Parties filed at Page 4 of the IA is taken on record of the C.P. and the Registry shall place the same in the main CP at the appropriate place.
CP (IB) No. 184/Chd/Pb/2020
Heard Mr. Pulkit Goyal, the learned counsel for the petitioner.
Issue notice of this petition to the respondent-corporate debtor for 30.09.2020 to show cause as to why this petition be not admitted. The petitioner shall collect the notice from the Registry and send the same immediately to the respondent-corporate debtor at its registered address by speed post along with copy of petition and the entire paper book and the copy of this order as well as at the email address of the respondent-corporate debtor, as available on the master data of the company and file affidavit of service along with copy of postal receipt, tracking report and copy of email at least seven days before the date fixed.
In case, the service of speed post on the corporate debtor is not made, the petitioner shall adopt the mode of substitute service and the notice of hearing be advertised in two daily newspapers (one English and one Hindi) having wide circulation in the area. The next date of hearing is fixed for 30.09.2020.
The corporate debtor is given the opportunity of filing reply/objections, if any, within three weeks from the date of receipt of the notice with a copy in advance to the counsel opposite and rejoinder thereto, if any, may be filed within one week thereafter with a copy in advance to the counsel opposite.
IA No. 229/2020
The instant IA has been filed by the petitioner in CP (IB) No. 184/Chd/Pb/2020 seeking for issuance of orders of moratorium prior to the admission of the CP. The learned counsel for the petitioner by placing reliance on the decision of the Hon'ble NCLAT in Company Appeal (AT) (Insolvency) No. 664 of 2019 in the matter of NUI Pulp and Paper Industries Pvt. Ltd. v. M/s. Roxcel Trading GMBH vide judgment dated 17.07.2019 submits that this Adjudicating Authority has powers to issue orders of moratorium even before the admission of CP. It is further submitted that as per the RBI Guidelines as well as under the terms of the loan documents, the respondent-corporate debtor was under obligation not to route the financial transactions with the banks outside the consortium. However, the corporate debtor with mala fide intention to frustrate the CIR Proceedings is routing the financial transactions through the banks other than the consortium banks. It is further submitted that unless moratorium is imposed before the admission of the CP and directions issued to the corporate debtor not to route its financial transactions with the banks outside the consortium banks, the petitioner would be prejudiced seriously.
Issue notice of this application to the respondent for 30.09.2020 and applicant shall take out the notices from the Registry and send the same by speed post immediately to the respondent at his registered address attaching therewith copy of the application and the entire paper book and the copy of this order. In case, the service of speed post on the corporate debtor is not made, the petitioner shall adopt the mode of substitute service and the notice of hearing be advertised in two daily newspapers (one English and one Hindi) having wide circulation in the area.
The applicant shall file affidavit of service supported by postal receipt and tracking report before the next date of hearing.
Reply be filed within two weeks from the date of receipt of the notice with a copy in advance to the counsel opposite. Rejoinder, if any, thereto, may be filed one week thereafter with a copy in advance to the counsel opposite.
In the circumstances and in view of the decision of the Hon'ble NCLAT, we direct the corporate debtor not to route its financial transactions through any other banks outside the consortium banks until further orders. We further direct the corporate debtor not to transfer, encumber, alienate or dispose of any of its assets or any legal right or beneficial interest, until further orders.
List on 30.09.2020.