Manorama Kumari, Member - (1.) The instant Interlocutory Application is filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 ("Code" for short) read with Sections 14 and 31 of the Code and further read with Rule 11 of the National Company Law Tribunal Rules, 2016.
(2.) The Applicant has prayed for the following reliefs; a. Pass order suspending the operation and implementation of the auction notice dt. 22.09.2017 issued by the Respondent No. 1 in the newspaper Business Standard on 23.09.2017 till the subsistence of the moratorium as per and in accordance with the provisions of the order dt. 17.08.2017 passed by this Hon'ble Tribunal in CP (IB) No. 68 of 2017; b. Pending admission, final hearing and disposal of the present IA, this Hon'ble Tribunal be pleased to: i. Pass order suspending the operation and implementation of the auction notice dt. 22.09.2017 issued by the Respondent No. 1 in the newspaper Business Standard on 23.09.2017; c. Ex-parte ad-interim/interim order in terms of prayer clause 22(b) hereinabove; and/or d. Pass any other order (s) that this Hon'ble Tribunal deems fit.
(3.) On receipt of the copy of the Application, the Respondent No. 1 Bank has filed their objections in Affidavit-in-Reply. On perusal of the record, it is found that insolvency resolution proceedings are initiated under Section 10 of the Code by the Corporate Debtor, i.e., Metal Holding India Pvt. Ltd., through its Director, Mr. Rajmal M. Jain, (the instant Applicant). The original Petition was admitted under Section 10(4)(a) of the Code vide order dated 17.8.2017 passed by the Hon'ble Adjudicating Authority [Coram: Hon'ble Mr. Bikki Raveendra Babu, Member (Judicial) whereby the Hon'ble Adjudicating Authority has ordered moratorium under Section 13(1)(a) of the Code prohibiting the following as referred to in Section 14 of the Code; "(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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) I the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (i) However, the order of moratorium shall not apply in respect of supply of essential goods or services to Corporate Debtor. (ii) The order of moratorium is not applicable to the transactions that may be notified by the Central Government in consultation with any financial sector regulator. (iii) The order of moratorium comes into force from the date of the order till the completion of Corporate Insolvency Resolution Process subject to the Proviso under sub-section (4) of Section 14.";