- (1.) It is thus clear that the application filed by the Petitioner, i.e. Punjab National Bank under section 7 of the Insolvency & Bankruptcy Code, 2016 against the Corporate Debtor is complete in all respects. The existence of default stands proved from the records above-referred. So also, declaration filed along with supplementary affidavit proves consent of the Interim Resolution Professional, Shri Kamelash Kumar Singhania. Therefore, the petition for initiation of Corporate Insolvency Process under section 7 of the Insolvency & Bankruptcy Code is admitted upon the following direction. Shri Kamelash Kumar Singhania (Reg.No. IBBI/IPA-002/IP-N00023/2016-17/10050) is appointed as Interim Resolution Professional. Moratorium under section 14 of Insolvency & Bankruptcy Code shall apply. (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, 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 (54 of 2002) ; (d) the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor.
(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 the moratorium period.
(3.) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.;