Ch Mohd Sharief Tariq, Member - (1.) This is an application filed under section 9 of the Insolvency And Bankruptcy Code, 2016. The amount claimed is to the tune of Rs. 14,43,246/- with regard to which, a notice has been sent by way of speed post on 13.03.2017. A copy of the same is placed at Page 25 of the application. However, in the envelope, there is an endorsement that "no such office". On the other hand, one e-mail communication has been sent by the operational creditor on 5th September 2015 @ 12.30 P.M., requesting to refund the balance of the deposit lying with the corporate debtor, the print-out of which is placed at Page 20. To this, the corporate debtor has given response stating that the balance lying with them is Rs.8,25,413/- only. The bank statement is also enclosed with the application. The perusal of the application and the records placed on file indicates that the corporate debtor has admitted the claim to the extent of Rs.8,25,413/-. The application filed by the operational creditor is complete in all respects.
(2.) After having satisfied that all the requirements under law have been fulfilled, we hereby allow the application of the operational creditor and order the commencement of the corporate insolvency resolution process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. There is no suggestion regarding the name of the Chartered Accountant for appointment as interim insolvency professional. Therefore, we direct the Registry to make a reference to the IBBI for recommending an insolvency professional. However, we declare the moratorium which shall have effect from the date of this order till the completion of corporate insolvency resolution process. Therefore, we order to prohibit all of the following, namely : (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) The recovery of any property by an owner or less or where such property is occupied by or in the possession of the corporate debtor.
(3.) Accordingly, the application is admitted.;