Page 102 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Principal Bench
sections 13 & 15 of the Code and to enable the Interim Resolution Professional to perform his duties

envisaged under section 18(1) (b) of the Code.

11. From the perusal of the record, we are satisfied that the 'Financial Creditor' has proved by

overwhelming evidence that default has occurred, which meets the requirement of Section 3(11) & (12)
read with Section 7(3)(a) and Section 7(5) of the Code. We further find that the application is complete in
all respects as the Insolvency Professional, Mr. Venkatesan Sankaranarayanan has also been proposed

who has filed his written communication.

12. The Petitioner has placed on record the proof of service to the respondent and we have heard

learned counsel for the petitioner and the interveners Le, Forth India Pvt, Ltd.

13. Learned counsel for the 'Financial Creditor' has taken us through various paras of the application.

As has been recorded in the preceding paras we have also expressed our satisfaction with regard to
fulfilling the requirements of Code by the `Financial Creditor'. It is appropriate to mention that the interest

of all creditors including the intervener, if any, have to be considered by the Committee of creditors as per
the provisions of 20, 21 and 24 of the Code.

14. As a sequel to the above discussion, this petition is admitted and Mr. Venkatesan
Sankaranarayanan, D 301, Sreevatsa Residency, 10 G N Mills Post, Mettupalayam Road, Coimbatore-
641029 whose name also figures in the latest list of Insolvency Professionals issued by the Insolvency &

Bankruptcy Board of India is appointed as an Interim Resolution Professional.

15. In pursuance of Section 13 (2) of Code, we direct that public announcement shall be immediately

made by the Interim Resolution Professional with regard to admission of this application under Section 7
of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of
the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d) and thus the following

prohibitions are imposed:

"(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;

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