Page 128 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Principal Bench
appears that such recoveries will take longer time than we had anticipated and thus we are

not in a position to clear your outstanding at the current moment.

13. We note that the debt has been acknowledged by the Director whose name is also listed as one of

the Directors in the master data of the company maintained by MCA. She has also acknowledged receipt
of the application of the Financial Creditor in Form-1. Thus, we are of the opinion that the corporate
debtor has been given due notice of the application to initiate Corporate Insolvency Resolution

Proceedings.

14. We have also heard the learned Counsel for the 'Financial Creditor' who has taken us through the

various paras of the application as already recorded in the preceding paras and we have also expressed our
satisfaction with regard to fulfilling the requirements of the Code by the 'Financial Creditors'.

15. As a sequel to the above discussion, this petition is admitted and Mr. Prabhjit Singh Soni, address
- GG-1/144-C, 3rd Floor, Near PVR Cinemas, Vikas Puri, New Delhi-110018, an Insolvency Professional

registered with ICSI IPA having registration number IBBI/IPA-002/IP-N00065/2016-2017/10143, as
proposed by the Financial Creditor, is appointed as an Interim Resolution Professional. A certificate of
registration issued by IBBI stated to be valid from 2nd May, 2017 with respect to the aforesaid mentioned

Insolvency Professional has also been placed on record.

16. 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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