Page 182 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Ahmedabad Bench
clearly establish that a default has occurred. The claim is based on equitable mortgage and continuing

guarantee and Revival Letters. Hence, it is within time

7. From the material on record, it is clear that there is no disciplinary proceedings pending against the

Interim Resolution Professional, proposed by the Financial Creditor

8. This Petition was listed before this Adjudicating Authority on 12.5.2017. This Adjudicating Authority

directed the Financial Creditor to issue Notice of hearing. Financial Creditor, in compliance with the
directions of this Adjudicating Authority, issued Notice of date of hearing and filed proof of dispatch. On
17.5.2017, i.e., on the date of hearing, none remained present on behalf of the Corporate Debtor. The debt

due to the Financial Creditor is a 'Financial Debt'. The Petition is complete in all respects. The 'Financial
Debt' is defined in sub-section (8) of Section 5 of the Code

9. In view of the above discussions, this Petition is admitted under Section 7(5) of the Code. This
Adjudicating Authority is also appointing Company Secretary, Shri Nitin Hasmukhlal Parikh, residing at

7th Floor, 737, Fortune Tower, Sayajigunj, Vadodara-390005 (E-mail: nitin_parron2000@yahoo.corn)
having Registration No. IBBI/IPA-002/1P-N00058/2016-17/10110 as "Interim Resolution Professional"
under Section 13(1)(b) of the Code.

10. Section 13 of the Code says that after admission of the application under Section 7, the Adjudicating
Authority shall pass an order declaring a moratorium for the purposes referred to in Section 14. Therefore,

in view of the commencement of the Insolvency Resolution Process with the admission of this Petition
and appointment of the Interim Resolution Professional, this Adjudicating Authority hereby passes the
order declaring moratorium under Section 13(1)(a) prohibiting the following as laid down 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);

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