Page 186 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Ahmedabad Bench
of Revival Letters dated 12.11.2014 and 25.8.2016 and copy of Acknowledgement of Balance

Confirmation Letter dated 02.4.2016. The above documents clearly establish existence of default to the
Financial Creditor. The material on record 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.com)

having Registration No. IBBI/IPA-002 /IP-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;

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