Page 241 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
Hon’ble NCLT Ahmedabad Bench

(x) The Committee of Creditors may take into consideration the Debt Restructuring Process between
Corporate Debtor and the Lenders, if proposed by Resolution Applicant subject to approval of the
Committee of Creditors as per the provisions of the Code, Rules and Regulations in force.

34. In view of the above said findings, CP No. (IB) 39/7/NCLT/AHM/2017 filed by SCB and CP No.

(IB) 40/7/NCLT/AHM/2017 filed by SBI are admitted. This Adjudicating Authority hereby appoints Mr.
Satish Kumar Gupta, as "Interim Insolvency Resolution Professional", residing at Flat No. 17012,

Building No. 17, Kohinoor City, Phase 2, Off LBS Road, Mumbai-400070, Maharashtra, India, and
having Registration No. IBBI/IPA-001/IPP00023/2016-2017/10056. SBI is directed to make public
announcement about the commencement of Corporate Insolvency Resolution Process and call for

submission of claims under Section 15 of the Code.

35. SCB and SBI are entitled to file their claims before the Interim Resolution Professional.

36. This Adjudicating Authority hereby declare moratorium under Section 13(1)(a) of the Code
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);

(d) the recovery of any property by an owner or lessor where such property is occupied by or in the
possession of the corporate debtor.

(i) The moratorium order in respect of (a), (b), (c) and (d) above shall not apply to the transactions
notified by the Central Government.

(ii) However, the order of moratorium shall not apply in respect of supply of essential goods or services to
Corporate Debtor.

241