Page 436 - IBC Orders us 7-CA Mukesh Mohan

Order Passed under Sec 7
By Hon’ble NCLT Chandigarh Bench
the registry by the applicant proposing the name of Navneet Gupta having registration No. IBBI/IPA-

01/1P-00453/-2016-17/2006 as interim Resolution Professional in place of Mr. Vivek Goyal. The Form is
complete in all respect.

38. It was also contented on behalf of the Corporate Debtor that there is no prayer made by the Applicant
in the instant case Perusal of Form No.1 in which the Financial Creditor has to apply does not contain any
such clause, though there is such a requirement under the Recovery of debts and Bankruptcy Act, 1993,

The application before the DRT is to be flea in Form Noll of The Debt Recovery Tribunal (Procedure)
Rules, 1993 at Sr. no.VI for the relief prayed for or any other relief, but there is no such requirement in

Form No.1 of the Rules. obviously because the consequences of admission are provided under provisions
of the Code itself and the Rules framed thereunder.

39. The petition, therefore, is admitted declaring the moratorium with the following directions-

i) That the Bench hereby prohibits 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; transferring, encumbering, alienating or disposing of by the
Corporate Debtor any of its assets or any legal right or beneficial interest therein, any actor to foreclose,

recover or enforce any security interest created by the 'Corporate Debtor' in respect of its property
including arty action under the Securitization and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is

occupied by or in the possession of the Corporate Debtor.

ii) That the supply of essential goods or services to the 'Corporate Debtor' if continuing, shall not be

terminated or suspended or interrupted during moratorium period

iii) That the provisions of sub7section (1) shall not apply to such transactions as may be notified by the

Central Government in consultation with any financial sector regulator.

iv) That the order of moratorium shall have effect from the date of this order till completion of the

corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section
(1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33 as the case may
be

40. As per the sub-section (1) of Section 16. the Adjudicating Authority is to appoint Insolvency
Resolution Professional within 14 days of the insolvency commencement date As per sub-section (6) of

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