Page 48 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Principal Bench
proposed by the 'Financial Creditor'-petitioner. As a consequence of admission, the Interim Resolution

Professional shall make a public announcement immediately as per the requirement of Section 13(2) of
the Code. There shall be moratorium effective under Section 14 of the Code from the date of this order.
The respondent-`Corporate Debtor' is estopped from doing any of the following acts:

"(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor
includlng 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;

(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".

9. However, the supply of essential goods or services to the corporate debtor as may be specified by
the Insolvency Resolution Professional shall not be terminated or suspended or interrupted during the

moratorium period. The moratorium provisions shall also not apply to such transaction which may be
notified by the Central Government in consultation with the financial sector regulator.

10. The Insolvency Professional shall perform all his functions as per the requirement of Section
15,16,17, 18. 20 and so on and so forth. It is expected that the personnel of the 'Corporate Debtor'-
respondent, its promoters or any other person associated with its management of the 'Corporate Debtor'
must extend all assistance and co-operation to the Interim Resolution Professional as may be required by

him in managing the affairs of the 'Corporate Debtor'. In case the statutory duties are not performed by the
'Corporate Debtor' or anyone else, then the Interim Resolution Professional would be entitled to file

appropriate application to this Tribunal seeking appropriate directions.

11. The petition stands disposed of in the above terms.

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