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IA (IBC)/327/2024
This application has been moved for urgent listing of IA(IBC)328/2024. As the IA(IBC)328/2024 is taken up today. Accordingly, this application is allowed and disposed of.
IA (IBC)/328/2024
After the admission of the application under Section 7 of IBC, declaration of moratorium under Section 13 in terms of Section 14 of the Code is mandatory. Inadvertently, such direction was not included in the final order passed on 12.01.2024. As such following direction No.(f) is included in Para No. 26 of the order dated 12.01.2024.
i.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 action to foreclose,
recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor;
ii.Notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period.
iii.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.
iv.That the order of moratorium shall have effect from the date of this Order till the 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, whichever is earlier.
Hence, the above addition is to be treated as part of the order dated 12.01.2024 in CP No.164 of 2021. Accordingly, this IA is allowed and disposed of.