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Judgment
Ms. Niharika Agarwal, Learned Counsel for Financial Creditor appeared in person.
This is a petition filed under Section 95 of Insolvency & Bankruptcy Code, 2016 (IBC) by Financial Creditor. Heard submissions made by the Learned Counsel for the Financial Creditor and perused the application.
Interim moratorium commences from the date of filing of the Petition under Section 96 (1) (a) of I&B Code, 2016. Legal actions are governed under Section 96 (1) (b) of IBC, which reads as under:-
Section 96 (1): When an application is filed under section 94 or section 95—
(b)during the interim-moratorium period
(i)any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed; and
(ii)the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt.
Ms. T.K.Sharada, having Registration No. IBBI/IPA-003/N00380/2021-2022/13931 is appointed as RP. The RP to file report under Section 99 of the IBC within 10 days from the date of her appointment.
Petitioner is directed to intimate copy of this Order alongwith application to the RP and file proof of same in the Registry.
Further, Petitioner is directed to issue notice to the Respondent and file proof of the same by way of an Affidavit.
The Petitioner is directed to pay a sum of Rs.50,000/- (Rupees Fifty Thousand only) to the Resolution Professional to meet out the expenses to perform the functions assigned to her. This shall be subject to adjustment by COC as accounted for by RP and shall be paid back to the petitioner.
Matter stands adjourned to 20.09.2022.