23.09.2020
CC/1049/2019 & 1050/2019
ORDER IN RESPECT OF WHETHER THE COMPLAINANT TO APPROACH NCLT/ADMINISTRATOR APPOINTED BY IT OR WHETHER THE FORUM TO PROCEED WITH THE COMPLAINT
The complainant deposited for a fixed period some amount with OP. OP defaulted in payment on its maturity and afterwards paid the amount with interest up to the maturity period and did not pay the interest for the delayed period of payment and resolution process under Insolvency Act has been initiated under insolvency and Bankruptcy Code 2016 as per the RBI application made and the National Company Law Tribunal(NCLT), Allahabad Branch in CP(IB-77/ALD/2017, IDBI Bank –vs- J.P.Infratech Ltd., on 09.08.2017, proceeded to appoint one Sri.Anuj Jain, BSRR & Co., Chartered Accountants, 8th Floor, Building No.10, Tower B, DLR CyberCity, Phase II, Gurgaon, Haryana 122022, as INSOLVENCY resolution professional and pronounced the moratorium, as defined under section 14 of the Insolvency Code. Which prohibits on commencement of moratorium the institution of any suit or continuation of proceedings or execution of any decree against the financial service provider(DHFL) is prohibited. Para II, III, IV of the order is reproduced here;
II. That the order of moratorium u/s 14 shall have effect from 09.08.2017 till the completion of corporate insolvency resolution process or until this Bench approves the resolution plan under subsection (1) of Section 31 or passes an order for liquidation of corporate debtor under section 33 as, the case may be.
III. That the Bench hereby prohibits the institution of suits or continuation of pending suit or proceedings against the corporate debtor including execution of any judgement 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 the SARFESI Act, 2002; the recovery of any property by an owner or less where such property is occupied by or in the possession of the corporate debtor.
IV. That the supply of essential goods or services to corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the Moratorium period. The Corporate Debtor to provide effective assistance to the I.R.P as and when he takes charge of Corporate Debtor Company.
Though the complainant has submitted that his complaint is not a suit, it falls under proceedings and as per the above order, any continuation of proceedings have also been prohibited by NCLT.
Under the circumstances, the remedy available to the complainant is to approach the administrator/ Insolvency resolution professional appointed by NCLT by submitting relevant documents and seek remedy before him. In view of this, this complaint is closed.
MEMBER PRESIDENT
