PUNJAB NATIONAL BANK Vs. MINTRI TEA CO LTD

JUDGEMENT

(1.) It is thus clear that the application filed by the Petitioner, i.e. Punjab National Bank under section 7 of the Insolvency & Bankruptcy Code, 2016 against the Corporate Debtor is complete in all respects. The existence of default stands proved from the records above-referred. So also, declaration filed along with supplementary affidavit proves consent of the Interim Resolution Professional, Shri Kamelash Kumar Singhania. Therefore, the petition for initiation of Corporate Insolvency Process under section 7 of the Insolvency & Bankruptcy Code is admitted upon the following direction. Shri Kamelash Kumar Singhania (Reg.No. IBBI/IPA-002/IP-N00023/2016-17/10050) is appointed as Interim Resolution Professional. Moratorium under section 14 of Insolvency & Bankruptcy Code shall apply.

(2.) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period.

(3.) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.