SINGHANIA INTERNATIONAL LTD Vs. ASEEM ISPAT PVT LTD

JUDGEMENT

(1.) Ca No.213/2017

(2.) This application has been filed by the Operational Creditor for declaring moratorium in accordance with Section 14(1) of the Insolvency and Bankruptcy Code, 2016 which was mandatory on admission of the petition. The petition filed by applicant-operational creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 was admitted on 20.09.2017. Notice of this application to Mr. Adesh Kumar Singla, Resolution Professional as well as Mr. Jatin Singhal, Practising Company Secretary who is representing promoters of the corporate-debtor who has filed CA No.213/2017.

(3.) After hearing the parties, I find that there is a great force in submission made in the application that while admitting the petition moratorium has to be declared by the Adjudicating Authority in terms of Section 14 (1) of the Insolvency and Bankruptcy Code, 2016. The order dated 20.09.2017, therefore, is further elaborated with the following declaration of the moratorium in terms of Section 14 (1) of the Code:-