STATE BANK OF INDIA Vs. COASTAL PROJECTS LTD

JUDGEMENT

(1.) The petition filed by the financial creditor under Sec.7 of the Insolvency & Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Resolution Process and declare a moratorium and public announcement as stated in Sec.13 of the IBC, 2016. The moratorium is declared for the purposes referred to in Sec.14 of the Insolvency & Bankruptcy Code, 2016.

(2.) The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Sec. 15. The public announcement referred to in clause (b) of sub-section (1) of Insolvency & Bankruptcy Code, 2016 shall be made immediately. Moratorium under Sec. 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following:

(3.) 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. 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.