The main legal point established in the judgment is that the purpose of initiating a proceeding under Section 7 of the IBC must be considered fulfilled if the corporate debtor has satisfied the financial creditors and an order of liquidation has been passed in another proceeding.

JUDGMENT :

A.M. Bujor Barua, J.

Heard Mr. K. Goswami, learned counsel for the petitioner. Also heard Mr. S.C. Keyal, learned Assistant Solicitor General of India appearing for the respondents No.1 and 2. Lawazima Court order dated 08.08.2018 provides that notice upon the respondents No. 3 to 6 had been deemed to have been served. Inspite of the notice being served, none appears for the respondents No. 3 to 6.

2. Respondents No.3 and 4 made an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short IBC) before the National Company Law Tribunal, Guwahati Bench (in short NCLT) inter alia making a claim that being financial creditors, the respondent No.3 had advanced a loan amounting to Rs.7,49,420/- and the respondent No.4 had advanced a loan amounting to Rs.22,48,260/- to the petitioner, which is stated to be inclusive of interest.

3. Nclt Guwahati Bench accordingly registered CP (IBC)/03/GB/2017 and by its order dated 13.02.2017 had passed the following effective order:-

"Since the defaults in payment of debts to the financial creditors had occurred on the dates mentioned in the application, since the application U/s. 7(2) of the IBC is complete in all respects and since there is no disciplinary proceeding pending against the proposed interim resolution professional (IPR), in my very considerate view, the application submitted by financial creditors is required to be admitted.

In view of the above, this application is admitted declaring moratorium with substantial direction as below:-

That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority, transferring, encumbering alternating 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor.

(ii) That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period.

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

(iv) That the order of moratorium shall have effect from 13.02.2017 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33, as the case may be.

(v) That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under Section 13 of the Code.

(vi) That this Bench hereby appoints Mrs. Mamata Binani, Room No.6, 4 th Floor, Commerce House, 2A Ganesh Chandra Avenue, Kolkata 700013, Email address, Mamatabinani @ gmail.com (Registration No. IBBI/IPA 02/2016-17/01 as interim resolution professional (IPR) to carry the functions as mentioned under Insolvency & Bankruptcy Code.

(vii) That, in view of provision of Section 17 of the IBC, henceforth interim resolution professional shall manage the affairs of the M/s. Himatsingka Resorts (P) Ltd and powers of the Board of Directors of the corporate debtor shall stand suspended and be exercised by the interim resolution professional and the officers and managers shall report to the interim resolution professional and provide access to such documents and records of M/s. Himatsingka Resorts (P) Ltd as may be required by the interim resolution professional.

(viii) Let