Neesa Leisure Limited Insolvency order by NCLT Ahmedabad Bench

NOTE:         Order has been passed 0n 26-04-2019 by NCLT Ahmedabad for Insolvency of the Neesa Leisure Limited and Shri. R.D. Chaudhary, has been appointed as “ Interim Insolvency Resolution Professional” having Address at 9/b, 9^th Floor, Vardhan Tower, Near Vimal House, Lakhudi Circle, Navrangpura, Ahmedabad-380014. The Interim Insolvency Resolution Professional is hereby directed to cause a Public announcement of the initiation of “ Corporate Insolvency Resolution Process” and call for submission of claims under Section 13(1)(b) read with Section 15 of the code and Regulation 6 of Insolvency and bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

So individual those have invested money here can file their claims strictly as per sec 13(1) (b) before Interim Insolvency Resolution Professional with all his or her documents( Xerox or Notarized) or with Original if particularly asked original documents.

Anything more you can refer the order copy attached herewith.

Company may go for appeal before Supreme Court against this order, if Not going than this is final order.

 Crux of order I am writing herewith below.

This is my personal Opinion, Opinion may differ from other Advocate/ Lawyers

Thanks

Dr. Zulfiqar Ali Khan, Ph.D

Advocate-Supreme Court of India

No. 244, H-Block, Beta-II,

Greater Noida, G B Nagar- Distt (India)

MB: 9884102961

Email: zulfiqar1971@gmail.com

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BEFORE THE ADJUDICATING AUTHORITY

(NATIONAL COMPANY LAW TRIBUNAL)

AHMEDABAD BENCH

AHMEDABAD

CP(IB)127/7/NCLT/AHM of 2017

In the Matter of

Asset Reconstruction Company (India) Limited)

The Ruby, 10^th Floor, 29,

Senapati Bapat Marg, Dadar(W),

Mumbai- 400028                              --------(Financial Creditor)/ Applicant

Neesa Leisure Limited

Plot No. , X-22, 23 & 24,

GIDC Electronic Estate

Sector-25

Gandhinagar-382044                        -----( Corporate Debtor)/ Respondent

IA 377 of 2017 With Inv.P 6 of 2018 With  Inv.P 75 of 2018 With Inv.P 80 of 2018 With Inv.P 81 of 2018 With IA 368 of 2018 With IA 474 of 2018 With IA 34 of 2019 With IA 35 of 2019 With  IA 47 of 2019 With  IA 94 of 2019 With IA 127 of 2019 With IA 132 of 2019 With IA 136 of 2019 With IA 141 of 2019 With Inv.P 03 of 2019 With  CP(IB)127/7/NCLT/AHM of 2017

In the Matter of

Neesa Leisure Limited

Plot No. , X-22, 23 & 24,

GIDC Electronic Estate

Sector-25

Gandhinagar-382044                                                     ------( Corporate Debtor)

Verses

Asset Reconstruction Company (India) Limited)

The Ruby, 10^th Floor, 29,

Senapati Bapat Marg, Dadar(W),

Mumbai- 400028                                                  --------(Financial Creditor)

JUDGMENT IN THE MAIN PETITION CP(IB)127/7/NCL/AHM of 2017

21.1   In view of the above discussions, the application deserves to be admitted and in accordingly admitted under Section 7(5)a of the IB Code. This Adjudicating Authority hereby appoints Shri. R.D. Chaudhary, As “ Interim Insolvancy Resolution Professional” having Address at 9/b, 9^th Floor, Vardhan Tower, Near Vimal House, Lakhudi Circle, Navrangpura, Ahmedabad-380014 and having Registration No. IBBI/IPA-001/IP-P00157/2017-18/10326 under Section 13(1) of the Code.

21.2   The Interim Insolvency Resolution Professional is hereby directed to cause a Public announcement of the initiation of “ Corporate Insolvency Resolution Process” and call for submission of claims under Section 13(1)(b) read with Section 15 of the code and Regulation 6 of Insolvency and bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

21.3   This Adjudicating Authority hereby order moratorium under Section 13(1)(a) of the IB Code prohibiting the following as referred to in Section 14 of the Code;

(a)      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;

(b)      transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein;

(c)      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 (54 of 2002;

(d)      the recovery of any property by an owner or Lessor where such property is occupied by or in the possession of the corporate debtor

(i)       However , the order of moratorium shall apply in respect of supply of essential goods or services to Corporate Debtor.

(ii)      The order of Moratorium is not applicable to the transactions that may be notified by the Central Government in consultation with any financial sector regulator.

(iii)     The Order of Moratorium comes into force from the date of the order till the completion of Corporate Insolvency Resolution Process Subject to the proviso under sub section(4) of Section 14.

22.     This Application is disposed of Accordingly. No order as to Costs.

23.     Communicate a copy of this order to the Applicant Financial Creditor and to the Respondent Corporate Debtor and to the Interim insolvency Resolution Professional.