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Resolution Process

 

TO WHOMSOEVER IT MAY CONCERN

 

The NCLT, Kolkata through its order dated 30th March 2017 has initiated the CIRP (Corporate Insolvency Resolution Process) for MBL Infrastructures Limited.

 

Accordingly, Mr. Atanu Mukherjee was appointment as the Interim Resolution Professional (IRP) by the NCLT, apart from declaring a moratorium for 180 days from the date of CIRP process (explained separately through Section 14 of Insolvency and Bankruptcy Code 2016).

 

Through an order dated 18th May 2017, NCLT Kolkata has appointed Mr Sanjeev Ahuja as a Resolution Professional (RP) replacing the erstwhile IRP.

 

The CIRP process mainly targets developing a Resolution Plan for the company within a defined timeline which should adhere to the guidelines as laid out in IBC and adopted and approved by the Committee of Creditors (comprising of Financial Creditors of the company). Once finally approved by NCLT, the same gets implemented as per the procedure laid out.

 

As far as the outstanding claims (including those of Financial Creditors, Operational Creditors, Employees and Workmen) are concerned, all such claims as received post the public announcement made by the IRP would be collated and verified, as of the date of CIRP initiation and put up on the website of the company as well as presented to the COC. The payment schedule for the said claims shall be decided and approved by the COC as part of the approval of the Resolution Plan for the company.

 

In the interim, the IRP and/or RP as the case may be, is expected to ensure that the company continues to exist and operate as a ‘GOING CONCERN’ and all the actions and activities are undertaken with this objective in mind with due intimation to and permission (wherever applicable) from COC.

 

ResolutionProfessional - Mr. Sanjeev Ahuja (ip.mblinfra@gmail.com)

 

Interim Resolution Professional - Mr. Atanu Mukerjea (atanumukherjea@gmail.com)

 

Company Secretary  - Anubhav Maheshwari (cs@mblinfra.com)

 

For any clarifications, please contact Dushyant at the following contact numbers:

Landline: +91-11-49593314 , Mobile:- +91- 9650333819


 

Section 14 of the Insolvency and Bankruptcy Code, 2016

 

1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely :-

 

(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 (SARFAESI) Act, 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.

 

(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 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.

 

(4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: 

 

Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be.