Account
Number",Facility,"Principal
Outstanding",Interest,"Total
Outstanding
02400450020017
&
0240094002011","Inventory
Funding","15,64,58,834.2","2,06,70,305.86","17,71,29,140.06
82504037,Term Loan 1,"3,51,41,125.37","87,24,621","4,38,65,746.37
82916371,Term Loan 2,"6,89,49,072.02","4,58,09,347.01","11,47,58,419.03
,Total,"26,05,49,031.59","7,52,04,273.87","33,57,53,305.46
also given his declaration that no disciplinary proceedings are pending against him,,,,
ORDER,,,,
15. This Application being C.P. (IB) No.924/NCLT/MB/C-IV/2021 filed by HDFC Bank Limited, the Financial Creditor/Applicant, under section 7 of",,,,
Insolvency & Bankruptcy Code, 2016 (I&B Code) against Ritu Automobiles Private Limited, Corporate Debtor, for initiating Corporate Insolvency",,,,
Resolution Process (CIRP) is admitted. We further declare moratorium u/s 14 of I&B Code with consequential directions as mentioned below:,,,,
I.  That this Bench as a result of this prohibits:,,,,
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",,,,
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002;",,,,
d) the recovery of any property by an owner or lessor where such property is occupied by or in 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 the moratorium",,,,
period.,,,,
III. That the provisions of sub-section (1) of Section 14 of I&B Code shall not apply to,,,,
a. such transactions as may be notified by the Central Government in consultation with any financial sector regulator;,,,,
b. a surety in a contract of guarantee to a Corporate Debtor.,,,,
IV. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench,,,,
approves the resolution plan under sub-section (1) of section 31 of I&B Code or passes an order for the liquidation of the corporate debtor under section 33 of I&B,,,,
Code, 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 I&B Code.,,,,
VI. That this Bench appoints Mr. Rajeev Mannadiar, a registered insolvency resolution professional having Registration Number",,,,
[IBBI/IPA-001/IP-P00212/2017-2018/10412] as Interim Resolution Professional to carry out the functions as mentioned under I&B Code, the fee payable to IRP/RP",,,,
shall comply with the IBBI Regulations/Circulars/Directions issued in this regard.,,,,
e) The Financial Creditor shall deposit a sum of Rs.5,00,000/-(Rupees five lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting",,,,
claims. These expenses are subject to approval by the Committee of Creditors (CoC).,,,,
f) A copy of this Order be sent to the Registrar of Companies, Maharashtra, Mumbai, for updating the Master Data of the Corporate Debtor.",,,,
g) The Registry is directed to immediately communicate this order to the Financial Creditor, the Corporate Debtor and the Interim Resolution Professional even by",,,,
way of email or Whats App. Compliance report of the order by Designated Registrar is to be submitted today.,,,,
