22-25.
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION (L) NO. 1865 OF 2025
IN
INTERIM APPLICATION (L) NO. 38017 OF 2024
WITH
INTERIM APPLICATION (L) NO. 38017 OF 2024
IN
COMMERCIAL SUIT (L) NO. 37924 OF 2024
NORTHERN ARC CAPITAL LTD )...PLAINTIFF
Vs
AVION INDIA HOUSING FINANCE PVT. LTD )...DEFENDANT
WITH
INTERIM APPLICATION (L) NO. 1867 OF 2025
IN
INTERIM APPLICATION (L) NO. 38047 OF 2024
WITH
INTERIM APPLICATION (L) NO. 38047 OF 2024
IN
COMMERCIAL SUIT (L) NO. 37936 OF 2024
WITH
INTERIM APPLICATION (L) NO. 1868 OF 2025
IN
INTERIM APPLICATION (L) NO. 387084 OF 2024
WITH
INTERIM APPLICATION (L) NO. 38084 OF 2024
IN
COMMERCIAL SUIT (L) NO. 38000 OF 2024
WITH
INTERIM APPLICATION (L) NO. 1869 OF 2025
IN
INTERIM APPLICATION(L) NO. 38013 OF 2024
WITH
INTERIM APPLICATION(L) NO. 38013 OF 2024
IN
COMMERCIAL SUIT (L) NO. 37972 OF 2024
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Mr. Rohan Kadam a/w Ms. Aditi Bhansali, Ms. Vasudha Jain i/b AZB
and Partners, Advocates for Applicant/Plaintiff in IAL/1865/2025, IAL
1867/2025, IAL 1869/2025 and IAL 1868/2025.
Mr.Niket Dalal, Advocate for the Respondent No.1/(Administrator) in
all matters.
Mr.Rakesh Singh i/b K.R. Tiwari & Co., Advocate for the Intervenor.
Mrs. Naina Poojari, Section Officer, Mrs. V.N. Worlikar, Section Officer,
Mrs.S.S.Dukhande, Section Officers from the office of Court Receiver
are present in Court.
Mr.Gajanan G. Surve, (Master Adm), Office of Court Receiver is present
in Court.
CORAM : ABHAY AHUJA, J.
DATE : 3 FEBRUARY 2025
P.C. :
1. Pursuant to order dated 21st January, 2025, today when the
matter is called out, Mr.Rohan Kadam, learned Counsel appearing for
the Applicants in these applications submits that after the order dated
21st January, 2025, on 27th January, 2025, the Reserve Bank of India has
appointed an Administrator in respect of the Defendant and has filed
an application for initiation of Corporate Insolvency Resolution Process
(“CIRP”) against the Defendant under Section 227 read with clause
(zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy
Code, 2016 (“IBC”) read with Rules 5 and 6 of the Insolvency and
Bankruptcy (Insolvency and Liquidation Proceedings of Financial
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Service Provides and Application to Adjudication Authority) Rules,
2019 (“FSP Insolvency Rules”). Mr.Kadam, learned Counsel would
submit that in accordance with Rule 5(b)(i) of the FSP Insolvency
Rules, an interim moratorium commences on and from the date of
filing of the application till its admission or rejection. Mr.Kadam,
learned Counsel submits that since the application has been filed on
30th January, 2025, the interim moratorium in terms of Section 14 (1)
(a) has commenced and that this Court cannot proceed with the matter
and adjourn the matter sine die.
2. Mr.Niket Dalal, learned Counsel for the Administrator of the
Defendant confirms the same and requests that the matter be
adjourned sine die with liberty to apply upon the passing of an order by
the National Company Law Tribunal (“NCLT”).
3. Having heard the learned Counsel and having considered the
Press Release dated 30th January, 2025 of the Reserve Bank of India as
tendered across the bar by Mr.Kadam, this Court is of the view that the
Interim Applications as well as Commercial Suits be adjourned sine die.
Liberty to apply.
(ABHAY AHUJA, J.)
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Digitally
signed by
KIRAN
KIRAN SANJAY
SANJAY GHUGE
Date:
GHUGE 2025.02.04
10:29:32
+0530
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