The document pertains to an order regarding IA(IBC)/327/2024 and IA(IBC)/328/2024 in Company Petition IB/164/2021 involving Pioneer Gas Power Ltd. The application was moved for urgent listing of IA(IBC)328/2024, which was taken up, allowed, and disposed of. The order addresses the inadvertent omission of a direction regarding the moratorium under Section 13 of the IBC, following the admission of the application under Section 7 of the IBC. The order clarifies that the moratorium is mandatory and includes specific directions to prohibit actions against the Corporate Debtor.
Pioneer Gas Power Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP) under the IBC, initiated through Company Petition IB/164/2021. IFCI Ltd. is the petitioner. An application under Section 7 of the IBC has been admitted. The court had previously passed an order on 2024-01-12, but it inadvertently omitted a direction regarding the mandatory moratorium under Section 13 of the IBC. The present order addresses this omission by including specific prohibitions against actions that could harm the Corporate Debtor's assets or operations during the CIRP. The moratorium aims to protect the Corporate Debtor from legal actions and asset stripping, ensuring a fair opportunity for resolution.
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Company Pet…
Initial order passed,…
The document pertains to an order regarding IA(IBC)/327/2024 and IA(IBC)/328/2024 in Company Petition IB/164/2021 involving Pioneer Gas Power Ltd. The application was moved for urgent listing of IA(IBC)328/2024, which was taken up, allowed, and disposed of. The order addresses the inadvertent omission of a direction regarding the moratorium under Section 13 of the IBC, following the admission of the application under Section 7 of the IBC. The order clarifies that the moratorium is mandatory and includes specific directions to prohibit actions against the Corporate Debtor.
Pioneer Gas Power Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP) under the IBC, initiated through Company Petition IB/164/2021. IFCI Ltd. is the petitioner. An application under Section 7 of the IBC has been admitted. The court had previously passed an order on 2024-01-12, but it inadvertently omitted a direction regarding the mandatory moratorium under Section 13 of the IBC. The present order addresses this omission by including specific prohibitions against actions that could harm the Corporate Debtor's assets or operations during the CIRP. The moratorium aims to protect the Corporate Debtor from legal actions and asset stripping, ensuring a fair opportunity for resolution.
Company Pet…
Initial order passed,…