Adesh Welfare Society (Regd.) v. Reserve Bank Of India And Others
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a loan of Rs.9.50 crores on 12.06.2015 (loan account No.1350005804) under the category of Medical Equipment for a period of 5 years with monthly EMI of Rs.21,45,100/)
(ii) Second loan of Rs.7,09,00,000/) on 31.01.2016 (loan account No.13500006478) for a period of 10 years with monthly EMI of Rs.11,26,601/) (iii) Third loan of Rs.3,50,00,000/) on 28.12.2017 (loan account No.13500008481 for a period of 07 years with monthly EMI of Rs.6,19,170/) +
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First loan was declared as NPA on 1.11.2018;
(ii) Second loan was declared as NPA on 01.01.2019; & (iii) Third loan was declared as NPA on 01.02.2019. ( ! ,
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$ $% .― The provisions of the Code relating to the Corporate Insolvency Resolution Process of the corporate debtor shall, mutatis mutandis apply, to the insolvency resolution process of a financial service provider subject to the following modifications, namely:― $$$
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.) no corporate insolvency resolution process shall be initiated against a financial service provider which has committed a default under section 4, except upon an application made by the appropriate regulator in accordance with rule 6;
(ii) the application under sub)clause (i) shall be dealt with in the same manner as an application by a financial creditor under section 7, subject to clause (iii); and (iii) on the admission of the application, the Adjudicating Authority shall appoint the individual proposed by the appropriate regulator in the application filed under sub)clause (i) of clause (a) of rule 5, as the Administrator. (b) Moratorium.) Save as provided in section 14,) an interim moratorium shall commence on and from the date of filing of the application under clause (a) till its admission or rejection; and (ii) the license or registration which authorises the financial
service provider to engage in the business of providing financial services shall not be suspended or cancelled during the interim)moratorium and the corporate insolvency resolution process.
Explanation.) For the purposes of this clause, "interim moratorium" shall have the effect of the provisions of sub) sections (1), (2) and (3) of section 14.
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