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2021 (5) TMI 13 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT - Pleadings are completed. This application is filed by Mr. Bishwajeet Bhaskar, who has been authorised by the Board resolution dated 29th May, 2019 to represent the applicant. Ld. Counsel for the petitioner submits that the loan in the form of Inter Corporate Deposit was given under an ICD Agreement dated 10.03.2010 for a sum of ₹ 2,50,00,000/- with interest at the rate of 12 per cent per annum, by M/s. Wardha Power Corporation - The Corporate Debtor is party to the said deed of assignment. The loan ought to have been repaid by the Corporate Debtor, which they failed. The date of the default as per the details provided in the application is 01.03.2019. As per the application total sum of ₹ 5,29,83,826/- is due and payable by Corporate Debtor. The debt and default are proved. The applicant herein has proposed name of Ms. Varalakshmi Narala to act as Interim Resolution Professional - Application admitted - moratorium declared.
Issues involved:
Initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016. Analysis: 1. Jurisdiction: The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 for the initiation of Corporate Insolvency Resolution Process against the respondent. The Adjudicating Authority established jurisdiction based on the location of the respondent's Registered Office. 2. Debt and Default: The petitioner, represented by Mr. Bishwajeet Bhaskar, claimed that a loan in the form of an Inter Corporate Deposit was given to the respondent, which was later assigned to the petitioner. The respondent admitted to the loan amount and default in repayment, establishing the debt and default in the case. 3. Admission of Application: After hearing both parties, the Tribunal admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016. A moratorium was declared, and a public announcement was ordered in accordance with the relevant sections of the Code. 4. Moratorium Provisions: The Tribunal declared a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016, prohibiting various actions against the Corporate Debtor, including institution of suits, transferring assets, and enforcing security interests. Essential goods or services supply to the Corporate Debtor was to continue during the moratorium period. 5. Interim Resolution Professional: Ms. Varalakshmi Narala was appointed as the Interim Resolution Professional to ascertain creditors' particulars, convene a Committee of Creditors, and evolve a Resolution Plan. The Resolution Professional was directed to convene a meeting of the Committee of Creditors within a specified timeframe. 6. Communication and Compliance: The Registry was directed to communicate the order to the Financial Creditor, Corporate Debtor, and the Interim Resolution Professional. The matter was listed for a future date, and a certified copy of the order was to be issued upon application and compliance with formalities. This detailed analysis covers the key aspects of the judgment, including jurisdiction, debt and default confirmation, admission of the application, moratorium provisions, appointment of an Interim Resolution Professional, and communication and compliance requirements as per the Insolvency and Bankruptcy Code, 2016.
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