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2022 (8) TMI 651 - 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 - whether the present application is filed within limitation? - HELD THAT - The present petition is filed vide Diary No.4710 dated 11.09.2019, wherein, it can be seen from the records that the date of default is 08.07.2019 and 20 days notice period is served on 19.07.2019. Therefore, the present petition is filed within limitation. Whether there is default in payment or not? - HELD THAT - It is observed from the record that in the present case, the occurrence of default is evidenced by the copy of the ledger account, bank statement, statutory recalling notice and the same are attached as Annexure P-2, P-5 and Annexure P-7 respectively of the petition. The respondent-corporate debtor has also filed a reply wherein it has been admitted that there is default in respect of financial debt and the amount mentioned in the petition is due towards the petitioner and shown its incapacity to pay the liability. The application filed in the prescribed Form No.1 is found to be complete. Disciplinary proceedings pending against the proposed Resolution Professional or not - HELD THAT - In the present case, in Part III of Form 1, Mr. Alok Kaushik has been proposed as Interim Resolution Professional. Thereafter, Mr. Gyaneshwar Sahai has been proposed as Interim Resolution Professional - The Law Research Associate of this Tribunal has checked the credentials of Mr. Gyaneshwar Sahai, and there is nothing adverse against him. The present petition being complete and having established the default in payment of the Financial Debt for the default amount being above the threshold limit, the petition is admitted in terms of Section 7(5) of the IBC. Moreso, the respondent has admitted the claim and expressed its inability to pay back the debt - Petition admitted - moratorium declared.
Issues Involved:
1. Filing of petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 for Corporate Insolvency Resolution Process. 2. Default in payment by the Corporate Debtor. 3. Appointment of Interim Resolution Professional. 4. Admittance of petition and declaration of moratorium. 5. Constitution of Committee of Creditors and deposit by Financial Creditor. Analysis: Issue 1: Filing of petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 for Corporate Insolvency Resolution Process: The petition was filed by the Financial Creditor under Section 7 of the Code against the Corporate Debtor for defaulting on a loan amount. The petition included details of the loan agreement, default notices, and the amount claimed, which was supported by evidence such as ledger accounts, bank statements, and statutory recalling notices. The petition was found to be complete and within the limitation period, leading to its admission by the Tribunal. Issue 2: Default in payment by the Corporate Debtor: The Corporate Debtor admitted the default in payment of the financial debt owed to the Financial Creditor. The Corporate Debtor expressed its inability to pay the outstanding debt amount, leading to the Tribunal establishing the occurrence of default. The Tribunal appointed an Interim Resolution Professional to oversee the Corporate Insolvency Resolution Process. Issue 3: Appointment of Interim Resolution Professional: The Tribunal appointed an Interim Resolution Professional after verifying the credentials and ensuring no adverse records against the proposed professional. The Interim Resolution Professional was directed to perform the necessary steps mandated under the Insolvency and Bankruptcy Code, specifically under relevant sections. Issue 4: Admittance of petition and declaration of moratorium: The Tribunal admitted the petition as it was complete and established the default in payment. The Corporate Debtor's admission of the claim and inability to repay led to the declaration of a moratorium under Section 14 of the Code. The moratorium imposed various restrictions to protect the assets and interests of the Corporate Debtor during the resolution process. Issue 5: Constitution of Committee of Creditors and deposit by Financial Creditor: The Interim Resolution Professional was tasked with collating claims against the Corporate Debtor, determining its financial position, and constituting a Committee of Creditors. The Financial Creditor was directed to deposit a specified sum with the Interim Resolution Professional to cover expenses related to the resolution process, subject to adjustment by the Committee of Creditors. In conclusion, the Tribunal admitted the petition, declared a moratorium, appointed an Interim Resolution Professional, and outlined the necessary steps for the Corporate Insolvency Resolution Process to proceed effectively. The Financial Creditor's deposit and the constitution of the Committee of Creditors were also addressed in the judgment.
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