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2022 (10) TMI 266 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT - The Financial Creditor entered into an agreement of sale dated 09.11.2017 with the Corporate Debtor for Development Allotment of Apartment. The Financial Creditor has paid Rs.3,00,00,000/- (Rupees three crores only) to the Corporate Debtor for against the Agreement - The Corporate Debtor has not disputed the claim amount nor denied the Agreement entered between the parties. On perusal of the documents submitted by the Applicant, it is clear that financial debt amounting to more than Rs.1,00,00,000/- (Rupees One Crore Only) is due and payable by the Corporate Debtor to the Applicant. There is default by the Corporate Debtor in payment of debt amount. Therefore, we do not have any objection on record against the application filed for initiation of CIRP against the Corporate Debtor - The application is complete and has been filed under the proper form and well within limitation. The debt amount is more than Rupees One Crore and default of the Corporate Debtor has been established and the application deserves to be admitted. Application admitted - moratorium declared.
Issues Involved:
1. Application under section 7 of Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Corporate Debtor. Analysis: 1. The Financial Creditor filed an application under section 7 of the Insolvency & Bankruptcy Code, 2016 against the Corporate Debtor for initiating the Corporate Insolvency Resolution Process (CIRP). 2. The Financial Creditor claimed a total default amount of Rs. 6,86,98,545/- against the Corporate Debtor, with the default date being 31.12.2018 and the petition filed on 25.08.2021. 3. The Financial Creditor entered into an agreement with the Corporate Debtor for the development/allotment of an apartment for Rs. 3,00,00,000/-, and subsequent default led to the demand for repayment along with interest. 4. The Corporate Debtor, in response, cited financial difficulties due to global economic slowdown and the Covid-19 pandemic, acknowledging the debt and seeking time for repayment. 5. The Tribunal noted the undisputed claim amount, the agreement between the parties, and the Corporate Debtor's admission of inability to pay the dues, leading to a default of more than Rs. 1,00,00,000/-. 6. The Tribunal found the application complete, within the limitation period, with a debt exceeding Rs. 1 crore, establishing the default by the Corporate Debtor, warranting admission of the application. 7. The Tribunal admitted the application, declared a moratorium under section 14 of the I&B Code, and appointed an Interim Resolution Professional to oversee the resolution process. 8. The moratorium included prohibiting suits against the Corporate Debtor, asset transfers, and enforcing security interests, ensuring the supply of essential goods/services, and specifying exceptions to the moratorium. 9. The order of moratorium was effective until the completion of the resolution process, with public announcement requirements and directions for the Financial Creditor to deposit funds for expenses related to the resolution process. 10. Compliance measures were outlined, including updating corporate data, communication of the order to relevant parties, and submission of a compliance report by the Registrar.
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