9911796707
TMI Blog2017 (10) TMI 297X X X X Extracts X X X X X X X X Extracts X X X X ..... amount due to the Applicant is a financial debt. The material on record clearly establish that the Respondent Company committed default in repayment of financial debt. The Applicant proposed the name of Shri Subodhkumar Bajranglal Kedia as Interim Resolution Professional' and also filed his Written Communication. In view of the above discussions, the Application deserves to be admitted and it is accordingly admitted under sub-section 5(a) of Section 7 of the Code - C.P. (IB) NO. 87/7/NCLT/AHD/2017 - - - Dated:- 4-9-2017 - MR. BIKKI RAVEENDRA BABU, J. For The Creditor/Applicant : Jasmin Dave and Chintan Abhichandani, Ld. Adv. For The Respondent : None ORDER 1. Reliance Commercial Finance Ltd, styling itself as ' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .10.2016. As on 22.10.2016, the amount repayable to Reliance Capital Limited was ₹ 97,02,848/- including interest in both the loan accounts together. 4. By virtue of the merger of the Commercial Finance Division of Reliance Capital Limited into Reliance Commerce Finance Limited, all the debts due to Reliance Capital Ltd., stand assigned to the Applicant/Reliance Commercial Finance Limited. 5. In support of the loan, Respondent executed Inventory Fund Agreement, Deed of Hypothecation, Letter of Credit/Guarantee Facility, Demand Promissory Note etc., in favour of Reliance Capital Ltd. All those documents stood assigned in the name of the Petitioner Company by virtue of the demerger. 6. Applicant filed the Table showing the amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g on Respondent. Learned Counsel for the Applicant requested time to file copy of the Resolution. On 31st August, 2017, Applicant's learned Counsel represented that the copy of the Resolution is already available on record even on 31.8.2017. None appeared on behalf of the Respondent. Heard the arguments of the learned Counsel for the Applicant. Application is signed by Mr. Hitesh Joshi as Power of Attorney holder of Applicant Company. Applicant filed copy of Power of Attorney and the Resolution passed by the Board of Directors of the Company authorising Mr. Hitesh Joshi to sign the Application on behalf of the Company. 9. A perusal of the Application and its Annexures clearly show that the Application is complete in all respects. A p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) read with Section 15 of the Code and Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 13. This Adjudicating Authority hereby order moratorium under section 13(1)(a) of the IB Code prohibiting the following as referred to in Section 14 of the Code; (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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