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TMI Blog2018 (7) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... instant application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity the Code ) with a prayer to trigger the Corporate Insolvency Resolution Process in the matter of Sunsystem Institute of Information Technology Private Limited (for brevity the Corporate Debtor ). It is appropriate to mention that the financial creditor is a company incorporated on 26-04-1947 under the Companies Act, 1956. Its assigned identification number L24110MH1947PLC005719. It has its registered office at Piramal Ananta, Agatsya Corporate Park, Opp. Fire Brigade, Kamani Junction, LBS Marg, Kurla (West), Mumbai-400070. 2. Ms. Shikha Varum Ginodia, Manager Legal of the Financial Creditor has been authorized by the Board Resolution dated 16-05-2016 and the consequential Resolution of the Administrative Committee dated 07-12-2017 to sign and submit the petition [Annexure A-l (Colly)]. 3. The Corporate Debtor-Sunsystem Institute of Information Technology Private Limited is a company registered under the provisions of the Companies Act, 1956 and was incorporated on 08-03-2001. The identification number of the Corporate Debtor is U16911RJ2001PTC016911 and its registered office is s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total 38,00,00,000 The aforesaid details would show that loan facility of ₹ 38,00,00,000/- (Rupees Thirty Eight Crores) was sanctioned to the Original Borrower namely All India Society for Advance Education and Research to be released in two tranches as stated in Part IV. The Corporate Debtor guaranteed the repayment of the said debt under the Deed of Guarantee dated 18 October 2013. A copy of Deed of Guarantee dated 18 October 2013 has been placed on record [Annexure A-5 (Colly)]. 6. In column 2 of part IV the amount claimed to be in default and the date on which the default occurred is stated to be 30-09-2017. According to the averments made by the Financial Creditor the loan facility which availed by the Original Borrower is overdue and total amount in default (together with the principal amounts, accrued interest and penal interest, as applicable) as on 30-09-2017 is ₹ 40,28,76,461/- (Rupees Forty Crores Twenty Lakhs Seventy Six Thousand Four Hundred and Sixty One). A breakup of the outstanding amount as on 30-09-2017 has also been clearly me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor at its registered office address as well as on its e-mail address reflected in the master data available at the website of MCA. It was found that the Corporate Debtor had been deliberately avoiding to accept notice and did not choose to come before this Tribunal. Afterwards vide order dated 16-02-2018 respondent was proceeded ex parte. 12. Ms. Misha, learned counsel for the petitioner has argued that all requirements of Section 7 for the initiation of Corporate Insolvency Resolution Process by a Financial Creditor stand fulfilled. In that regard, she has submitted that the application as prescribed by Rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7(2) of IBC has been filed which is complete in all respects. She has further submitted that the details of the default along with the dates have been clearly stated in part IV along with all the minute details. There is overwhelming evidence available to prove default and name of the resolution professional has also been clearly specified. 13. Having heard learned counsel for the Financial Creditor and having perused the paper book with her able ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17. As a sequel to the above discussion, this petition is admitted and Mr. Sethurathnam Ravi, 505-A, 5th Floor, Rectangle 1, District Centre, Saket, New Delhi-110017, email id - [email protected], Registration No. IBBI/IPA-001/IP-P00372/2017-18/10629 is appointed as an Interim Resolution Professional. 18. In pursuance of Section 13(2) of the Code, we direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14(1)(a), (b), (c) (d) and thus the following prohibitions are imposed which must be followed by all and sundry: (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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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