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TMI Blog2018 (10) TMI 1216X X X X Extracts X X X X X X X X Extracts X X X X ..... 17000163. His registration number is IBBI/IPA-003/TP-P00040/2017-18/10316 is appointed as the Interim Resolution Professional. - C.P. No. IB-590(PB)/2018 - - - Dated:- 25-9-2018 - MR M. M. KUMAR, PRESIDENT AND S.K. MOHAPATRA, TECHNICAL MEMBER For The Petitioner : Pallav Saxena and Ashish Shandilya, Advs. For The Respondent : Murari Lal Soni, Director- Mohan Gems And Jewels Ltd. ORDER ORDER M.M. Kumar, President The Petitioner claiming to be the financial creditor have filed the instant Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Mohan Gems Jewels Pvt. Limited (for brevity the 'corporate debtor'). It is appropriate to mention that the 'financial creditor' is a company incorporated under the provisions of the Companies Act, 1956 and registered with the Reserve Bank of India (RBI) as an Asset Reconstruction Company registered under section 3 of the SA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. The Financial Creditor has proposed the name of Mr. Debashis Nanda as the Insolvency Professional with the address C-304, Paradise Apartments 40 I.P. Extension, Delhi-110092 and Mobile No. 9717000163. His registration number is IBBI/IPA-003/IP-P00040/2017-18/10316. He has filed his written communication as per the requirement of Rule 9 of the insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. He has declared that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In addition, further necessary disclosure has been made as per the requirement of the IBBI Regulations. 9. In Part-IV of the Petition, the Financial Creditor has given the details of the total amount of the financial debt. PARTICULARS OF FINANCIAL DEBT 1. Total amount of debt granted Date(s) of disbursement Facility Sanctioned limit (in rupees) Cash credit 15,39,00,000/- WCTL 34,61,00,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , if any, the date of its creation, its estimated value as per the creditor. Attach a copy of a certificate of registration of charge issued by the registrar of companies (if the corporate debtor is a company). Particulars of Security As per Annexure II Estimated value as per Applicant Sr. No. Security Details Fair Market Value (FMV) Realizable Value 1. House no. 3318 3337, plot-No.4, Ward No. XVI, Block-P, Gali No. 26, 2629/2616/1, 2, 3 Beadonpura, Karol Bagh Area 100 Sq yards 33.11 26.49 2. EQM of property at Municipal no. 3319, 3335 3336 Left side shop at Ground Floor at Block-P, Gali no. 26, Ward no. XVI, Bank Street Road, Karol Bagh, New Delhi 5.51 4.41 3. Equitable mortgage of property bearing No. 2746, Pvt. No. 3 Ground floor without terrace/roof rights, measuring 37.2 sq. mtrs. Built on Plot/Khasra No. 34, in Block-P, Gali No. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11. Equitable mortgage of property bearing 2746, (southern portion of first floor without roof rights) towards Gali No. 22, built on Plot/Khasra No. 34, in Block-P, Gali No. 22-23, Ward No. XVI, situated at Beadonpura, Karol Bagh, New Delhi-05 (Area 1000 sq fts. 6.25 5.00 12. Equitable mortgage of property bearing 2746, (southern portion of second floor without roof rights) towards Gali No. 22, built on Plot/Khasra No. 34, in Block-P, Gali No. 22-23, Ward No. XVI, situated at Beadonpura, Karol Bagh, New Delhi-05 (Area 1000 sq fts. 6.23 4.98 13. Equitable mortgage of property bearing 2746, (southern portion of third floor without roof rights) towards Gali No. 22, built on Plot/Khasra No. 34, in Block-P, Gali No. 22 23, Ward No. XVI, situated at Beadonpura, Karol Bagh, New Delhi-05 (Area 1000 sq fts. 5.75 4.60 14. Equitable mortgage of property bearing 2747, ward no. XVI, Gali no. 22 23, Khasra No. 35, Block-P, Naiwala, Beadonpura, Karol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eps in the interest of the company. 17. Thereafter in pursuance of aforesaid Board Resolution dated 28.07.2018; Sh. Murari Lal Soni filed his affidavit dated 01.08.2018 stating on oath that the Corporate Debtor has no objection to the admission of the petition by this Tribunal. 18. In view of the aforesaid statement made by the learned counsel for the respondent-Corporate Debtor, we find that advancement of loan and default stand admitted. Even otherwise there is overwhelming documentary evidence on record to support those findings in the case. 19. Learned Counsel for the petitioner has argued that all requirements of Section 7 of the Code for initiation of Corporate Insolvency Resolution process by a Financial Creditor stand fulfilled. In that regard, he has submitted that the application is complete as per the requirements of Section 7(2) of the Code and other conditions prescribed by Rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. He has further submitted that the details of default along with its dates have been clearly stated in. part IV along with all the minute details. There is overwhelming evidence to prove default a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding 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 foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 24. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government. Additionally, the supply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other supplies of goods or services as provided by Regulation 32 of IBBI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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