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TMI Blog2019 (6) TMI 1196X X X X Extracts X X X X X X X X Extracts X X X X ..... s also proved. Accordingly, the petition filed under section 7 of the I B Code for initiation of corporate insolvency resolution process against the corporate debtor deserves to be admitted. Petition admitted - moratorium declared. - CP 1433 (IB)/MB/2017 - - - Dated:- 19-6-2019 - Mr. V.P. Singh Member (Judicial) And Mr. Ravikumar Duraisamy, Member (Technical) For The Petitioner : Adv. Amiy Kumar, Adv. Avnendra Kumar And Adv. Kunal Tiwari For The Respondent : None present ORDER 1. This is a petition being CP 1433/2017 filed by Daimler Financial Services Private Limited , Financial Creditor / Petitioner, under section 7 of Insolvency Bankruptcy Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies Act, 2013 dated 12.6.2017 to the borrower and the Corporate Debtor. Vide the said notice the Petitioner called upon the Corporate Debtor to repay a sum of ₹39,03,236.47 within three weeks for settlement of its dues. A copy of the said Notice is annexed with the Petition. 6. It is stated that the Corporate Debtor did not repay its dues either reply to any of the notices sent by the Petitioner. 7. We have heard the parties and perused the records. 8. The Petition is filed by Mr Navin Ajwani, authorised vide the board resolution dated 28.4.2014. 9. It may be noted that no one appeared from the side of the Corporate Debtor to defend its case. The Petitioner, as per t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er in its notice dated 12.6.2017 called upon the Corporate Debtor to repay a sum of ₹39,03,236.47 within three weeks for settlement of its dues. 13. In the absence of any representation from the Corporate Debtor even after providing sufficient opportunity for the same, it is not incorrect to say that the Corporate Debtor does not have anything in its defence, therefore, admits its liability. 14. The Loan-cum-hypothecation Agreement dated 26.3.2014 and the Board Resolution of the Corporate Debtor authorising its Director to avail loan from the Petitioner establishes the existence of the debt. The Accounts statement as annexed by the Petitioner further reflects that there is a default in payment of EMIs f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nel 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 Securitization 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 possession of the corporate debtor. II. That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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