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TMI Blog2019 (7) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... in case the Application is admitted. Besides the admission made by the Counsel for the Corporate Debtor, the documentary evidence placed on the case file is sufficient in order to ascertain the existence of a default on the part of the Corporate Debtor. The Financial Creditors have fulfilled all the requirements and have proposed the name of a Resolution Professional for appointment as the IRP after obtaining his consent in Form- 2. Therefore, the Application stands admitted - commencement of the Corporate Insolvency Resolution Process is ordered - Mr. Anil Kumar Khicha is hereby appointed as IRP - moratorium declared. - IBA/273/IB/2019 - - - Dated:- 22-4-2019 - CH. MOHD. SHARIEF TARIQ, MEMBER (JUDICIAL) For Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ging the payment of a sum of ₹ 10 lakhs from the 1st Financial Creditor and promised to repay the said amount in four monthly instalments of ₹ 2.50 lakhs from May, 2017 till August, 2017, and in case of default, the Corporate Debtor had agreed to pay the overdue interest at the rate of 2.5 per cent p.m. Copy of the Receipt acknowledging the payment is placed at page 8 of the typed set filed with the Application. 3. Out of four instalments, the Corporate Debtor had paid two instalments of ₹ 2.50 lakhs on 10.05.2017 and 06.07.2017, the fact of receipt of the said amounts are reflected in the Ledger Account placed at page 10 of the typed set filed with the Application. Thereafter, the 1st Financial Creditor has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the fact of receipt of the said amounts are reflected in the Ledger Account placed at page 40 of the typed set filed with the Application. Thereafter, the 2nd Financial Creditor has sent Legal Notice on 12.10.2018 to the Corporate Debtor claiming the balance amount of ₹ 5 lakhs with accumulated interest at the rate of 2.5 per cent p.m. The 2nd Financial Creditor has placed on record the Bank Statement and copy of Passbook issued by Bank of Baroda for the period 01.04.2017 to 25.10.2018, which are placed at pages 44 to 55 of the typed set filed with the Application. 6. The Corporate Debtor filed Counter Affidavit on 15.04.2019 stating therein that the Corporate Debtor availed loans towards development of its business fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e South Indian Bank, this Authority vide Order dated 28.03.2019, directed the Registry to issue notice to the South Indian Bank to cause appearance. On 15.04.2019, the Counsel for the South Indian Bank Ltd., caused appearance and filed Affidavit stating that the Corporate Debtor had availed credit facility viz., CCOL limit of ₹ 6.90 crores and LC limit of ₹ 2.30 crores against the primary security of hypothecation of stocks and current assets of the company. The Corporate Debtor had also offered collateral security of immovable property belonging to Mrs. Jamarath Begum, Mr. Mohammed Riyas and Mr. S.N.K.M. Shahul Hameed. Since the loan account was classified as NPA on 01.05.2018, The South Indian Bank had initiated SARFAESI measu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the documentary evidence placed on the case file is sufficient in order to ascertain the existence of a default on the part of the Corporate Debtor. The Financial Creditors have fulfilled all the requirements and have proposed the name of a Resolution Professional for appointment as the IRP after obtaining his consent in Form- 2. Therefore, the Application stands admitted. The commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 11. Mr. Anil Kumar Khicha is hereby appointed as IRP. There is no disciplinary proceeding pending against the IRP as reflects from Form-2. The IRP is directed to take charge of the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the Corporate Debtor/Guarantor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 14. The IRP shall comply with the provisions of Sections 13 (2), 15, 17 18 of the I B Code. The Directors of the Corporate Debtor, its promoters or any person associated with the Management of the Corporate Debtor are/is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19, so that he could discharge his functions under Section 20 of the I B Code, 2016. 15. The Registry is directed to send the copy of this Order with immediate effect to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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