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TMI Blog2017 (6) TMI 1304X X X X Extracts X X X X X X X X Extracts X X X X ..... ar And Hon'ble President Mr. R. Varadharajan Hon'ble Member (J) Mr. Shalabh Srivastava For The Respondent. For the Financial Creditor Shri Siddhesh Katwal, Advocate, Shri Raghunathasethupathy, Advocate ORDER M.M.Kumar, This is an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with Rule 4 of the Insolvency and Bankruptcy (Applicatlon to Adjudicating Authority) Rules, 2016 with a prayer to initiate corporate insolvency resolution process against respondent'Corporate Debtor'. 2. The facts in brief are that the 'Financial Creditor' advanced unsecured loan of US Dollar 30,000 to the 'Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of technical defect pointed out by the Registry, the Company Petition was withdrawn. Then on 14.09.2016, the 'Financial Creditor' sent a notice under Section 434 of the Companies Act, 1956 requesting the 'Corporate Debtor' to pay the entire outstanding amount with interest within three weeks, which was duly received by the 'Corporate Debtor' on 15.09.2016. 4. From the aforesaid facts, it is evident that the loan amount has been admitted in the email dated 15.09.2014, 19.05.2016, 08.06.2015, 22.11.2015 and 20.01.2016, the amount has not been paid as is evident from various emails and the promises were made for repayment. In pursuance to Order dated 28.04.2017, the petitioner-'Financial Creditor' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spects and therefore, the petition warrants admission. 8. For the reasons afore-mentioned, this petition is admitted. Mr. Navneet Kumar Jain, Registration No. IBBI/IPA-003/IPN00004/2016-17/ 10023 is appointed as Interim Resolution Professional as proposed by the 'Financial Creditor '-petitioner. As a consequence of admission, the Interim Resolution Professional shall make a public announcement immediately as per the requirement of Section 13(2) of the Code. There shall be moratorium effective under Section 14 of the Code from the date of this order. The respondent- 'Corporate Debtor' is estopped from doing any of the following acts: (a) the institution of suits or continuation ofpending suits or proceeding ..... X X X X Extracts X X X X X X X X Extracts X X X X
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