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TMI Blog2019 (10) TMI 623X X X X Extracts X X X X X X X X Extracts X X X X ..... Somani, Pr. C.S. For The Intervener Applicant (IA(IB) No. 445/KB/2017) : Mr Kuldip Mallik, Advocate And Ms. Rituparna Chatterjee, Advocate ORDER Per : Harish Chander Suri, Member (Technical) This application under Sections 55-58 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 and Insolvency Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017, has been filed by SREI Infrastructure Finance Limited, the Financial Creditor, hereinafter referred to as the Applicant against M/s. Right Towers Private Limited, hereinaf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Accounts of the Corporate Debtor in the Books of Account of the applicant have also been filed which confirms that the loan has been disbursed to the Corporate Debtor, Annexure A-VII, along with audited Financial Statements of the Corporate Debtor for the year ending March 31, 2016, Annexure A-VIII. 4. It is submitted in the Sanction Letter vide No. SREI/PF/2015-2016/SRE582/01 dated 15th December, 2015, was sent by the Applicant to the Corporate Debtor informing that on the application filed by the Corporate Debtor and various discussions, the Applicant had sanctioned a Term Loan of ₹ 110 Crores on Summary Terms of Sanction mentioned therein and the Corporate Debtor was requested to return a copy of the said letter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest as on 24th March, 2017 as reflected in Annexure A-IX. The Applicant has further submitted copies of audited Financial Statement of the Corporate Debtor for the year ending 31st March, 2016. 7. When this application was listed before this Tribunal on 9th October, 2017 the Corporate Debtor was directed to file reply within 7 days with a copy in advance to the Financial Creditor. However, not chosen to file any reply affidavit. 8. While so one Mr. Naveen Bansal filed an intervening application, I.A. (IB) No. 445/KB/2017 in CP (IB) No. 505/KB/2017 for intervention seeking appropriate orders in the CP. In the said application the Intervener has pointed out that the proceedings are collusive in nature and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er IV to the Code. It is submitted to note here that no reply affidavit was filed by the Corporate Debtor. 10. The applicant has suggested the name of Mr. Rakesh Kumar Agarwal, Chartered Accountant, an Insolvency Professional registered with the Indian Institute of Insolvency Professionals of ICAI having registration number IBBI/IPA-001/IP-P00443/2017-18/10786 who has written in Form No. 2 dated 13th September, 2017 to this Tribunal that he agrees to accept the appointment as the Interim Resolution Professional if an order admitting the present application is passed and currently he is serving as an Interim Resolution Professional/Resolution Professional/Liquidator in none of the other proceedings and that no disciplinary pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2016 shall be made immediately not later than 3 days from the date of receipt of the appointment. (iii) Moratorium under Sec.14 of the Insolvency Bankruptcy Code, 2016 prohibits the following: (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 foreclose, recover or enforce any security interest created by the corporate debtor in r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, 2017 may be made. (ix) Mr. Rakesh Kumar Agarwal, Chartered Accountant, an Insolvency Professional registered with the Indian Institute of Insolvency Professionals of ICAI having registration number IBBI/IPA-001/IP-P00443/2017-18/10786 is appointed as Interim Resolution Professional for ascertaining the particulars of creditors, shall convene a Committee of Creditors for evolving a resolution plan. (x) The Interim Resolution Professional should convene a meeting of the Committee of Creditors following the regulations under IBBI (Fast Track IRP for Corporate persons) Regulations, 2017 and submit the resolution passed by the Committee of Creditors. (xi) If the IRP is of the opinion that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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