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TMI Blog2019 (3) TMI 1663X X X X Extracts X X X X X X X X Extracts X X X X ..... 999DL1979PLC009497) against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 15.03.1979 and presently has its registered office Near Primary School Village Gharoli. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code. 3. It is appropriate to mention that Ms. Anindita Ganguly , Authorised Signatory of the applicant company duly authorized by Board Resolution dated 17.06.2016 has preferred the present application on behalf of the applicant, M/s. Edelweiss Asset Reconstruction Company Limited, for initiation of Corporate Insolvency Resolution Process against the respondent corporate debtor in terms of the provisions of the Code. A copy of the relevant Board Resolution of the applicant company held on 17.06.2016 has been placed on record. 4. The applicant has proposed the name of Mr. Rajender Kumar Girdhar, for appointment as Interim Resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xtension was given on 17.12.2015 till 31.03.2016. 10. It has been stated at Part-IV of Form-1 that as on total amount of default is Rs. 44,20,38,989.20/-. 11. The applicant has filed copies of all the relevant loan agreements, guarantee deeds, mortgage deeds, and revival and confirmation letters executed by the respondent company from time to time including the registration as well as modification of charges created in order to secure the loan facilities sanctioned/enhanced/revised from time to time. The applicant has further enclosed the one time settlement agreement executed between the Exim Bank and respondent and copies of decree passed by DRT Delhi & Mumbai. Applicant has also annexed the details of computation of the default amount along with days of default in support of its claim. 12. It is thus seen that the applicant 'financial creditor' has placed on record voluminous and overwhelming evidence in support of the claim as well as to prove the default. 13. On the ground that huge amounts are outstanding, it is claimed that the respondent corporate debtor has become commercially insolvent and accordingly it is prayed for initiation of corporate insolvency resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Code is maintainable. The corporate debtor has failed to show that there is no debt or default in existence so as to avoid the provisions of the Code. 21. As regards allegation of dispute over amount of default is concerned the corporate debtor would be entitled to raise objection of mismatching of dues and excess charging of interest before the resolution professional/committee of creditors. Adjudicating Authority is only to ascertain the existence of a default and not to adjudicate and crystalize the claim as to how much is actually due and payable. Mere mismatch of the figures and dispute over quantum of default will ipso facto not estop the admission of corporate insolvency resolution process under Section 7 of the Code. 22. It is pertinent to mention here that the scheme of the Code provides for triggering the insolvency resolution process by three categories of persons namely, a) Financial creditor b) Operational creditor, and c) Corporate debtor itself. 23. The procedure in relation to the Initiation of Corporate Insolvency Resolution Process by the "Financial Creditor" is delineated under Section 7 of the Code, wherein only "Financial Creditor"/"Financial Cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor, certificate of registration of charge, assignment agreement, various loan and security documents, balance confirmation letters, revival letters and documents in support of creation of mortgage etc. Moreover the application discloses date wise disbursement of loan, particulars of financial debt along with documents and records in support of evidence of default. There appears to be no infirmity in the application form, being complete in all respect. 29. As a sequel to the above discussion and in terms of Section 7 (5) (a) of the Code, the present application is admitted. 30. Mr. Rajender Kumar Girdhar, having registration number IBBI/IPA - 003/IP-N00048/2017-18/10396 resident of Oshiwara Mahada Complex, Building No. 5, Aster Co Op Hsg Society, Flat No 205, Andheri (West), Mumbai 400053 with [email protected] is appointed as the interim resolution professional. 31. In pursuance of Section 13 (2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of the Inso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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