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TMI Blog2019 (11) TMI 447X X X X Extracts X X X X X X X X Extracts X X X X ..... applicable as soon as financial debt is established and there is an existence of a default. The Hon ble court hadobserved that the moment the Adjudicating Authority is satisfied that a default inrepayment of debt had occurred, the process of insolvency is to be triggered unless the application is incomplete. This Petition reveals that there is a debt as defined in section 3(11) of IBC; there is a default within the meaning of section 3(12) of IBC; the application of the Financial Creditor is complete; an amount of more than Rupees One Lakh is due and payable and in default and no disciplinary proceedings are pending against the proposed resolution professional. Therefore, this petition deserves to be admitted. Petition admitted - moratorium ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Purchasing Card Buyer initiated Payments Card Agreement. A copy of the said agreement has been annexed at pages 22-27 of the Petition. 4. The Financial Creditor stated that the Corporate Debtor defaulted on the repayment of principal amount ₹ 44,40,859.50 on 20.10.2018 and 16.01.2019, the due date for repayment. It was submitted during the course of arguments that the Financial Creditor has waived off the interest component. 5. In its reply dated 08.08.2019, the Corporate Debtor has submitted that it is active and procuring milk from about 22,000 farmers from the nearby rural area and around 50 employees there earlier but due to unfavorable market prices for butter/SMP, the prices down by 50%-60% in last 24 months. Due to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 44,40,859.50 was disbursed by the Financial Creditor to the Corporate Debtor. 11. The Hon ble Supreme Court in the matter of Innoventive Industries Limited V. ICICI Bank Anr.[(2018) 1 SCC 407] , has held that the provisions of section 7 become applicable as soon as financial debt is established and there is an existence of a default. The Hon ble court hadobserved that the moment the Adjudicating Authority is satisfied that a default inrepayment of debt had occurred, the process of insolvency is to be triggered unless the application is incomplete. 12. The affidavit in reply of the Corporate Debtor the statement of the counsel appearing on behalf of the Corporate Debtor to the effect that the Corporate Debtor admitting the liabilit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rium under section 14 of the IBC, in regard to the following: (i) 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; (ii) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002; (iv) The recovery of any property ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency Bankruptcy Board of India (IBBI). The IRP shall carry out functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) During the CIRP period, the management of the Corporate Debtor shall vest in the IRP/RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h) The Operational Creditor shall deposit a sum of ₹ 1,00,000/- (Rupees one lakh only) with the IRP to meet the expenses towards issue of public notice and inviting claims. These expenses are subject t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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