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TMI Blog2019 (11) TMI 730X X X X Extracts X X X X X X X X Extracts X X X X ..... n record by the Applicant, this Authority is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant and the respondent company has acknowledged the debt - In the instant case, the documents produced by the Financial Creditor clearly establish the debt and there is default on the part of the Corporate Debtor in payment of the financial debt . There is existence of default and that the application under Section 7 (2) of the Code is also complete in all respect - the petitioner/financial creditor having fulfilled all the requirements of Section 7 of the Code, the instant petition deserves to be admitted - petition admitted - moratorium declared. - C.P. (I.B) No. 500/7/NCLT/AHM/2019 - - - Dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt company is ₹ 8,10,00,000/- and paid-up share capital is ₹ 3,51,44,000/-. 4. That, the respondent got sanctioned and disbursed a loan of ₹ 5,00,000/- (Rupees five lacs only)from the applicant/operational creditor on 1st April 2010, against execution of promissory note dated 3rd April, 2010. As per the promissory note, placed at page No. 154 to the application, the loan will carry interest at the rate of 12% per annum. That, as per the calculation placed at page No. 74 to the application, an amount of ₹ 14,07,337/- (Rupees fourteen lacs seven thousand three hundred thirty-seven only) is payable by the respondent to the applicant which includes interest @ 12% per annum ₹ 9,07,337/- accrued till 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of the debt of the corporate debtor 79-153 09 Promissory note 154-154 10 Proof of despatch of petition to corporate debtor 155-155 11 Power of attorney authorising Mr. Pradip Shah, director of the company to proceed against respondent under Section 7 of IB Code 155-155 Findings 6. Heard both sides at length as also perused the documents annexed with application. 7. On perusal of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is no dispute in the case that the petitioner is the financial creditor. The application is also furnished in the prescribed Form - 1 of the Rules and the prescribed fee has also been paid. Along with the application, the applicant proposed the name of the Resolution Professional namely Shri Prakash Udhawdas Tekwani, Chartered Accountant. The Adjudicating Authority hereby appoint CA Prakash Udhawdas Tekwani, 387 Karnavati Complex, Opp. Central Bank of India, Revdi Basar Cross Roads, Kalupur, Ahmedabad 380 001, Gujarat State (Email ID [email protected]) having registration No. IBBI/IPA-001/IP-01220/2018-2019/11942 to act as an interim resolution professional. Form-2 of the proposed interim resolution professional has been annexed an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 17. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transaction as maybe notified by the Central Government in consultation with any financial sector regulator. 18. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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