9911796707
TMI Blog2019 (12) TMI 128X X X X Extracts X X X X X X X X Extracts X X X X ..... nst the Corporate Debtor, based on the default committed by the Corporate Debtor in repaying Rs. 32,00,000 along with interest of Rs. 2,23,298 at the rate of 9% per anum as reflected in the letter dated 01.04.2018 by the Corporate Debtor. 2. On perusal of this application, it appears that the Corporate Debtor requested the Applicant for loan, to which, the applicant, basing on the request made by the Corporate Debtor to tide over its financial constraints, advanced a sum of Rs. 32,00,000 as loan repayable at the rate of interest 9% per annum from 01.09.2018, on demand being made, at any point after the expiry of four months from the date on which the last of the instalments of the Principal borrowing was remitted to the Corporate Debtor. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ault, whereby looking at the request of the Corporate Debtor for grant of loan, entries of the payments to the Corporate Debtor made by the Applicant through Bank Account on various dates as reflected in the above said table and the Corporate Debtor failing to repay the same, we are of the considered view that this Applicant has proved existence of debt and default with regard to the loan of Rs. 32,00,000 given by the Applicant. 6. In view of the reasons aforementioned, we hereby admit this application by appointing Mr. Porselvam Govindasamy as Interim Resolution Professional looking at the consent given by him with directions as follows: I. That Moratorium is hereby declared prohibiting all of the following actions, namely, (a) the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of the corporate insolvency resolution process shall be made immediately as specified under section 13 of IBC. VI. That this Bench hereby appoints Mr. Porselvam Govindasamy, having Registration Number [IBBI/IPA-002/IP-N00427/2017-18/11229], LPF Building, II Floor, 25(10), Thiyagaraja Street, North Usman Road, T. Nagar, Chennai-600017, Email: [email protected], as Interim Resolution Professional to carry out the functions as mentioned under IBC. Fee payable to IRP/RP shall be in compliance with the IBBI Regulations/Cireulars/Direetions issued in this regard. 7. Accordingly, this Petition is admitted. 8. The Registry is hereby directed to immediately communicate this order to the Financial Creditor, the Corporate Debtor and the Int ..... X X X X Extracts X X X X X X X X Extracts X X X X
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