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TMI Blog2019 (12) TMI 1022X X X X Extracts X X X X X X X X Extracts X X X X ..... ules, 201.6 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Two Brothers Beverages Private Limited (for brevity the 'corporate debtor'). It is appropriate to mention that the 'financial creditor' is a Non-Banking Financial Company incorporated under the provisions of the Companies Act, 1956. 2. The Corporate Debtor - Two Brothers Beverages Private Limited was incorporated on 20.07.2015 under the provisions of the Companies Act, 2013. The identification number of the Corporate Debtor given is CIN U15122DL2015PTC282963. 3. The Petitioner has asserted that the respondent - corporate debtor had availed a loan facility from it amounting to Rs. 67,00,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the respondent-corporate debtor. 6. The precise case of the Petitioners is that the total amount in default due to the financial creditor by the corporate debtor is Rs. 33,98,296/- . A copy of the Statement of account dated 09.07.2019 is placed on record. 7. The Financial Creditor has proposed the name of Mr. Shailendra Singh to act as Insolvency Professional with the address H-29, First Floor, Jangpura Extension, Delhi-110014 and E-mail-id - [email protected]. His registration number is IBBI/IPA-002/IP-N00471/2017-18/11372. He has filed his written communication which satisfies the requirement of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with the certificate of registrati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erial placed on record we have no hesitation to hold that the petitioner-financial creditor had disbursed the loan amount to the respondent-corporate debtor. It is accordingly held that the respondent-corporate debtor has committed default in repayment of the outstanding financial debt which exceeds the statutory limit of rupees one lakh. Thus, the petition warrants admission as it is complete in all respects. 13. Learned Counsel for the petitioner has argued that all requirements of Section 7 of the Code for initiation of Corporate Insolvency Resolution Process stand fulfilled and accordingly the present petition is admitted. 14. Having heard the learned counsels for the Financial Creditor and Corporate Debtor and having perused the pape ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Persons) Regulations, 2016. 17. We direct the Financial Creditor to deposit a sum of Rs. 2 Lakhs with the Interim Resolution Professional to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the Financial Creditor. The amount however be subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution Professional and shall be paid back to the Financial Creditor. 18. Directions are also issued to the ex-management to provide all documents in their possession and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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