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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 ..... e been complied with and after a conjoint reading of the aforesaid provision along with Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, we are satisfied that a default has occurred and the application under sub-section 2 of Section 7 is complete. Application admitted - moratorium declared. - C.P. IB NO. 1748(PB) OF 2019 - - - Dated:- 21-10-2019 - Chief Justice M.M.Kumar, President And S.K. Mohapatra, Technical Member Rakesh Jangfra, Adv. for the Petitioner. Shyam Babu , Adv. for the Respondent. ORDER M.M.Kumar, The Petitioner claiming to be financial creditor has filed the instant Petition under Section 7 of the Insolvency and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... note of ₹ 67,00,000/- along with an irrevocable power of attorney, both dated 28.01.2017, was also executed in its favour. The petitioner has also placed on record a Loan Recall Notice dated 13.10.2017 and has stated that despite the notice having been served the respondent did not make any payment. 5. The petitioner has further apprised the Court that a petition being Reliance Commercial Finance Ltd. v. Two Brothers Beverages (P.) Ltd. [CP (IB) No. 1175 (PB) of 2018, dated 13-2-2019] was filed before the Tribunal earlier and the same was withdrawn vide on the pretext of an amicable settlement between the parties. A settlement deed dated 1.4.01.2019 was placed on record drawing the schedule of payment. The respondent- corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credit agency CRIF High Mark is also placed on record. 10. In the reply filed by the respondent-corporate debtor it has set-up the plea that although loan was sanctioned by the petitioner-financial creditor to the tune of ₹ 67,00,000/- but the same was never disbursed to the respondent. Such a plea is wholly unwarranted as the respondent had already admitted their liability in the petition filed earlier and had drawn a settlement deed to pay back the amount. Some payment was also made as per the settlement but then again the respondent-corporate debtor defaulted in making further payment. 11. In view of the aforesaid the amount claimed by the petitioner is 'due and payable' by the respondent-corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disciplinary proceedings pending against the proposed Interim Resolution Professional namely Mr. Shailendra Singh and he is appointed as the Interim Resolution Professional. 15. In pursuance of Section 13 (2) of the Code, we direct that Interim Insolvency Resolution Professional shall immediately (3 days) make public announcement with regard to admission of this application under Section 7 of the Code. 16. We also declare moratorium in terms of Section 14 of the Code. It is made clear that the provisions of moratorium are not to apply to transactions which might be notified by the Central Government and a surety in a contract of guarantee to a corporate debtor. Additionally, the supply of essential goods or services to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tant and allegations are levelled that a penal interest compounded monthly has been charged. We have no mechanism of rectification of claims made. However, the RPs ordinarily have professionals experts at their disposal and in case the ex-management raises any such issue then the RP must get it settled in order to avoid any injustice to the corporate debtor. 20. The office is directed to communicate a copy of the order to the Financial Creditor, the Corporate Debtor and the Interim Resolution Professional at the earliest but not later than seven days from today. Petitioner is also directed to provide a copy of the complete paper book to the IRP. A copy of this order be also sent to the ROC for updating the Master Data. ROC shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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