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TMI Blog2020 (2) TMI 1119X X X X Extracts X X X X X X X X Extracts X X X X ..... by its own admission in reply acknowledges the existence of financial debt. Merely because respondent has stated that it is willing to settle the debt and in spite of being given various opportunities for repayment, the respondent failed to make payment. There is no bar for Financial Creditor from proceedings under the provisions of Code. It is evident from the record that the application has been filed on the proforma prescribed under Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of the Code - We are satisfied that a default has occurred and debt has remained unpaid. Thus, the application warrants admission as it is complete in all respects and is admitted initiating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed on 14.12.1987 under the provisions of the Companies Act, 1956. The registered office of the respondent company is situated at 39/5864, Basti Harphool Singh, Sadar Bazar, Delhi-110006. Its authorized share capital is ₹ 14,00,00,000/- and paid up capital is ₹ 13,80,00,000/- which is based on the details given in master data as reflected on the official website of Registrar of Companies. Since the registered office of the corporate debtor is in Delhi, this Tribunal being Adjudicating Authority has territorial jurisdiction in respect of respondent corporate debtor as per the provisions of sub-section (1) of Section 60 of the Code. 4. The applicant states that the Corporate Debtor had requested for availing Business Loan facili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ques were not encashed due to insufficient funds in the account of corporate debtor and were returned by the bank. The copies of returned cheques along with the return memo stating 'insufficient funds' as the reason for return has also been annexed with the application. 7. In Part-IV of the Application, the Financial Creditor has given the details of the total amount of the financial debt and the transactions on account of which the debt fell due. PARTICULARS OF FINANCIAL DEBT 1. TOTAL AMOUNT OF DEBT GRANTED AND DATE (S) OF DISBURSEMENT TOTAL AMOUNT OF DEBT IS ₹ 25,00,000/- (RUPEES TWENTY FIVE LAKHS ONLY) DATE OF DISBURSEMENT-03.05.2019 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Financial Creditor has succeeded to make out a case for triggering the Corporate Insolvency Resolution Process. The material on record clearly goes to show that the Corporate Debtor had availed the loan facility and has committed default in the payment of the said debt amount. The applicant 'financial creditor' has placed on record evidence in support of the claim as well as to prove the default. The Corporate Debtor by its own admission in reply acknowledges the existence of financial debt. Merely because respondent has stated that it is willing to settle the debt and in spite of being given various opportunities for repayment, the respondent failed to make payment. There is no bar for Financial Creditor from proceedings under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on record. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or ICAI. In addition, further necessary disclosures have been made by Mr. Suresh Kumar Jain as per the requirement of the IBBI Regulations. Accordingly, he satisfies the requirement of Section 7 (3) (b) of the Code. 15. In pursuance of section 13 (2) of the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immediately with regard to admission of this application under Section 7 of the Code. The expression 'immediately' means within three days as clarified by Explanation to Regulation 6 (1) of the IBBI (Insolvency Resolution Process for Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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