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TMI Blog2019 (5) TMI 1740X X X X Extracts X X X X X X X X Extracts X X X X ..... efault - Under the circumstances, this Tribunal is of the view that the petition is required to be admitted and Corporate Insolvency Resolution Process (CIRP) to be initiated as against the Corporate Debtor. Application admitted. - CP NO. (IB)83/7/JPR/2018/ - - - Dated:- 3-5-2019 - R. Varadhanrajan, Judicial Member Naresh Kumar Sejvani for the Petitioner. ORDER 1. The petitioner has filed the above petition under the provisions of Insolvency and Bankruptcy Code, 2016 (IBC,2016) as a Financial Creditor under section 7 of IBC, 2016 read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for brevity AAA Rules against the respondent, namely, Raj Buildhome Pvt. Ltd. as well as oth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his inputs for the development of business and that in return of which the Corporate Debtor agreed to pay 8.11 per cent share in monthly receipt to the Corporate Debtor with a minimum guaranteed amount of ₹ 2,00,000/- per month. 4. It is further stated that consistently in the audited Balance Sheets of the Corporate Debtor his unsecured loans for the year ended 31.03.2014 as well as 31.03.2015 and subsequently the sum has been reflected as a long- term borrowing, say, from directors. Even though, the petitioner became a director of the Corporate Debtor subsequent to the amount of the loan a serious exception is taken to the above said classification by the Financial Creditor. Despite several emails, it is averred neither the loan a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor, namely, Raj Build home Pvt. Ltd. 6. Perusal of the records of the proceeding before this Tribunal shows that despite service of notice upon the Corporate Debtor as brought out by the order dated 04.01.2019 and in view of non-appearance, this Tribunal was constrained to proceed ex-parte against the respondent and the submissions of learned counsel for the petitioner were heard on 18.01.2019 and order was reserved. In this regard, it is also seen that on 18.01.2019 one Mr. Sumit Dhadda has signed the attendance on behalf of the corporate Debtor, however no vakalath/authorisation is available on record also confirmed by the Registry. Hence, we are constrained not to take the same into consideration. 7. Perusal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 1 lakh in addition. to the initial payment of ₹ 78,32,979/- to be paid as arrears of monthly fees and taking into consideration both the sum it aggregates to ₹ 1,58,27,634/- which is stated to be due from the above said undertaking annexed as annexure-8 and the cheque issued thereunder has been annexed as annexure -9 reflecting a sum of ₹ 1,58,27,634/- payable to the payee and the name reflected therein is that of petitioner. Annexure -10 is the dishonoured memo issued by ICICI Bank Ltd. and the endorsement clearly shows that the cheque has been returned for the reason Funds insufficient . 10. The notice issued under Section 138 of Negotiable Instrument Act dated 13.12.2016 as well as the complaint filed before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Professional (IRP), namely, Mr. Prashant Agarwal R/o F-106 (1st Floor), Sumer Complex, Gautam Marg, Behind Bagadia Bhawan, C-Scheme, Jaipur- 302001 having registration No. IBBI/IPA-001/IP-P00053/2017-18/10127 and the necessary form has been annexed as annexure -19 along with the typed set of papers. Certificate of registration in relation to IRP has also been annexed as annexure-20. Annexure-21, being the master data as maintained in the MCA website discloses the Company is active as on 12.09.2018. In the circumstances, we appoint the IRP as proposed by the Financial Creditor to act as the Interim Resolution Professional in relation to the Corporate Debtor in view of the admission of petition. Further a moratorium as contemplated under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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