9911796707
TMI Blog2019 (1) TMI 1750X X X X Extracts X X X X X X X X Extracts X X X X ..... ms of Section 3(12) of the Code of a financial debt as defined under Section 5(8) of the Code and that the Applicant has rightly invoked the provisions of the Code. It is also seen from the Application that the above named IRP has given a written consent in Form 2 wherein he has agreed to accept appointment as an IRP if Application is admitted. Further, it is also evident from the said Form 2 as filed by the IRP signed under his hand that he is not a related party to the Corporate Debtor and that he is eligible to be appointed as an independent director on the Board of the Corporate Debtor - Certificate of registration of the IRP as issued by the Insolvency and Bankruptcy Board of India (IBBI) and self attested has also been enclosed al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor failed to repay the said short term loan granted by the Financial Creditor within the time period of 30 days. e. That the Corporate Debtor became liable to pay interest @ 24 % p.a. w.e.f. 02.05.2017 till realization. That the interest payable till 17.10.2017 is ₹ 33,00,000/-. f. That the date of disbursement was 02.05.2017 g. That the amount claimed is ₹ 3,33,00,000/-17.10.2017 h. That the date of default was 01.06.2017 till i. That the Applicant also Served a notice dated 12.08.2017 upon the Corporate Debtor to make the payments of the dues of the Financial Creditor. 2. After due service of notice it is seen from the records of this Tribunal that the Respondent had entered appearance on 10.01.2018 on whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thing has been placed on record to show that the settlement agreement has been actually executed by the parties. 8. The Applicants sent notices demanding repayment of the amount, and even though a reply dated 02.11.2017 was received from the Corporate Debtor it is seen that no valid grounds have been out forth by the Corporate Debtor to stave off the claim and the reply it is seen is rather evasive. The Tribunal is hence of the view that the loan was due and payable when the repayment was demanded and since there has been no repayment till date there is default in repayment of the financial debt and that a default has been committed in terms of Section 3(12) of the Code of a financial debt as defined under Section 5(8) of the Code and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d upon him; b. In terms of Section 14, as reproduced hereunder, the Corporate Debtor shall be under moratorium on the following terms: (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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