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TMI Blog2020 (4) TMI 506X X X X Extracts X X X X X X X X Extracts X X X X ..... o Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (in short CIRP) as against M/s. Hotel East Palace Pvt. Ltd/Corporate Debtor, contending that the Corporate Debtor has committed default in repayment of a sum of Rs. 22,65,61,156.57 (Rupees Twenty Two Crore Sixty five Lakh Sixty one thousand one hundred fifty six and paise fifty seven only), inclusive of interest calculated up to 31-07-2018, despite demand and recalling the loan availed by the Corporate Debtor. 2. The averments for the consideration of the Application in brief, are the following: The Corporate Debtor had approached the Financial Creditor for financial assistance to set up a three storied Hotel project at Salt Lake, Sector-V. Purs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inclusive of interest calculated upto 31-12-2016. However, that demand also has not been answered by the Corporate Debtor and the Corporate Debtor failed to repay the entire debt as demanded and thereby, the Financial Creditor filed this Application for initiating the CIRP process as against the Corporate Debtor. 3. In compliance of the provisions of the Code under section 7, the Applicant has produced the record of default, Annexure 1 (CIBIL Report) and also produced the Form-2 proposing the name of an Insolvency Professional, Mr. Yogesh Gupta, and upon the above said contentions, the Financial Creditor prays for admitting the Application under section 7 of the Code. 4. The Corporate Debtor entered appearance and objected to this Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,61,156.57 (Rupees Twenty Two Crore Sixty five Lakh Sixty one thousand one hundred fifty six and paise fifty seven only), which includes interest @ 16% per annum and the demand was on the basis of terms and conditions in the sanction letter dated 30-07-2012. None of the objections, raised at the time of hearing, seen mentioned in the reply affidavit filed on the side of the Corporate Debtor. It is strange to note that reply affidavit seen filed as if a claim of Operational Creditor is not maintainable for want of production of proof of delivery of invoices to the Corporate Debtor. The contention in the reply affidavit is mutually inconsistent. It is submitted that application is not maintainable because the financial creditor has already ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reby admitted. (ii) Moratorium is declared for the purposes referred to in section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under section 15. (iii) Moratorium under section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following:- (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 be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia, Registration No. IBBI/IPA- 001/IP-P00349/2017-18/10650, E-mail ID: [email protected], is hereby appointed as Interim Resolution Professional by this Tribunal for ascertaining the particulars of creditors and convening a meeting of Committee of Creditors for evolving a resolution plan subject to production of written consent within one week from the date of receipt of this order. (ix) The Interim Resolution Professional should convene a meeting of the Committee of Creditors and submit the resolution passed by the Committee of Creditors and shall identify the prospective Resolution Applicant within 105 days from the insolvency commencement date. (x) Registry is hereby directed under section 7 (4) of the I & B Code, 2016 to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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