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TMI Blog2018 (1) TMI 1587X X X X Extracts X X X X X X X X Extracts X X X X ..... is liable to be admitted. However, respondent being raised contentions that this application is premature and there is suppression of material facts regarding extension of period of loan to March,2018 and that the applicant has no authority to institute an application of this nature let us see whether the said contention raised by the respondent is probable or believable - The applicant has produced copy of board resolution dated 17.11.2017, Annexure- A for proving that applicant Mr. Sanjay Kumar Gupta was authorised to sign on behalf of the applicant company. We do not find any defect in the said document so as to reject it. So it proves that the applicant has got the authority to institute an application of this nature. The applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Olympia Creditors Mercantile Pvt. Ltd. who has been authorised to submit this application on behalf of the applicant vide letter dated 17/11/2017 annexed with the application and marked as Annexure A. 3. The Corporate Debtor Prithvi Finvest Co. Pvt. Ltd., Identification No. is U67120WB1994PTC064201. The name and registration number of the proposed interim resolution professional is Mr Rajesh Kumar Kejriwal, Poddar Court, 18, Rabindra Sarani, Gave No.2, 6th Floor, Room No.39, Kolkata - 700 001, Registration No. is IBBl/lPA-001/lP-P00431/2017-18/10754, the email address is [email protected] . 4. Applicant has stated that the total debt granted by financial creditor to the corporate debtor of ₹ 25,00,000/-. The corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llows:- a) Board Resolution in favour of Sanjay Kumar Gupta authorizing to sign on behalf of the applicant, Annexure A. b) Money receipt dated 1/9/2014 evidencing the amount paid to the corporate debtor, Annexure C. c) Loan confirmation statement collectively marked as Annexure E. d) Cheque dishonored and return memo, Annexure G. e) Bank statement evidencing amount transferred to the corporate debtor and cheque dishonored, Annexure H. 8. Respondent/corporate debtor filed written statement denying the allegation of the applicant and submitted the application filed by the financial creditor is not maintainable as the same is defective and incurable in nature. 9. The applicant has no authority to institute the corporate in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r due as the tenure for the said loan has not expired as on the date of filing this application. The respondent further contends that as per mutual understandings upon payment of interest the loan amount is automatically extended till March,2018 and hence no default has occurred, and so this petition is liable to be rejected as per S. 7(5) (b) of I B, Code. 12. In a case of this nature The Hon l ble Supreme Court d in Innoventive Industries Ltd v. ICICI Bank Anr Civil Appeal Nos. 8337-8338 of 2017, has held that the moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he respondent is probable or believable. 16. The applicant has produced copy of board resolution dated 17.11.2017, Annexure- A for proving that applicant Mr. Sanjay Kumar Gupta was authorised to sign on behalf of the applicant company. We do not find any defect in the said document so as to reject it. So it proves that the applicant has got the authority to institute an application of this nature. 17. The loan was admittedly availed by the respondent on 01.09.2014 and periodically it was renewed by paying interest as agreed. This fact is further proved by the production of loan renewal letters copies (un disputed), as Annexures- C . According to the respondent upon payment of interest as shown in Exhibit X ( a copy of bank statement o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e admitted as held in the above cited decision under section 7(5) (a) of l B,Code. Accordingly we admit this application u/s.7 of I B, Code declaring a moratorium for the purposes referred to in section 14 of the Code with following directions:- (i) That this Bench, subject to provisions of subsections (2) (3) of section 14 of the Code, hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, Tribunal arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to fore ..... X X X X Extracts X X X X X X X X Extracts X X X X
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