2019 (8) TMI 1486

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..... outstanding financial debt which exceeds the statutory limit of rupees one lakh - Application admitted - moratorium declared.
Chief Justice M.M. Kumar, President And S.K. Mohapatra, Technical Member For the Petitioner : Pankaj Jain, Adv. ORDER CHIEF JUSTICE M.M. KUMAR, PRESIDENT - 1. The proceedings in the present petition have been revived in view of the order, dated 23.04.2019, passed by the Hon'ble Appellate Tribunal in Company Appeal (AT) (Insolvency) No. 592 of 2018. The petition has been filed on the pro forma prescribed by Adjudicating Authority Rules. In part IV of Form-1 the details of financial debt along with the dates of disbursement have been given and the total amount due to the petitioner is ₹ 1,77,71,974/- .....

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..... has not been repaid the financial creditor- petitioner. It is accordingly held that the respondent-corporate debtor has committed default in repayment of the outstanding financial debt which exceeds the statutory limit of rupees one lakh. 6. In view of the above nothing remains to be adjudicated as the default is admitted. Mr. Gyaneshwar Sahai having registration No. IBBI/IPA-002/IP-N00130/2017-18/10546 and address A 1404, The Resort, Sector 75, Faridabad, Haryana - 121004 as named by the financial creditor is appointed as IRP. He has filed his written communication, dated 14.05.2019 [Annexure- 2 with CA-1139(PB)/2019] under Rule 9 of the Adjudicating Authority Rules, 2016. 7. We also declare moratorium in terms of Section 14 of the Code .....

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..... -management to provide all documents in their possession and furnish every information in the knowledge within a period of one week from the admission of the petition to the IRP, otherwise coercive steps to follow. 11. There is a general complaint received against the financial creditors, banks, NBFCs and Asset Reconstruction Companies that the amount claimed by them is far more than what is owed by the corporate debtor to them. Many a times the rate of interest is alleged to be exorbitant and allegations are levelled that a penal interest compounded monthly has been charged. We have no mechanism of rectification of claims made. However, the RPs ordinarily have professionals & experts at their disposal and in case the ex-management raises .....

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