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TMI Blog2019 (8) TMI 1495X X X X Extracts X X X X X X X X Extracts X X X X ..... nt General Manager of its Branch at P-22 Bondel Road, Kolkata-700019 commonly known as MID Corporate Branch, Kolkata who was authorized by the bank by authorization letter dated 31.08.2018, to engage counsel/s and to file application, sign and verify form 1, Written Statement, Applications, Affidavits and/or any other pleadings etc. in connection with the application under section 7 of the Code before the NCLT for initiating Corporate Insolvency Resolution Process as against the Corporate Debtor M/s. Venkatesh Logistics Private Limited. 2. The Financial Creditor (FC) contends that the Corporate Debtor has failed in repayment of a debt of Rs. 18,45,63,437.69 (Rupees Eighteen Crore Fourty Five Lacs Sixty Three Thousand Four Hundred Thirty Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed Original Application No. 427 of 2017, before the DRT-III, Kolkata. Pending consideration of the said proceedings the Financial Creditor filed this application for initiating Corporate Insolvency Resolution Process. 5. To substantiate its claim the Financial Creditor has produced various documents detailed in Annexure I so also was produced the statement of Bank Accounts, Record of default, Recall Notice under Section 13(2) of the SARFAESI Act, 2002, true copy of Settlement Proposal dated 10.03.2017, submitted by the Financial Creditor and also produced the Form-2 and written communication proposing the name of the Resolution Professional. Upon the said contentions the applicant prays for admission of under section 7 of the Code. 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to 13.08.2019 when it was originally posted for hearing. On 13.08.2019, also nobody turned up on the side of the Corporate Debtor. It is submitted on the side of the Financial Creditor that the Corporate Debtor failed in complying with the directions and also failed to deposit the cost and no reply affidavit is also seen filed, thereby I heard the ld. Counsel appearing for the Financial Creditor and perused the records. 8. This is an application filed under Section 7 for initiating the Insolvency and Resolution Process against the Corporate Debtor who had evidently failed in repayment of the loan availed from the Financial Creditor upon executing the various documents as alleged by the Financial Creditor. The records produced on the side ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor defaulted in repayment of the outstanding amount found due to the Financial Creditor in spite of executing various loan agreements, the question is whether this application filed under Section 7 is complete? The statement of Bank Account as well as Form 2 and written communication proves that there are no disciplinary proceedings pending against the proposed Resolution Professional. 11. On verification of the records I am satisfied that the Applicant has succeeded in proving its case and all the requirements to be meted out under Section 7 has been complied with and therefore this is a fit case for ordering admission and accordingly I admit the case upon the following orders:- ORDERS (i) The application filed by the Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot be terminated, suspended, or interrupted during moratorium period. (v) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (vi) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. (vii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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