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TMI Blog2019 (9) TMI 1363X X X X Extracts X X X X X X X X Extracts X X X X ..... t from the reply of the Corporate Debtor and upon notice issued under SARFAESI by the petitioner and the Corporate Debtor sent a reply and in these circumstances, we are having no hesitation in admitting this petition and unfolding the CIR process. The Insolvency Resolution Professional (IRP) proposed by the Financial Creditor in Part-Ill of the petition has also been filed and as contained in Form -II of (Application to Adjudicating Authority) Rules, 2016 (Page 21 22 of the typed set). However, it is seen from the said Form that no disclosure has been made in Clause No.6 of the said Form. However, the IRP proposed by the Financial Creditor is appointed as the IRP to take care of the affairs of the Corporate Debtor. Petition admitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng one proposed by the Financial Creditor as the Interim Resolution Professional (IRP), having Registration No. IBBl-PA-001/lP-P00785/2017-2018/11341(email: [email protected]. Part-Ill IV give details of the financial debt as well as the circumstances which led to the default of the financial debt by the Corporate Debtor. Perusal of the same discloses that in the year 2012, the Term Loan to a sum of ₹ 6.62 Crores and an overdraft of ₹ 1.50 crores was sanctioned by the Corporate Debtor and subsequently, from time to time, it has been enhanced in the year 2014 to the tune of ₹ 4.60 crores, out of which, ₹ 4.50 crores was released in relation to the Term loan which was enhanced to ₹ 10 crore. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, New Delhi. Ld. Counsel for the petitioner during the course of submissions also pointed out the documents in relation to support of the claim including the Agreement for hypothecation and a copy of the Term Loan agreement entered between the parties from time to time, as well as the documents evidenced about the property of the Corporate Debtor. it is represented by Ld. Counsel for the petitioner that it has also been registered with the Registrar of Companies and it has been enclosed as Annexure A-2 to A-58 at the typed set. Ld. Counsel for the petitioner also represents that a certificate as per the Indian Evidence Act in relation to the claim has also been filed as annexed at A-60. In relation to the Corporate Debtor, it is brought ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... being the prescribed limit fixed under the provisions of IBC, 2016, we are not in a position to entertain this petition and the default is also in existence as evident from the reply of the Corporate Debtor and upon notice issued under SARFAESI by the petitioner and the Corporate Debtor sent a reply and in these circumstances, we are having no hesitation in admitting this petition and unfolding the CIR process. The Insolvency Resolution Professional (IRP) proposed by the Financial Creditor in Part-Ill of the petition has also been filed and as contained in Form -II of (Application to Adjudicating Authority) Rules, 2016 (Page 21 22 of the typed set). However, it is seen from the said Form that no disclosure has been made in Clause No.6 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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