9911796707
TMI Blog2018 (7) TMI 2121X X X X Extracts X X X X X X X X Extracts X X X X ..... icating Authority) Rules, 2016, against M/S. PRC International Hotels Private Limited (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code). 2. Heard the Financial Creditor and the Learned Counsel for the Corporate Debtor and perused the pleadings including MA/ 266/2018 filed by the Corporate Debtor placed on the file. 3. The Financial Creditor has claimed an amount of Rs. 2,31,85,480/- which is inclusive of interest calculated@3% on principal amount, as outstanding against the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive of the previous loan of Rs. 1,05,00,000/- and Rs. Rs. 10,00,000/- both dated 18.02.2017, which confirms the earlier documents placed at pages 8 and 9 of the typed set filed with the Application. The document placed at page 1 1 of the typed set filed with the Application is an another communication dated 28.02.2017 which has been sent by the Corporate Debtor to the Financial Creditor wherein it has been recorded that the borrowings and docurnents executed on 18.02.2017 were made after passing of Board Resolutions giving powers to the Managing Director, It is further recorded that the Corporate Debtor has borrowed a further sum of Rs. 85,00,000/- by cash and as on that date the total liability owned by the Corporate Debtor is Rs. 2,00,00, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the typed set filed by the Corporate Debtor along with MA/266/2018 In short, the Financial Creditor has relied upon the above-mentioned documents for the purpose of establishing the outstanding debt and existence of a default on the part of the Corporate Debtor. 7. The Counsel for the Corporate Debtor has filed Reply wherein it has been stated that allegations leveled by the Financial Creditor are false and it has been alleged that the signatures of Mr. Senthil Kumar the Managing Director of the Corporate Debtor and one Ml Kanaka Subbu Ganapathy were taken forcibly on plain papers, blank promissory notes and unfilled cheques by the Financial Creditor along with his brother and father, and a complaint has been lodged by Mr. Senthil Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce the same. However, the Financial Creditor has rebutted the same stating that the documents already placed on record at pages 8, 9, 10, 11, 12 and the copy of the complaint fully substantiate the claim and there is nothing to place on record except the said documents. 10. In the circumstances and particularly no plausible explanation has been given by the Counsel for the Corporate Debtor pertaining the documents placed at pages 8, 9, 10, 11 and 12 of the typed set filed with the Application, which are evidencing the advancing of the loan by the Financial Creditor to the Corporate Debtor, and are sufficient in nature to establish the existence of default on the part of the Corporate Debtor in repaying the loan. 11. In view of the facts a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion process, for the purposes referred to in Section 14 of the I&B Code, 2016. It is hereby ordered to prohibit all of the following, namely: (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 beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enfo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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