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TMI Blog2020 (9) TMI 519X X X X Extracts X X X X X X X X Extracts X X X X ..... ould be best achieved within the four corners of the Insolvency and Bankruptcy Code, 2016. Therefore, the default stands established and there is no reason to deny the admission of the petition. This Adjudicating Authority admits this petition and orders initiation of CIRP against the Corporate Debtor - Petition admitted - moratorium declared. - CP (IB) No. 809/MB. IV/2020 - - - Dated:- 17-8-2020 - Mr. Rajasekhar V. K. Member ( Judicial ) For the Financial Creditor : Ms Anwesha Dasgupta i/b Mr Akshay Vijay Kamble , Advocates For the Corporate Debtor : Mr Karan Behal , Director of the Corporate Debtor ( in person ) ORDER Per : Rajasekhar V. K. , Member ( Judicial ) 1. This is a Company Petition filed under se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue 15,00,000 Optionally Convertible Debentures at the face value of ₹ 10/-, aggregating to ₹ 1,50,00,000/- to Mr Chandrasekhar Behal, who was identified as one of the investors. (b) On 30.04.2018, the OCDs were issued to Mr Chandrasekhar Behal. Subsequently, the Corporate Debtor repaid the principal sum in part to the extent of ₹ 50,00,000/- (Rupees fifty lakh only) along with interest thereon, leaving a balance amount of ₹ 1.00 crore as principal with interest thereon at the rate of 15% per annum. (c) The OCD was transferred by Mr Chandrasekhar Behal to the Financial Creditor under a Transfer Certificate dated 04.02.2020 placed at Exhibit F (pp.37-39). Thus, the Financial Creditor stepped into the sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 09.03.2020 was placed on record. The Resolution notes the filing of petition to initiate insolvency proceedings against the Corporate Debtor. It was resolved that the Corporate Debtor shall not oppose the Company Petition filed under section 7 of the IBC and that Mr Karan Behal, Director, was to convey to this Adjudicating Authority that the Company has no objection to the initiation of CIRP against the Company. Mr Karan Behal also submitted that the Corporate Debtor does not wish to file any reply in the matter. 10. The Financial Creditor has proposed the name of Mr Dilip Vasudeo Gupta, Registration No.IBBI/IPA-002/IP-N00765/2019-2020/ 12484, as the Interim Resolution Professional (IRP) of the Corporate Debtor. He has filed his written ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the following: (i) 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; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) 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 Enforcement of Security Interest (Sarfaesi) Act, 2002; (iv) The recovery of any property by an owner or lessor where such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such Regulations, Circulars and Directions as may be issued by the Insolvency Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h) The IRP/RP shall submit to this Adjudicating Authority periodical reports with regard to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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