9911796707
TMI Blog2019 (9) TMI 1400X X X X Extracts X X X X X X X X Extracts X X X X ..... fault is more than ₹1,00,000/- - The application filed by the financial creditor is on proper form 1, as prescribed under the Adjudicating Authority Rules and application is complete. The Application under sub-section (2) of Section 7 of I B Code, 2016 filed by the financial creditor for initiation of CIRP in prescribed Form No1, as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is complete. The existing financial debt of more than rupees one lakh against the corporate debtor and its default is also proved. Accordingly, the petition filed under section 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency resolution process against the corporate debtor deserves to be a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cant sent demand notice dated 31.01.2019 and 02.03.2019 intimating that the credit facility granted to the Corporate Debtor has matured on 28.12.2018 and an outstanding principal amount of ₹70crore is outstanding and shall be repaid. In reply to the said notice dated 02.03.2019 the Corporate Debtor vide its reply dated 05.03.2019 has admitted the debt and default thereof and has requested further time to realign the same. 6. The Applicant has filed extracts of Commercial Credit Information Report (CIBIL) dated 08.03.2019 reflecting the outstanding amount of around ₹70crore against the facility offered by the Applicant. The Applicant has also submitted a copy of the bank statement along with a certificate of the Applicant Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code. In Form 2 annexed to the Application, the proposed IRP has declared that there are no disciplinary proceedings pending against him. 11. The Application under sub-section (2) of Section 7 of I B Code, 2016 filed by the financial creditor for initiation of CIRP in prescribed Form No1, as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is complete. The existing financial debt of more than rupees one lakh against the corporate debtor and its default is also proved. Accordingly, the petition filed under section 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency resolution process against the corporate debtor deserves to be admitted. ORDER This petition filed unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any financial sector regulator. IV. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of I B Code or passes an order for the liquidation of the corporate debtor under section 33 of I B Code, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of I B Code. VI. That this Bench at this moment appoints Mr Hemant J Mehta, a registered Insolvency Resolution Professional having Registration Number [IBBI/IPA-001/IP-P00027/2016-17/10060] as Interim Resolution Profes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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