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TMI Blog2020 (10) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... plication, from the material placed on record by the Applicant, this Authority is satisfied that the application is complete in all respect and the Corporate Debtor committed default in paying the financial debt to the Applicant and the respondent company has acknowledged the debt - Application admitted - moratorium declared. - C.P.(I.B) No. 630/9/NCLT/AHM/2019 - - - Dated:- 27-1-2020 - Manorama Kumari, Member (J) And Chocklingram Thirunavukkarasu, Member (T) For the Appellant : Lalit M. Patel, Advocate For the Respondents : Jaimin R. Dave, Advocate ORDER Manorama Kumari, Member (J) 1. Mr. Kaushik Harjani, Legal Manager, being authorised signatory of financial creditor India Bulls Consumer Finance Limited (formerly known as IVL Finance Limited), filed this petition under section 7 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code ) read with Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as the Rules ) seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. 2. That the applicant/financial creditor is a company incorporated on 27.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l the loan facilities. Since the corporate debtor failed to pay the overdue instalments, the petitioner company has the right to foreclose the loan account and as per the foreclosure statement an amount of ₹ 38,25,124/- (Rupees thirty-eight lacs twenty-five thousand one hundred twenty-four only) is due and payable to the petitioner as on 18.06.2019 which includes the principal amount, interest and other charges. 7. In support of its claim, the applicant has submitted copy of all the following documents: - Sl. No. Particulars Page No. 1 Certificate of incorporation pursuant to change of name dated 18.09.2018 20 2 Board resolution dated 14.09.2017 along with authority letter dated 06.08.2019 21-22 3 Vakalatnama 23 4 Corporate debtor's master data 24-25 5 Written communication of IRP 26-28 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an instalment amount. For the meaning of debt , we have to go to Section 3(11) which in turn tells us that a debt means a liability of obligation in respect of a claim and for the meaning of claim, we have to go back to Section 3(6) which defines claim to mean a right to payment even if it is disputed. The Code gets triggered the moment default is of rupees one lakh or more (Section 4). The corporate insolvency resolution process may be triggered by the corporate debtor itself or a financial creditor or operational creditor. A distinction is made by the Code between debts owed to financial creditors and operational creditors. A financial creditor has been defined under Section 5(7) as a person to whom a financial debt is owned and a financial debt is defined in Section 5 (8) to mean a debt which is disbursed against consideration for the time value of money. As opposed to this, an operational creditor means a person to whom an operational debt is owed and an operational debt under Section 5 (21) means a claim in respect of provision of goods or services. 28. When it comes to a financial creditor triggering the process, Section 7 becomes relevant. Under the explanation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to see the records of the information utility or other evidences produced by the financial creditor to satisfy itself that a default has occurred. It is of no matter that the debt is disputed so long as the debt is due , i. e. payable unless interdicted by some law or has not yet become due in the sense that it is payable at some future date. It is only when this is proved to the satisfaction of the adjudicating authority then the adjudicating authority may reject an application and not otherwise..... . 12. That, the application is found to be complete in all respect. Hence it does not warrant any rejection or dismissal. 13. That, the records available shows that the applicant had sanctioned loan facility to the respondent company, to be repaid within the stipulated period as per the terms and conditions agreed between the parties. That, the applicant had issued notice dated 20.02.2019. Records available shows that the respondent has not cared to reply the notice issued by the applicant. 14. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the application is complete in all respect and the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 20. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transaction as may be notified by the Central Government in consultation with any financial sector regulator. 21. The order of moratorium shall have effect from the date of receipt of authenticated copy 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 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 22. This Petition stands disposed of accordingly with no order as to costs. 23. Communicate a copy of this order to the Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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