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TMI Blog2019 (7) TMI 1715X X X X Extracts X X X X X X X X Extracts X X X X ..... clear commercial effect of borrowing. Moreover, the debt claimed in the present application includes both the component of outstanding principal and interest. In that view of the matter not only the present claim comes within the purview of Financial Debt but also the applicant can clearly be termed as Financial Creditor of the respondent corporate debtor so as to prefer the present application under Section 7 of the Code. It is pertinent to mention here that the Code requires the adjudicating authority to only ascertain and record satisfaction in a summary adjudication as to the occurrence of default before admitting the application - the present application is complete in all respect and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been admission of default in payment of the financial debt. Application admitted - moratorium declared. X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent corporate debtor is facing financial constraints and is not in a position to make payment of the admitted liability of the loan amount with interest. The reply further states that the respondent has an arbitral dispute with a third party and on receiving its claim amount, payment could be made to the applicant. 9. It has been stated in the application that despite raising multiple demands the applicant has not received the outstanding dues. 10. At Part IV of the application it is claimed that ₹ 14,25,666/- is due from the respondent corporate debtor as on 30.05.2019. 11. In support of its contention applicant has relied upon copy of acknowledgement letters dated 01.04.2016, 01.04.2017, 01.04.2018 and 01.04.2019 wherein the respondent company has acknowledged the receipt of the said loan amount of ₹ 14 lakhs at the rate of 11% annual interest. 12. Besides applicant has placed and relied upon the copy of bank statement of the applicant financial creditor for the period from 24.12.2018 to 15.06.2019. 13. The applicant has also placed a copy of the ledger account of the respondent corporate debtor and calculation table showing the amount in default including ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l. In compliance thereof the applicant has proposed the name of Mr. Mohinder Singh, for appointment as Interim Resolution Professional having registration number IBBI/IPA-001/IP-P00593/2017-18/11046 resident of 1102, 11th Floor, Padma Tower - 1, Rajendra Place, New Delhi -110060 with email - id mohinder@ singhandsingh.com. Sh. Mohinder Singh has agreed to accept the appointment as the interim resolution professional and has signed a communication dated 17.06.2019 in Form 2 in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In addition, further necessary disclosures have been made by Sh. Mohinder Singh as per the requirement of the IBBI Regulations. Accordingly, it is seen that the requirement of Section 7(3) (b) of the Code has also been satisfied. 21. It is also seen that the applicant financial creditor has filed the present application under Section 7 of the Code in the requisite FORM-1 to initiate Corporate Insolvency Resolution Process against the respondent Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of the Insolvency & Bankruptcy Code, 2016. 29. We direct the applicant Financial Creditor to deposit a sum of ₹ 1 Lac with the Interim Resolution Professional namely Mr. Mohinder Singh to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the Financial Creditor. The said amount however be subject to adjustment towards Resolution Process cost as per rules and shall be paid back to the Financial Creditor. 30. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14(1) (a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: "(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, tri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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