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TMI Blog2019 (6) TMI 1565X X X X Extracts X X X X X X X X Extracts X X X X ..... 110002. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code. 3. It is appropriate to mention that the applicant namely Mr. Bharat Gupta who is the sole proprietor of Uma International Trading Company, claimed to be the financial creditor in respect of the short-term loan for an amount of Rs. 43,00,000/- disbursed to the respondent company on 24.08.2018. 4. It is the case of the applicant that on 24.08.2018 the Corporate Debtor had approached the Financial Creditor for a short-term loan of INR 43,00,000/- for urgent purchase of 16000 pieces of A+ Grade Panels for 32" LED TVs from a third-party vender. 5. It is also the case of the applicant that the Corporate Debtor also executed a Memorandum of Understanding in its own letter head promising the Financial Creditor in writing to repay the same with lump-sum onetime interest payment /consideration /profit of INR 5,00,000/- on or before 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e was no representation on behalf of the respondent company, the corporate debtor was proceeded ex-parte vide order dated 24th April, 2019. 14. The applicant 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 Debtor. Form-1 filed under Section 7 of the Code read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 shows that the required information and other facts as prescribed have been furnished. The applicant bank has annexed to the application detail particulars of 'financial debt' including documents, records and evidence of default as required under sub-section 3 (a) of Section 7 of the Code. On a bare perusal of the Form reveals that the same is complete in all respect and there is no infirmity in the same. 15. Sub-section (3) (b) of Section 7 mandates the financial creditor to furnish the name of an Interim Resolution Professional. In compliance thereof the applicant has proposed the name of Mr. Chandra Kumar Jain, for appointment as Interim Resolution Professional having registration number IBBI/IPA-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nding principal and the consideration amount. 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' so as to prefer the present application under Section 7 of the Code. 20. The application filed by the applicant financial creditor under sub-section 5 (a) of Section 7 of the code, has to be admitted on satisfaction that: I. Default has occurred. II. Application is complete, and III. No disciplinary proceeding against the proposed IRP is pending. 21. Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited V. Kirusa Software Private Limited reported in AIR 2017 SC 4532 at Para 19 has observed that: "Once the adjudicating authority / Tribunal is satisfied as to the existence of the default and has ensured that the application is complete and no disciplinary proceedings are pending against the proposed resolution professional, it shall admit the application". 22. An application under Section 7 of the Code is acceptable so long as the debt is proved to be due and there has been occurrence of existence of default. What is materia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. - 2, 7th Floor, Room No. 9, Kolkatta - 700001. with email - id [email protected] is appointed as an Interim Resolution Professional. 30. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of the Insolvency & Bankruptcy Code, 2016. 31. 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, 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 corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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