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TMI Blog2020 (12) TMI 432X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor is an unlisted public company limited by shares and incorporated on 12.06.2008 under the Companies Act, 1956, with the Registrar of Companies, Goa, Panaji. Its Corporate Identity Number (CIN) is U70200GA2008PLC005799. Its registered office is at Office No. 402, Sai Complex (4th Floor), Opp. Gomantak Times, Panjim 403 001, within the State of Goa. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 23.07.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 12,37,500.00 (Rupees twelve lakh thirty-seven thousand five hundred only) as principal and Rs. 25,69,800.00 (Rupees twenty-five lakh sixty-nine thousand ei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usand three hundred only), as mentioned at page 73 of the Petition. 6. The Financial Creditors have proposed the name of Mr. Rohit Sehgal [Reg. No. IBBI/IPA-001/IP-P00528/2017-18/10953] as the Interim Resolution Professional of the Corporate Debtor. He has filed his written communication in Form 2 as required under rule 9(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with a copy of his Certificate of Registration. 7. The Corporate Debtor has not submitted any reply in the matter. 8. We have heard the arguments of Mr. Amit Tungare, learned Counsel for the Financial Creditors, and perused the records. 9. Mr. Amit Tungare, learned Counsel, has brought to our notice that in a similar matter conc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orm, certificates and receipts issued by the Corporate Debtor under its CIS, we are satisfied that this is a case of assured return or interest, which is a 'financial debt' within the meaning of section 5(8) of the IBC. It may be usefully noted that in the case of Nikhil Mehta & Sons HUF & others v AMR Infrastructures Limited, Order dated 21.07.2017 in Company Appeal (AT) (Insolvency) No. 07/2017 the Hon'ble NCLAT has held that those who have commitment to pay 'assured return,' 'interest,' etc. are covered by the expression "financial creditor." 11. We also understand from the various e-auction notices issued by SEBI that there is an order of attachment by the Competent Authority under The Maharashtra Protection ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Prasad Group of companies the highest bidders were declared as latest as on 25.11.2019 and second highest bidders were declared on 02.12.2019. Certificate of sale are also stated to have been issued to various successful bidders and amount realised are kept in a separate account for making repayment to Depositors. 14. In view of the above developments viz., Order of the Ld. MPID Court, auction of the properties by the Regulatory Authority in coordination with the officials of the State Government and reports of attachment of properties worth several crores of Rupees by the Enforcement Directorate, we are of the considered view that at this advanced stage no meaningful purpose would be served by admitting the petition for initiating CIRP a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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