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TMI Blog2019 (10) TMI 1379X X X X Extracts X X X X X X X X Extracts X X X X ..... Advisors Private Limited, the Financial Creditor / Applicant, under section 7 of Insolvency & Bankruptcy Code, 2016 (I&B Code) against Prabhat Telecom (India) Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). 2. The Application was filed claiming a total default of Rs.1,26,95,424/- (Rupees One Crore Twenty Six Lakh Ninety Five Thousand Four Hundred and Twenty Four Only) including interest. However, due to subsequent payments made by the Corporate Debtor to the Applicant, the Applicant has filed further Affidavit stating that the total default due as on 30.09.2019 is Rs.20,63,397/- (Rupees Twenty Lakh Sixty Three Thousand Three Hundred and Ninety Seven Only). The Application is signed by Mr. Dharmin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. The Applicant submitted that in pursuance of the said Application the Corporate Debtor and Applicant filed Consent Terms dated 15.05.2018 with the Hon'ble Bench and accordingly the said Application was disposed of as withdrawn on 15.05.2018 by Order of the Hon'ble Bench. The copy of the said consent terms and Order dated 15.05.2018 are annexed to the Application. 6. The Applicant submitted that as per the Consent Terms dated 15.05.2018 the Applicant and Corporate Debtor agreed to settle the matter for Rs.58,45,036/- (Rupees Fifty Eight Lakh Forty Five Thousand and Thirty Six Only) and Corporate Debtor agreed to pay the debt amount in 12 instalments as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cuments submitted by the Applicant, it is evident that financial debt of more than Rupees One Lakhs is due and payable by the Corporate Debtor to the Applicant as on the date of filing of this Application. 10. It is further observed by this Bench that the Corporate Debtor has acknowledged the debt vide Inter Corporate Deposit Receipt dated 17.03.2017 and also through its letter dated 05.03.2018. Also, the Corporate Debtor in its written submissions has admitted the debt and its default. The Corporate Debtor has annexed Ledger Account of Applicant maintained in its Books of Accounts for the period 01.04.2019 to 26.08.2019 showing a debit balance of Rs.10,43,976/- (Rupees Ten Lakh Forty Three Thousand Nine Hundred and Seventy Six Only). Furt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BI/IPA-001/IP-P00141/2017/18/10305] as Interim Resolution Professional, to carry out the functions of IRP along with his declaration in Form 2 that no disciplinary proceedings are pending against him, is annexed with the Application. 14. The Application under sub-section (2) of Section 7 of I&B Code, 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 Application 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 Application filed under Section 7 of I&B Code, 2016, filed by Paramount Consultant & Corporate Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at 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 Rajendra Karanmal Bhuta, a registered insolvency resolution professional having Registration Number [IBBI/IPA001/IP-P00141/2017/18/10305] as Interim Resolution Professional to carry out the functions a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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