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TMI Blog2021 (3) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... 0, the Corporate Debtor had unequivocally admitted its liability. The Financial Creditor has been successful in establishing the 'default' of the amount above ₹ 1,00,00,000 in respect of the Corporate Debtor. This Bench is, therefore, inclined to initiate CIR process against the Corporate Debtor - the present Petition being complete and having established the default in payment of the Financial Debt for the default amount being above ₹ 1,00,00,000, the Petition is admitted in terms of section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. Petition admitted. - (IB) No. 1672(ND) of 2019 - - - Dated:- 21-10-2020 - Ch. Mohd Sharief Tariq, Judicial Member And L.N. Gupta, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been assigned to the Financial Creditor by the Karnataka Bank by way of an Assignment Agreement dated 22-3-2017 by virtue of which, all the rights with respect to the said loan account vests with the Financial Creditor. 5. It is stated by the Financial Creditor that the Credit Facilities were provided to the Corporate Debtor for the purpose of manufacturing of CFL components, Decorative Lamps and other Lightning Products. 6. It is further submitted by the Financial Creditor that in year 2011, total Credit Facilities of ₹ 500 Lakhs were granted to the Corporate Debtor, details of which are reproduced below : Nature of Facility Limits (Rs. in Lakhs) PS Overdraft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 24-2-2016, Copy of the request letter dated 24-2-2016 for grant of overdraft facility up to a limit of ₹ 500 Lakhs, copy of a recall notice dated 3-10-2016 etc., as proof of existence of the Financial Debt. 11. That during the course of the hearings on 27-8-2019 as well as 9-10-2020, the Corporate Debtor had unequivocally admitted its liability. 12. In the light of above facts and circumstances, the Financial Creditor has been successful in establishing the 'default' of the amount above ₹ 1,00,00,000 in respect of the Corporate Debtor. This Bench is, therefore, inclined to initiate CIR process against the Corporate Debtor. 13. In the given facts and circumstances, the present Petition being complete and ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pending against the IRP so named and disclosures as required under IBBI Regulations, 2016 are made by him within a period of one week from this Order. The IRP is directed to take all steps as mandated under the IBC specifically under sections 15, 17, 18, 20 and 21 of IBC, 2016. 15. The Financial Creditor is directed to deposit ₹ 2,00,000 (Two Lakh) only with the IRP to meet the immediate expenses. The amount, however, will be subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution Professional and shall be paid. 16. In terms of the above, the Petition stands admitted in terms of Section 7(5) of IBC, 2016 and the moratorium shall come into effect as of this date. A copy of this Order shall be co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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