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TMI Blog2021 (3) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... itu Lifespaces LLP, the corporate debtor to initiate corporate insolvency resolution process ("CIRP") of the corporate debtor on the allegation that the corporate debtor committed default in paying the financial debt of Rs. 11,37,800 on May 8, 2019. 2. On December 19, 2017 and December 22, 2017 the financial creditor, which is a non-banking financial company ("NBFC"), lent the corporate debtor loan of Rs. 10 lakhs. The corporate debtor issued in favour of the financial creditor a cheque, which was dishonoured by the banker of the corporate debtor and a separate proceeding under section 138 of the Negotiable Instruments Act, 1881 is pending. 3. The financial creditor stated that as the corporate debtor has committed a default in paying the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered the defence of the corporate debtor in view of the material available on record. 10. It is admitted fact that on June 23, 2018 the corporate debtor paid the financial creditor a sum of Rs. 70,200 towards the interest. This amount was been paid towards repayment of loan or interest accrued thereon. Thereafter there is default of pay any sum. This fact itself proves that the corporate debtor has committed default in paying the debt. 11. Section 3(12) of the Insolvency and Bankruptcy Code, 2016 defines the "default" as : "'default' means non-payment of debt when whole or any part or instalment of the amount of debt has become due and payable and is not paid by the debtor or the corporate debtor, as the case may be ;" 12. In t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial creditor towards consideration shown in the cheque. The cheque was dishonoured. We hold that the corporate debtor has committed the default in payment of the debt. 16. In view of the facts and evidence on record, we hold that the financial creditor has established two relevant facts that : (i) there was debt, due and payable by the corporate debtor more than permissible limit, and (ii) the corporate debtor committed default in paying the same. 17. The financial creditor suggested name of one Mr. Rajesh Lohia, having registration number : IBBI/IPA-002/IP-N00049/2016-2017/10093 for the appointment as the interim resolution professional against whom, no disciplinary proceedings pending. 18. The application is defect free and hence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liquidation of corporate debtor company under section 33 of the Insolvency and Bankruptcy Code, 2016, as the case may be. (4) We hereby appoint Mr. Rajesh Lohia, having Registration No. IBBI/IPA-002/IP-N00049/2016-2017/10093, Resi : 414, Manas Bhawan (Extn.) 11, RNT Marg, Indore (Madhya Pradesh), e-mail : [email protected], to act as an interim resolution professional under section 13(1)(c) of the Code. He shall conduct the corporation insolvency resolution process as per the provision of the Insolvency and Bankruptcy Code, 2016 read with regulation made thereunder. (5) The IRP shall perform all his functions as contemplated, inter alia, by sections 17, 18, 20 and 21 of the Code. It is further made clear that all personnel con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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