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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 ..... year 2019), the default amount was more than rupees one lakh (i. e., minimum limit as stated under section 4 of the IB Code to file such application). Corporate debtor submitted that the cheque in dispute (later on dishonoured) was not given for repayment of loan but it was handed over as a security cheque to the loan granted - it has been established conclusively that the corporate debtor was liable to pay debt more than rupees one lakh and it has committed a default in paying the sum. Hence, it is not required to enter in to controversy whether the cheque was towards the payment of debt or it was so called security cheque only. Even on the basis of admitted facts, it is held that the corporate debtor had handed over the cheque for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egotiable Instruments Act, 1881 is pending. 3. The financial creditor stated that as the corporate debtor has committed a default in paying the financial debt, this proceeding is filed to initiate CIRP of the corporate debtor. 4. The corporate debtor has been served with the notice of this application. The corporate debtor appeared through one of his representative Mr. Raghav Sethi. He filed affidavit-in-reply and contested the claim. 5. We have gone through the affidavit-in-reply filed by the corporate debtor. It is contended that there is no default occurred ; hence, this proceeding is not maintainable. There is no written agreement specifying the date of repayment schedule and agreed rate of interest, etc. According to the corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bt 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 this case, the corporate debtor failed to pay the interest amount or the instalment payable towards principle debt periodically. Hence, we hold that the corporate debtor has defaulted in paying the debt. 13. Considering the fact that loan of sum of ₹ 10 lakhs was disbursed in the year 2017, hence, by the time, this application was filed (in the year 2019), the default amount was more than rupees one lakh (i. e., minimum limit as stated under section 4 of the IB Code to file such application). 14. Learned counsel for the corporate debtor submitted that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PA-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, we direct the corporate debtor to be admitted in CIRP by following order : Order (1) The corporate debtor, M/s. PR3 Ritu Lifespaces LLP is admitted in corporate insolvency resolution process under section 7 of the Insolvency and Bankruptcy Code, 2016. (2) The moratorium under section 14 of the Insolvency and Bankruptcy Code, 2016 is declared for prohibiting all of the following in terms of section 14(1) of the Code : (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad 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 connected with corporate debtor, its promoter or any other per son associated with management of the corporate debtor are under legal obligation under section 19 of the Code extending every assistance and co- operation to the interim resolution professional. Where any personnel of the corporate debtor, its promoter or any other person required to assist or co-operate with IRP, do not assist or co-operate, IRP is at liberty to make appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. (6) This A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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