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TMI Blog2020 (2) TMI 1472X X X X Extracts X X X X X X X X Extracts X X X X ..... 016 (I&B Code) against Independent TV Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). 2. The Application is filed by Mr. Ranjit Kansal, authorised signatory of Financial Creditor vide its Resolution No.4 from the Extract of the Minutes of the meeting dated 09.08.2019 at Pg.192 A as Exhibit-14, claiming a total default of Rs. 62,73,407/- (Rupees Sixty Two Lakh Seventy Three Thousand Four Hundred Seven Only) along with simple interest @10% p.a. and Penal Interest @2.5 % p.m. along with legal/recovery and incidental charges on the above said outstanding amount as on 31.07.2019 till payment and/or realisation. 3. The Applicant submitted that it agreed to make available to Corporate Debtor a Term Loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount was arranged by the Corporate Debtor. Financial Creditor made the payment of Rs. 70,54,912/- (Rupees Seventy Lakh Fifty Four Thousand Nine Hundred and Twelve Only) via Pay Order No.142703, dated 03.01.2019 in the name of the Car Dealer. 7. The Applicant submitted that the date of first Default by the corporate Debtor is 10.06.2019 and thereafter Corporate Debtor regularly failed to pay the loan amount and subsequent interest. 8. The Applicant submitted that they sent a notice dated 20.06.2019 to the Corporate Debtor, however the Respondent failed to reply to the same or make payment of the debt. The copy of the said notice is annexed at Pg.169 as Exhibit-11. 9. The applicant submitted that they sent subsequent Pre-Recall Notices dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Seventy Two Thousand Six Hundred and Twelve Only) at Pg.19 of Additional Affidavit referred above as Exhibit-1, for getting the Pay Order No.142703 for Rs. 70,54,912/- (Rupees Seventy Lakh Fifty Four Thousand Nine Hundred and Twelve Only) in favour of the car dealer. 14. The Applicant filed present application on 23.08.2019. The Corporate Debtor filed its Affidavit in Reply dated 19.11.2019. The Corporate Debtor has denied all the averments put forth by the Financial Creditor in respect of the Loan Agreement as one of fabrication and malicious intent. 15. The Corporate Debtor also alleged that the present application is a conspiracy hatched by its Ex-Director, Mr. Sanjay Bhati and CEO & Promoter of the Financial Creditor, Mr. V.K. Sharma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor in repayment of the loan amount. 21. The application is complete and has been filed under the proper form. The debt amount is more than Rupees One Lakh and default of the Corporate Debtor has been established and the application deserves to be admitted. 22. The Applicant has proposed the name of Mr. Anup Kumar, a registered insolvency resolution professional having Registration Number [IBBI/IPA-002/IP-N00333/2017-2018/10911] as Interim Resolution Professional, to carry out the functions as mentioned under I&B Code and has also given his declaration that no disciplinary proceedings are pending against him ORDER This Application filed under Section 7 of I&B Code, 2016, presented by Noble Co-operative Bank Limited, Financial Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in a contract of guarantee to a Corporate Debtor. IV. That 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 appoints Mr. Anup Kumar, a registered Insolvency Resolution Professional having Registration Number IBBI/IPA002/IP-N00333/2017-2018/10911 as Interim Resolution Professio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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