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TMI Blog2021 (4) TMI 217X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 4 of the Insolvency and Bankruptcy Code, 2016 to initiate the Corporate Insolvency Resolution Process) - From the above facts it can be held that the Corporate Debtor has committed a default in paying the debt - also, Financial Creditor suggested name of one Mr. Sunil Kumar Agarwal, having registration number for the appointment as the Interim Resolution Professional against whom, no disciplinary proceedings pending. The application is defect free - application admitted - moratorium declared. - C.P. (I.B) No. 421/7/NCLT/AHM/2019 - - - Dated:- 24-3-2021 - Madan B. Gosavi, Member (Judicial) and Virendra Kumar Gupta, Member (Technical) Learned Senior Counsel : Mr. Rasesh Sanjanwala, for the Peitioner/ Financial Creditor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oan. Thereafter, it committed default in paying so. Hence, this application is filed to start the Corporate Insolvency Resolution Process of the Corporate Debtor. 5. The Corporate Debtor has been served with the notice of this application. It has appeared through one of its director Mr. Abhay Thummar. He filed affidavit in reply. 6. We have gone through the contentions of the Corporate Debtor in affidavit in reply. In Para 7.11 of the affidavit in reply. The Corporate Debtor admitted that the Petitioner has, indeed, infused the fund of ₹ 5,75,00,000/- as unsecured loan through own funds and by way of loan through a Bank which was directly remitted to the Corporate Debtor. 7. The Corporate Debtor had contended in its defense t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 5,75,00,000/-. It is also not in dispute that the Petitioner did infuse the amount as the loan by taking personal loan from Bassein Catholic Co-Op. Bank Limited. In view of the above admitted facts, we fail to understand and appreciate the Corporate Debtor's defense that the Petitioner is not Financial Creditor of the Corporate Debtor. We reject this defense in Toto. 10. These takes us to consider whether the Corporate Debtor committed default in paying the Financial Debt? 11. It is not in dispute that the Petitioner was to get sum of rupees eight lakhs per month from the Corporate Debtor towards his remuneration and towards the interest to be paid by him on the loan. The fact is also admitted that nothing was received f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c. any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d. the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 3. The or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Authority with a prayer for passing an appropriate order. 6. This Adjudicating Authority directs the IRP to make a public announcement of initiation of Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13(1)(b) of the Code. 7. It is further directed that the supply of goods/ service to the Corporate Debtor Company, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. 8. The IRP shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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