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TMI Blog2021 (5) TMI 179X X X X Extracts X X X X X X X X Extracts X X X X ..... Commodities Private Limited for initiation of Corporate Insolvency Resolution Process in respect of Corporate Debtor M/s. Infiniti Metal Products India Limited on the ground that it has defaulted in repaying financial debt of Rs. 4,70,84,899/- (Rupees Four Crore Seventy Lakh Eighty Four Thousand Eight Hundred Ninety Nine only) together with interest at 12% per annum as on 10.07.2018. 2. The averments made in the Application are as follows: (a) The Applicant/Financial Creditor supplied TMT steel bars and angles from time to time upon the request of Corporate Debtor. The applicant continuously demanded payment for the materials supplied but unable to recover it. (b) On 20.06.2018, both the parties decided to convert the due amount of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mediate demand of the applicant and seeks a period of 3 years to periodically repay the debt claimed in the application. 4. After hearing the submissions by both parties and perusal of documents placed before this Adjudicating Authority, the Financial Creditor has proved existence of 'debt' and 'default' and there being no denial from the Corporate Debtor with respect to outstanding due. 5. In view of the above, this Adjudicating Authority inclined to admit this application IB A/451/2020. (I) Since the Financial Creditor filed consent letter dated 16.05.2020 (Page. 45 of the application) of the proposed Interim Resolution Professional in Form-2, this Bench hereby appoints Mr. Pankaj Rai, (Regn. No. IBBI/IPA-001/IP-POl 74 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... services of the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial regulator. (IV) That the order of moratorium shall have effect from the date of issue of 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 IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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