9911796707
TMI Blog2021 (6) TMI 280X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016, has been filed by Apundarik Merchants Private Limited (hereinafter referred to as the Financial Creditor), through one of its Directors Mr. Abhishek Saraf, who was authorised to file this Petition before this Adjudicating Authority vide Board Resolution dated 27/01/2020, thereby seeking initiation of Corporate Insolvency Resolution Process in respect of Citylife Retail Private Limited, a corporate entity having its Registered Office at Express Tower, 42A, Shakespeare Sarani, 3rd Floor, Kolkata-700017, CIN No. U52100WB2006PTC111555 (hereinafter referred as the Corporate Debtor). 3. It is submitted in the Petition Part IV, that Financial Creditor was approached by the Corporate Debtor for the purpose of Loan as 'Inter Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor was dishonoured upon presentation by the banker of the Corporate Debtor with Remarks that the signature appearing in the said cheque is not as per mandate recorded with it by the Corporate Debtor. This clearly shows that the intention of Corporate Debtor is not to repay the amount that was given to them as Loan. (Annexure-F to the petition). 7. It is stated in the petition that thereafter, the Financial Creditor recalled the loan amount of Rs. 25,00,000/- by its Recalling Notice dated 18.01.2020, which was duly served upon the Corporate Debtor. Copy of the Recalling Notice dated 18.01.2020 with postal receipts and article tracking reports annexed as (Annexure-G to the petition). 8. It is further stated that the Corporate Debtor is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulations. The instant application is absolutely baseless, harassing in nature and has been wrongly filed by the Financial Creditor. The instant application has not been properly framed and filed as per the formats and procedures prescribed by the Insolvency and Bankruptcy Code, 2016 and the rules framed thereunder and as such is liable to be dismissed at the very outset. The Financial Creditor has misled several facts and calculated the outstanding due without taking into consideration the entire facts. It is filed just to take undue advantage of the provision of the IBC, 2016. The claim of the Financial Creditor is mala fide, vexatious and lacking in requisite details and particulars and even the 'NCLT Form 1' is not complete in al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor has stated that "The respondent is trying to resolve its financial problem and clear the dues of the applicant as soon as possible. The corporate debtor is unable to repay the alleged amount claimed by the financial creditor. It is humbly stated that the corporate debtor is not in a good condition to pay any amount at present". 15. We have carefully gone through the pleadings filed by the parties. The reply submitted by the Corporate Debtor has no substance at all. It does not give any valid or plausible ground or reason for not making the payment. On the other hand, in paragraph 9 of the reply affidavit, the corporate debtor has admitted default in payment of the dues of the petitioner (financial creditor). 16. We have also been go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited is hereby admitted. ii) We hereby declare a moratorium and public announcement in accordance with Sections 13 and 15 of the I & B Code, 2016. iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The I.R.P. shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016 shall be made immediately. iv) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: a) The institution of suits or continuation of pending suits or proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Anneel Saraogi, registered with Insolvency and Bankruptcy Board of India, having Registration No. [Reg. No. IBBI/IPA-001/IP-P01320/2018-19/12009] Email Id: [email protected] is hereby appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution plan. ix) The Interim Resolution Professional should convene a meeting of the Committee of Creditors and submit the resolution passed by the Committee of Creditors and shall identify the prospective Resolution Applicant within 105 days from the insolvency commencement date. x) The Financial Creditor/Applicant is directed to deposit Rs. 2,00,000/- (Rupees two lakh only) with the IRP appointed he ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
