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TMI Blog2021 (6) TMI 280X X X X Extracts X X X X X X X X Extracts X X X X ..... 1-5-2021 - Rajasekhar V.K., Member (J) And Harish Chander Suri, Member (T) For the Appellant : Manju Bhuteria and Suparna Sardar, Advocates For the Respondents : Ratul Das, Advocate ORDER Harish Chander Suri, Member (T) 1. The Court convened by video conference today. 2. This application under section 7 of Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 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, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nexures- C, D E respectively to the petition). 5. It is further stated in the petition that the Corporate Debtor in assurance to the repayment of loan given to it, provided the Financial Creditor, three cheques, being Cheque No. 064671 dated 01.10.2019 for ₹ 25,00,000/- Cheque No. 064669 dated 30.06.2019 for ₹ 75,822 and Cheque No. 064670 dated 30.09.2019 for ₹ 85,068/-. 6. It is stated in the petition that Cheque of ₹ 25,00,000/- which was given to the Financial Creditor 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 Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor was duly served with notice and was afforded opportunity to file reply. 11. The Corporate Debtor has filed its reply affidavit through one of its Directors, Mr. Subrata Dutta. 12. In its reply affidavit, the Corporate Debtor submitted that instant application suffers from incurable and material deficiencies and that the instant application is frivolous and misconceived. The application filed by the Financial Creditor is not at all maintainable under the provisions of Insolvency and Bankruptcy Code, 2016 and its regulations. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovide loan to anybody corporate. It is stated that cheque for repayment of loan was dated 01.10.2019 and the same has been deposited in the month of December, 2019 i.e. after two months. The Financial Creditor has not even informed the respondent before depositing the cheque into the bank. It is stated that the corporate debtor company is facing financial crisis due to the current market scenario because of the impact of Covid-19 pandemic in the textile market. 14. However, in paragraph 9 of the reply affidavit, the Corporate Debtor 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing against him with the Board or IIIPICA. 18. We, therefore, consider it a fit case for admitting the petition, and for initiation of Corporate Insolvency Resolution Process in respect of the Corporate Debtor. 19. In view of the aforesaid observations, we hereby admit the petition and pass the following Orders:- ORDERS i) The application filed by the Financial Creditor under Section 7 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor Citylife Retail Private 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with section 14 of the Code. vi) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. vii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. viii) Mr. 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: annee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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