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TMI Blog2021 (7) TMI 242X X X X Extracts X X X X X X X X Extracts X X X X ..... is no bar for Financial Creditor from proceeding under the provisions of Code. There is no document placed on record by Corporate Debtor to show that payment of debt, as claimed by the applicant, is made or is not due and payable. It is evident from the record that the application has been filed on the proforma prescribed under Rule 4(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of the Code - thus, a default has occurred and debt has remained unpaid. Thus, the application warrants admission as it is complete in all respects and is admitted initiating CIRP as prescribed under the Code. The scheme is approved - moratorium declared - application allowed. - C. P. No. IB- 26 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amely, M/s. Virtual Business Solutions Private Limited (CIN U74900DL2012PTC241315) was incorporated on 30.08.2012 under the provisions of the Companies Act, 1956. The registered office of the respondent company is situated at 5/6, 2nd Floor, West Patel Nagar, Delhi-110008. Its authorized share capital is ₹ 1,00,00,000/- and paid up capital is ₹ 10,00,000/- which is based on the details given in master data as reflected on the official website of Registrar of Companies. Since the registered office of the corporate debtor is in Delhi, this Tribunal being the Adjudicating Authority has territorial jurisdiction in respect of respondent corporate debtor as per the provisions of sub-section (1) of Section 60 of the Code. 4. The App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , from his bank account no. 172502000000637 with Indian Overseas Bank to the bank account of the Corporate Debtor. 8. The Applicant further states that, the Corporate Debtor failed to adhere to the repayment schedule of credit facilities and defaulted in the repayment of the loan. Consequently, the Applicant sent a reminder dated 07.02.2020 to the Corporate Debtor requesting to make the repayment of the loan amount alongwith interest. That in response to the above letter the Corporate Debtor informed vide its letter dated 15.02.2020 to the Applicant about the financial hurdles in the organization and assured to repay the amount soon. However, no such payment was received by the applicant. Hence, it was constrained to issue legal notice f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Insolvency Resolution Process. The material on record clearly goes to show that the Corporate Debtor had availed the loan facility and has committed default in the payment of the said debt amount. The applicant 'financial creditor' has placed on record evidence in support of the claim as well as to prove the default. There is no bar for Financial Creditor from proceeding under the provisions of Code. There is no document placed on record by Corporate Debtor to show that payment of debt, as claimed by the applicant, is made or is not due and payable. 13. Under sub-section (5)(a) of section 7 of the code, the application filed by the applicant financial creditor has to be admitted on satisfaction that: (i) Default has occurre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 13(2) of the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immediately with regard to admission of this application under Section 7 of the Code. The expression 'immediately' means within three days as clarified by Explanation to Regulation 6(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 17. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Respondent prohibiting the respondent as per proviso (a) to (d) of section 14(1) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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