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TMI Blog2019 (8) TMI 1729X X X X Extracts X X X X X X X X Extracts X X X X ..... te Insolvency Resolution Process can be initiated against the Corporate Debtor. This Tribunal perused all the relevant papers and found them to be in order. The prosecution leading to the filing of the present petition has been detailed in the application prescribed under IBBI (Application to Adjudicating Authority) Rule, 2016. The matter is within the purview of Law of limitation - It is apparent from the reply of the Respondent that the payment of claim amount has been defaulted by the Corporate Debtor to the Financial Creditor. The claim stands established and prima facie presumption raised that there is default in payment of the amount due to the Financial Creditor and in view of the reply of the Respondent the debt is admitted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26/- by issuing invoices No. BPPL/ROCK/03, BPPL/ROCK/04 BPPL/ROCK/05 respectively and the remaining outstanding Financial Debt of ₹ 14,755.840/- was converted into a Financial Debt by the Corporate Debtor through the Loan Agreement dated 24.03.2018. Thus, the petitioner claims to be a Financial Creditor. As per the terms and conditions laid down in the Loan Agreement, the Corporate Debtor is required to repay the entire loan amount within one year of execution of such agreement along with interest at 21% p.a. by way of monthly instalments or in case of non-payment of interest or part payment thereof the Corporate Debtor is liable for payment of additional charge at 3% p.a. on the loan amount. The Corporate Debtor subsequently commit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... N00036/2016-17/10075. 7. It is apparent from the reply of the Respondent that the payment of claim amount has been defaulted by the Corporate Debtor to the Financial Creditor. 8. In these circumstances, the claim stands established and prima facie presumption raised that there is default in payment of the amount due to the Financial Creditor and in view of the reply of the Respondent the debt is admitted by the Respondent. 9. Hence, this Tribunal is inclined to initiate the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor as envisaged under the provisions of IBC, 2016. 10. Consequences of initiation of CIRP shall be inter-alia as follows: (i) The Resolution Professional proposed by the Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X
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