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TMI Blog2019 (8) TMI 1734X X X X Extracts X X X X X X X X Extracts X X X X ..... ra) Limited (for brevity "Corporate Debtor") under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking initiation of the Corporate Insolvency Resolution Process (CIRP), pursuant to default in repayment of loan amount committed by the Corporate Debtor to the Applicant. 2. The Applicant is a Public Limited Company, incorporated under the Companies Act, 1956 on 25.11.1992 and duly registered with the Registrar of Companies, Jaipur having CIN U24304RJ1992PLC007064. The Registered Office of the company is at Bazar No. 2, Bhilwara - 311001 (Rajasthan). 3. The Corporate Debtor is a Public Limited company, incorporated under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was drawn giving the last opportunity to re-pay the entire amount on or before 31.03.2018 on same terms and considerations and as against security the Corporate Debtor has issued undated cheque of Rs. 51,06,882 (Rupees Fifty-One Lakh Six Thousand Eight Hindered Eighty-Two Only) bearing No. 117000 along with cover letter dated 31.03.2016. The copy of the Addendum-II and cheque along with cover letter dated 31.03.2016 is annexed as Annexure-5 and Annexure -7 with the Application. Thereafter again on non-payment, the Corporate Debtor has issued another undated security cheque of Rs. 66,08,798 bearing No. 120879 along with a covering letter dated 31.03.2017. 5. The Applicant has issued Legal Notice dated 23.02.2019 calling upon the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... off its assets, thereby seeks 6 months time to make good the default. In view of admission made in the reply, the Corporate Insolvency Resolution Process can be initiated against the Corporate Debtor as it has committed default. 8. This Tribunal perused all the relevant papers and found them to be in order. The Registered Office of Corporate Debtor is situated in Bhilwara and therefore this Tribunal has jurisdiction to entertain and try this Application. The matter is within the limitation period as enunciated under the Law of Limitation. 9. The Applicant has named the Interim Resolution Professional (IRP), to be appointed by the order of Tribunal, one Mr. Prashant Agrawal having Registration Number IBBI/IPA-001/IP-P00053/2017-18/10127 (e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n widely circulated Newspaper as contemplated under the provisions of IBC, 2016 and calling for the claims from the creditors of Corporate Debtor and collation of the same shall be done. (ii) Further, as a sequence of admission, moratorium as envisaged under Section 14 of IBC, 2016 is invoked in relation to the Corporate Debtor which will be in vogue during the Corporate Insolvency Resolution Process of the Corporate Debtor. The IRP shall carry out CIRP strictly as per the timelines specified and as envisaged under the provisions of IBC, 2016 in relation to the Corporate Debtor. (iii) The said IRP shall act strictly with the provisions of IBC, 2016 and with a view to defray his expenses to be incurred and fees on account, the Applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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