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TMI Blog2020 (6) TMI 784X X X X Extracts X X X X X X X X Extracts X X X X ..... e financial creditor"), seeking to initiate the corporate insolvency resolution process (CIRP) against Parinee Developers P. Ltd. ("the corporate debtor"). The corporate debtor is a private company limited by shares and incorporated on February 1, 2006 under the Companies Act, 1956, with the Registrar of Companies, Maharashtra, Mumbai. Its corporate identity number (CIN) is U45200MH2006PTC159393. Its registered office is situated in 201, 2nd Floor, Parinee Crescenzo, Plot No. C 38-39, "G" Block, Bandra Kurla Complex, Bandra (E), Mumbai-400 051 within the State of Maharashtra. Therefore, this Bench has jurisdiction to deal with this petition. 2. The present petition was filed on October 17, 2019 before this Adjudicating Authority on the gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 285.72 crores ; (e) Sanction letters, loan agreement, indenture of mortgage, deed of guarantee executed by Mr. Mukesh Patel, Mr. Vipul Shah and Mr. Dhaval Shah in favour of STCI, undertaking by PDPL to STCI, undertaking by pro moters/directors, demand promissory note executed by PDPL in favour of STCI, etc., for both the loans were submitted and marked as exhibits "K to GG" ; (f) In response to the letters dated June 18, 2019 from the financial creditor, undated letters of acknowledgment of debt of both Rs. 50 crores and 80 crores term loans by Mr. Mukesh Patel, Mr. Vipulshah and Mr. Dhaval Shah were received by the FC on August 1, 2019 (exhibits "HH to KK)" ; (g) The FC also submitted Commercial Credit Information Report dated Oct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere is no liability on the part of the CD and the amount claimed as debt due is denied. 7. He has argued that the petition filed by the FC is defective on various grounds, viz., no authority to initiate IBC proceedings, no record in the information utility, proper form 1 not filed, entries in banker's book not attached. 8. The unsold stock of the CD is sufficient to pay off all the liabilities of the CD. The CD is financially strong and healthy company and the intent of the FC is malicious, with vested interest apart from recovery of its loan by making ill use of the provisions of the IBC. 9. We have heard the arguments of the learned advocates for both the sides and perused the records. 10. Based on the records submitted by the FC, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated under section 4(1) of the IBC at the relevant time. Therefore, the default stands established and there is no reason to deny the admission of the petition. In view of this, this Adjudicating Authority admits this petition and orders initiation of CIRP against the corporate debtor. 16. The financial creditor has proposed the name of Mr. Subhash Chandra Modi, Registration No. IBBI/IPA-003/IP-N000176/2018-19/12119, as the interim resolution professional of the corporate debtor. He has filed his written communication in form 2 as required under rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with a copy of his certificate of registration. 17. It is, accordingly, hereby ordered as follo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inated or suspended or interrupted during the moratorium period ; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator ; (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of corporate debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency and Bankruptcy Bo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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