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TMI Blog2021 (10) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... d the credit facilities and has committed default in repayment of the outstanding loan amount - the present application is complete in all respect and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt. It is thus seen that the requirement of sub-section 5 (a) of Section 7 of the code stands satisfied as default has occurred, the present application filed under Section 7 is complete - application admitted - moratorium declared. - IB-969/(ND)/2020 - - - Dated:- 1-10-2021 - P.S.N. Prasad, Member (J) And Hemant Kumar Sarangi, Member (T) For the Appellant : Harshal Kumar and Shivam Wadhwa, Advocates For the Respondents : Ashutosh Gupta and Gaurav Rana, Advocates ORDER P.S.N. Prasad, Member (J) 1. This is an application filed by 'M/s. Cosmic Infrasolution Pvt. Ltd.', through its Authorized Person Mr. Manoj Kumar, to initiate Corporate Insolvency Resolution Process ( CIRP ) against 'M/s. Prudential Hotels Pvt. Ltd'., under Section 7 of the Insolvency and Bankruptcy Code 2016 ( the Code ) for the alleged default on the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 03.01.2020 is also annexed with the application. g. The Applicant submitted that the Respondent has committed default in the repayment of loan of ₹ 2,95,00,000/- (Rupees Two Crores Ninety Five Lakhs only) along with interest @ 12% per annum. The date of default in the repayment of the loan is 01.01.2020 as the Respondent failed to repay the above-mentioned loan along with interest at the time of maturity i.e. 31.12.2019. h. It was further submitted by the Applicant that the Default falls within the definition of default in terms of Section 3(12) of the IBC, 2016 and the claim of the Applicant is not hit by the Insolvency and Bankruptcy Code Amendment Ordinance, 2020 dated 05.06.2020 issued by the Government of India. 2. Consequent to the notice issued by this Tribunal, the Respondent filed its reply in which the following contentions are made: i. The Respondent submits that the demand of ₹ 3,87,67,780/- (Rupees Three Crore Eighty Seven Lath Sixty Seven Thousand Seven Hundred Eighty Only) including principal and interest as mentioned in the application, are outrightly rejected and the said amount is not due and payable by the Respondent to the Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on that in Part-III of Form-1 the Proposed Interim Resolution Professional is Mr. Anish Kumar Sanghi having Registration number IBBI/IPA-001/IP-P-01796/2019-2020/12786, whereas, the 'Authorisation for Assignment' for the above-mentioned Proposed IRP became invalid as it expired on 06.01.2021, therefore, the Applicant filed an Interlocutory Application before the Tribunal bearing IA/4052/2021 and proposed Mr. Rahul Jain, having Registration No. IBBI/IPA-001/IP-P02078/2020-2021/13219 to act as the IRP in the present matter. 6. In the light of the aforesaid facts, we find that the Corporate Debtor vide letter dated 20.12.2016 requested for grant of Loan and the Business Loan Agreement was duly executed between the parties on 01.03.2017 for an amount of ₹ 2,95,00,000/- repayable with 12% interest whereas, no documentary evidence has been produced by the Corporate Debtor to substantiate that the Loan amount was not defaulted. The documents submitted by the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment of loan amount. 7. It is pertinent to mention here that, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of the Insolvency Bankruptcy Code, 2016. 13. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) (d) of the Code. Thus, the following prohibitions are imposed: (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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