9911796707
TMI Blog2021 (11) TMI 469X X X X Extracts X X X X X X X X Extracts X X X X ..... there was understanding that money will be paid after sale of asset only has no substance in it. In the lights of the Hon'ble Supreme Court in SWISS RIBBONS PVT. LTD. AND ANR. VERSUS UNION OF INDIA AND ORS. [ 2019 (1) TMI 1508 - SUPREME COURT ] upholding the Constitutional validity of IBC, the position is very clear that unlike Section 9, there is no scope of raising a 'dispute' as far as Section 7 petition is concerned. As soon as a 'debt' and 'default' is proved, the adjudicating authority is bound to admit the petition. The application made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omoter and Director of the Corporate Debtor. 4. The Corporate Debtor had borrowed the amount of ₹ 3,59,00,000/- from the said deceased. Pertinently the amount borrowed from the said deceased admitted in the audited statement of accounts of the Corporate Debtor. Copies of audited statement of accounts of the Corporate Debtor for Assessment years 2011-12, 2013-14, 2014-15 and 2015-16 are annexed as Exhibit - B1 to B4 . 5. On 08.07.2013 Mr. Rajeev Ramling Kore passed away interstate leaving behind the Petitioners as his legal hairs entitled to inherit the estate and effect left by the deceased. Copy of Death Certificate annexed as Exhibit - C and Copy of Succession Certificate dated 09.02.2017 annexed as Exhibit - D . 6. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Corporate Debtor states that the Deceased had provide the Principal Loan Amount to the Corporate on an oral understanding that hit would be repaid from the sale proceed of its principal asset being the club premises comprising of basement and three upper floors with swimming pool having an aggregate constructed area of 18,000 square feet (built-up) and open spaces of 6,525 square feet (built-up) at plot No. NA/164(pt) CTS no. C/12/A, Everest Cooperative Housing society Limited, 151, Hill Road, Bandra (West), Mumbai-400 050 (hereinafter referred to as the Club Premises ). 10. As the Club Premised are still the subject matter of arbitration and litigation proceedings at the time of filing Affidavit-in-Reply, the Corporate Debtor submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed, the adjudicating authority is bound to admit the petition. 14. The Financial Creditor has proposed the name of Mr. Milind Kasodekar, Registration No. IBBI/IPA-022/IP-N00116/2017-2018/10285, as the Interim Resolution Professional of the Corporate Debtor. He has filed his written consent 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. 15. The application made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium: (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancial Creditor shall deposit a sum of ₹ 1,00,000/- (Rupees Three Lakhs only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). (i) The Registry is directed to communicate this Order to the Financial Creditor, the Corporate Debtor and the IRP by Speed Post and email immediately, and in any case, not later than two days from the date of this Order. (j) IRP is directed to send a copy of this Order to the Registrar of Companies, Maharashtra, Mumbai, for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
