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TMI Blog2021 (12) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... debt. The Financial Creditor has fulfilled all the stipulations as required under the provisions of the IB Code, 2016 for the purpose of initiating Corporate Insolvency Resolution Process. In these circumstances, having satisfied with the submissions made by the Petitioner/Financial Creditor, the contentions of the Corporate Debtor are overruled and this Adjudicating Authority is inclined to admit the instant Application - the instant application is hereby admitted and this Adjudicating Authority orders the commencement of the Corporate Insolvency Resolution Process (CIRP) which shall ordinarily be completed within the timelines stipulated in the IB Code, 2016 (as amended), reckoning from the day of this order is passed. Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... supply of MS Chilled Bars and TMT Bars. c) That the Financial Creditor supplied the said materials to the Corporate Debtor on various occasions and raised invoices accordingly for the amount of ₹ 23,39,32,333/-. That in spite of repeated requests and reminders, Corporate Debtor failed to make payments to the Financial Creditor. d) That the Corporate Debtor committed default in payments against supply of materials to the tune of ₹ 23,39,32,333/- (Rupees Twenty Three Crores Thirty Nine Lakhs Thirty Two Thousand Three Hundred and Thirty Three only) as on 31.08.2016. That due to financial problems, the Corporate Debtor was unable to make the said payments. e) That the Financial Creditor and Corporate Debtor have on 01 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to its poor financial condition at the time as its business was not flourishing. b) That despite the said fact, the Corporate Debtor put in its best efforts in clearing its dues. Corporate Debtor had acknowledged its dues and agreed with the Financial Creditor to crystallize the dues at ₹ 23,39,00,000/- as on 01.02.2018 and to convert the said dues into an unsecured loan, at an interest rate of 9% per annum and at a default interest rate of 12% p.a. c) That the Corporate Debtor defaulted in making payments under the said loan agreement and agrees that ₹ 29,32,52,125/- is due to the Financial Creditor. Nevertheless Corporate Debtor has been in talks with the Financial Creditor proposing new terms of settlement and is t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he view that in the instant case there is a financial debt and there has been a default in repayment of the same and that this Adjudicating Authority is satisfied that the Financial Creditor has proved its case by placing evidence that default has occurred for which the Corporate Debtor was liable to pay. Even the Corporate Debtor acknowledges the debt and default, but seeks time for repayment of the said financial debt. Further, it is pertinent herein to note that the Hon'ble Supreme Court, while deciding the matter in the case of Innoventive Industries Ltd. Vs. ICICI Bank Anr., in Civil Appeal Nos. 8337-8338 of 2017, held as under: ...The moment the adjudicating authority is satisfied that a default has occurred, the applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id: [email protected] as Interim Resolution Professional. IRP is directed to file fresh Authorization for Assignment within three days from the date of this order, as the earlier one submitted by him appears to have expired. 10. The IRP is directed to take charge of the Respondent/Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under section 15 of the IB Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. 11. We direct the Financial Creditor/Petitioner to pay sum of ₹ 2,00,000/- towards the advance fee of IRP and expenses towards CIRP, which shall be ratified later on by CoC. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period. 13. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. Further, if the IRP considers supply of any goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arisin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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