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TMI Blog2021 (12) TMI 1017X X X X Extracts X X X X X X X X Extracts X X X X ..... nce of debt as well as default in payment on the part of the Corporate Debtor. The Hon'ble Apex Court has clearly stated in M/S. INNOVENTIVE INDUSTRIES LTD. VERSUS ICICI BANK ANR. [ 2017 (9) TMI 58 - SUPREME COURT ] that the moment it is established that there is a default in payment of financial debt by the corporate debtor, which is due and payable and the application is complete and no disciplinary proceedings is pending against the proposed RP then the adjudicating authority has no option but to admit the application. The Financial Creditor has fulfilled all the requirements of law - this Adjudicating Authority is inclined to admit this application and initiate the process of CIRP of the Corporate Debtor - application admit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat a loan confirmation agreement dated 10.11.2017 was entered between the financial creditor and corporate debtor and Indirapuram Habitat Centre Private Limited. Under Loan Confirmation Agreement Indirapuram Habitat Centre Private Limited had acted as confirming party for the Loan given by the Financial Creditor to Corporate Debtor and further the Corporate Debtor and Confirming party had also confirmed and acknowledged the receipt of the said Net Loan of ₹ 15,50,00,000/- from the Financial Creditor and same was not disputed by the Corporate Debtor and confirming party. c. It is averred that the under loan confirmation agreement, the corporate debtor and confirming party had confirmed that in the books of account of the corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank, P.P. Tower Branch, Pitampura, New Delhi. The financial creditor thereafter presented the aforementioned cheques with its banker being Punjab National Bank by putting on date as 11.03.2019 but all the cheques were dishonoured and returned by the Bank with Return Memo Outward Clearing by mentioning the reason for Dishonour as Funds Insufficient . e. It is submitted that financial creditor also served a notice vide e-mail dated 30th March, 2019 to the Corporate Debtor, for payment of the Loan Amount of ₹ 32,61,86,762/- comprising of Principal Amount i.e., ₹ 15,50,00,000/- along with Interest up to 04.02.2019 i.e. ₹ 17,11,86,762/-. Thus, the Corporate Debtor has defaulted in payment of outstanding amount of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ues issued by the Corporate Debtor were dishonoured and returned by the Bank with Return Memo Outward Clearing by mentioning the reason for Dishonour as Funds Insufficient and same is annexed as Annexure-A-30, which shows there is default in payment by the Corporate Debtor. This Adjudicating Authority vide order dated 11.11.2021, while reserving the order directed the Financial Creditor to file the Authorization for Assignment for the proposed IRP and same was complied by the financial creditor on 17.11.2021 as evident from the record 5. This Adjudicating Authority has perused the petition as well as heard the arguments advanced by the Financial Creditor. It is seen from the petition that the Corporate Debtor has admitted its liability ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to cause public announcement under section 15 of the IBC, 2016, within three days from date of receiving the copy of this order and call for submissions of claim in the manner as prescribed. 7. The moratorium is declared which shall have effect from the date of this order till the completion of CIRP, for the purposes referred to in section 14 of the IBC, 2016. It is ordered to prohibit all of the following, namely: 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's a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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