9911796707
TMI Blog2022 (1) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... ion is filed on 02.12.2021 Thus, the present petition is not hit by limitation. This is a fit case for initiation proceedings under section 227 read with section 239(2)(zk) of the Insolvency and Bankruptcy Code, 2016 read with Rule 5 and 6 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudication Authority) Rules, 2019 and the debt in question qualifies as financial debt under section 5(8)(c) read with section 3(11) of the Code - The Petition filed by the Reserve Bank of India is thus complete in all respects as required by law. It clearly shows that the Respondent/FSP is in default of a debt due and payable and the default is more than the minimum amount as st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, this Bench has jurisdiction to deal with the present petition. 5. Learned Senior Counsel appearing on behalf of the Petitioner/Appropriate Regulator submits as follows: i. In view of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank of India (RBI) superseded the Board of Directors of RCL/Respondent/FSP on 29.11.2021 in view of the defaults by RCL in meeting various payment obligations to its creditors (page 14 of petition); ii. There are many financial creditors to whom the RCL is liable to pay and has defaulted (page 489 of petition). In particular, Yes Bank Limited (YBL) intimated to RBI on 02.12.2021 that the amount claimed to be in default in relation to 9,870 secured non- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RBI has proposed the same person (Mr Nageswara Rao Y) to be appointed as the Administrator of the FSP. 8. Ld Senior Counsel appearing for the Appropriate Regulator submits that in view of the default committed by the FSP, there is a need to initiate CIRP against the respondent. He, therefore, urged this Adjudicating Authority (AA) to pass appropriate order expeditiously keeping in view the public interest in the matter. 9. Mr D. J. Kakalia, Counsel for the Promoters supported the Petition. Also heard Ld Counsel for the Administrator. Administrator is present, 10. Rule 5(a)(i) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudication Authority) Rules, 2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... htra as the Administrator. The RBI has proposed the name of Mr Nageswara Rao Y, as the Administrator of the FSP. The Administrator has also filed his written consent in Form 2 to act as Administrator, which has been placed on record at pages 12-13 of the petition. 14. The Petition filed by the Reserve Bank of India is thus complete in all respects as required by law. It clearly shows that the Respondent/FSP is in default of a debt due and payable and the default is more than the minimum amount as stipulated under section 4(1) of the Code. The default stands established and there is no reason to deny the admission of the Petition. Therefore, this Adjudicating Authority hereby admits this Petition and orders as follows: a. The Petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry is hereby directed to communicate this Order to the Petitioner/ Reserve Bank of India and the Administrator by Speed Post, e-mail immediately. h. Additionally, the Administrator shall serve a copy of this Order on the Registrar of Companies, Mumbai by all available means for updating the Master Data of the Financial Service Provider. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court within seven days from the date of receipt of a copy of this order. 15. CP(IB)-1231/MB/2021 to come up on 21.02.2022 for filing the progress report. 16. Certified copy of this order be issued, if applied for, upon compliance with all requisite formalities. - - TaxTMI - TMITax - Insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X
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