9911796707
TMI Blog2022 (1) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... P (IB) No.806/MB-IV/2021 - - - Dated:- 7-1-2022 - Mr. Rajesh Sharma Hon ble Member (Technical) And Mr. Kishore Vemulapalli Hon ble Member (Judicial) For the Petitioner : Mr. Naushar Kohli a/w Ms. Anjali Trivedi and Jyoti Muley Advocate For the Respondent : Mr.Laxman Shahpur,Advocate ORDER Per: Rajesh Sharma, Member (Technical) 1. This is a company petition filed u/s 7 of IBC, 2016 by Amit Punjabi (Financial Creditor), seeking to initiate CIRP against GAMBS INDIA PRIVATE LIMITED (Corporate Debtor). The financial Creditor claiming to be in default a sum of ₹ 1,85,19,027/- inclusive of interest of 17% p.a. as on 22.07.2021. The date of default is 1st April,2021. 2. The Corporate Debtor is a private limited company incorporated on 24.02.1982 under the companies Act,1965 with Register of companies (RoC), Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U45200MH1982PTC026441. Its registered office at CTS No.714 F, Plot No.508, Near National College, V.P. Road, Bandra (WEST), Mumbai Therefore, this bench has jurisdiction to deal with this petition. 3. The case of Financial Creditors is as follows: a) The Financial creditor submits that, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 02.08.2013 9,00,000/- TOTAL 24,00,000/- d) The Financial creditor submits that, the said ₹ 96,25,000/- being the Principal Amount outstanding, loan of ₹ 80,25,000/- (Rs. Eighty Lakhs Twenty-Five Thousand Only) was lent at the compound interest rate of 17% p.a. to be paid on the Quarterly basis, whereas loan of ₹ 16,00,000/- was lent at the interest rate of 12% p.a. compounded basis. The Corporate Debtor has paid periodically interest till 14th February 2016 and thereafter the Corporate Debtor has failed to make any payment. e) The Financial Creditor Submits that, reminder letters dated 20.02.2018 and 1.03.2018 requesting for the Repayment of loan along with interest was due since 15.02.2016 which was given to the Corporate Debtor. f) The Financial Creditor Submits that, a letter dated 3.03.2018 informing the Financial Creditor that Corporate Debtor has sent all the details to the CA for checking and verifying the same as it pertains to period before the fire took place in the Company s office premises. On receiving the info ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate Debtor will secure the payment of dues to the Financial Creditors. n) The Financial Creditor Submits that, Agreement for Repayment of Loan dated 7.10.2020 executed between the Corporate Debtor and Financial Creditor annexed and marked as Annexure F of the Company Petition. o) The Financial Creditor has proposed Mr. Saket Shantilal Jain, an Insolvency Professional registered with Indian Institute of Insolvency Professionals of ICAI having registration number IBBI/IPA-001/IP-P00065/2017-2018/10151. He is appointed as IRP for conducting CIRP of the Corporate Debtor. 4. The case of Corporate Debtor is as follows: a. Corporate Debtor submits that, the financial Creditor have invested money in the Corporate Debtors Company for development of Commercial premises i.e. Gambs House situated at, CTS No. F/714, Linking Road, Bandra (West), Mumbai-400050. b. Corporate Debtor submits that, the said Commercial premises was constructed and was ready for occupancy and in between in the 2016 caught fire and major building premises was burnt. The amount was to be repaid for the sale of the premises as the company has only one Asset i.e. the present building. The present ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n on record against the application filed for initiation of CIRP against the corporate debtor. The debt and default is constituted, and default amount is more than the threshold amount. Hence, the application filed by the Financial Creditor is complete in all respect. 15. Financial Creditor has proposed Mr. Saket Shantilal Jain, an Insolvency Professional registered with Indian Institute of Insolvency Professionals of ICAI having registration number IBBI/IPA-001/IP-P00065/2017-2018/10151. He is appointed as IRP for conducting CIRP of the Corporate Debtor. ORDER This Application being C.P. (IB) No. 806/NCLT/MB/C-IV/2021 filed under Section 7 of I B Code, 2016, presented by Amit Punjabi, Financial Creditor/ Applicant against GAMBS India Private Limited, Corporate Debtor for initiating corporate insolvency resolution process is admitted. We further declare moratorium u/s 14 of I B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
