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TMI Blog2021 (3) TMI 1304X X X X Extracts X X X X X X X X Extracts X X X X ..... the Insolvency & Bankruptcy Code, 2016, r.w. Rule 4 of the Insolvency & Bankruptcy Code, 2016, to start Corporate Insolvency Resolution Process (hereinafter referred to as the 'CIRP') against the Kingston Paptech Pvt. Ltd.,- the Corporate Debtor, on the ground that, it has committed a default in paying the financial debt of Rs. 37,10,972/-. The date of default is stated to be 14-07-2015. 2. The Financial Creditor stated that by two separate RTGS it has given loan of Rs. 52,50,000/- to the Corporate Debtor to be payable on demand. 3. On 14.07.2015, the Corporate Debtor to paid sum of Rs. 37,10,972/- remaining balance amount of Rs. 22,50,000/- + interest to be unpaid and committed default in paying the Financial debt, hence, the Appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concern cannot be filed an application under IBC 2016. However, now Hon'ble NCLAT in the case of Neeta Saha v. Ram Niwas Gupta 191(IBC)156/2020 has held that Proprietary concern being creditor can initiate Corporate Insolvency Resolution Process against the Corporate Debtor, so this technical defence is not maintainable. Another defence taken was that the Certificate of Information Utility is not produced, however, law does not mandate to produce such Certificate, law requires from the Financial Creditor to produce evidence of the debt and default by the Corporate Debtor, where in this case evidence is produced. hence, this technical defence is also not maintainable. 8. In view of the evidence on record, we conclude that Financial Credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002: (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 2. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under subsection (1) of the Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolvency & Bankruptcy Code, 2016, as the case may be. 3. The Financial Creditor has proposed the name of the Interim Resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Insolvency & Bankruptcy Code, 2016. The Financial Creditor is directed to pay an advance of Rs. 2,00,000/- (Rupees Two Lacs only) to the IRP within two weeks from the date of this order for the purpose of smooth conduct of Corporate Insolvency Resolution Process (CIRP) and IRP to file proof of receipt of such amount to this Adjudicating Authority alongwith First Progress Report. 8. The Registry is directed to communicate a copy of this order to the Financial Creditor, Corporate Debtor and to the Interim Resolution Professional and the concerned Registrar of Companies, after completion of necessary formalities forthwith and upload the same on webs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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