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TMI Blog2022 (2) TMI 834X X X X Extracts X X X X X X X X Extracts X X X X ..... de, the moment default is of Rupees one lakh or more, the application to trigger Corporate Insolvency Resolution Process under the Code is maintainable. The corporate debtor has failed to show that there is no debt or default in existence so as to avoid the provisions of the Code. In the facts it is seen that the applicant clearly comes within the definition of Financial Creditor. The material placed on record further confirms that respondent has committed default in repayment of the outstanding financial debt. On a bare perusal of Form - I filed under Section 7 of the Code read with Rule 4 of the Rules shows that the form is complete and there is no infirmity in the same, he evidence produced by the applicant company remained un-rebutted - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent Company M/s. Evo Green Trading Pvt. Ltd. (CIN No. U74140DL2008PTC182908) against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 05.09.2008 having its registered office situated at 1/5, W.H.S. Kirti Nagar, New Delhi-110015. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code. 4. Precisely the case of the applicants is that the corporate debtor had availed financial facility from the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d under Section 7 of the Code read with Rule 4 of the Rules shows that the form is complete and there is no infirmity in the same, he evidence produced by the applicant company remained un-rebutted. 8. We are satisfied that the present application is complete in all respect and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt. 9. As a sequel to the above discussion and in terms of Section 7(5)(a) of the Code, the present application is admitted. 10. Sub-section (3)(b) of Section 7 mandates the financial creditor to furnish the name of an Interim Resolution Professional. In compliance thereof the applicant has pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on under Section 7 of the Insolvency & Bankruptcy Code, 2016. 13. We direct the applicant Financial Creditor to deposit a sum of ₹ 2 Lakhs with the Interim Resolution Professional namely Mr. Kamal Agarwal to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the Financial Creditor. The said amount however be subject to adjustment towards Resolution Process cost as per applicable rules. 14. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Section 14(3)(b) of the Code. 16. The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, Rules and Regulations. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the day to day affairs of the 'Corporate Debtor'. In case there is any vi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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