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TMI Blog2021 (2) TMI 1266X X X X Extracts X X X X X X X X Extracts X X X X ..... rayer to trigger Corporate Insolvency Resolution Process in respect of respondent Company RS Builtwell Private Limited referred to as the corporate debtor. 2. The Respondent Company RS Builtwell Private Limited against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 24.06.2003 having its registered office at G-74, First Floor, Right Side Shaheen Bagh, Abdul Fazak Enclave, Part-II, Jamia Nagar, New Delhi. 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 co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent Corporate Debtor under the Code. 7. The applicant has proposed the name of Mr. Arun Gajwani, for appointment as Interim Resolution Professional having registration number IBBI / IPA-002 / IP-00528/ 2017-18 / 11724 resident of B-572, Sainik Colony, Sector-49, Faridabad-121001 with email - id [email protected]. Mr. Arun Gajwani has agreed to accept the appointment as the interim resolution professional and has signed a communication in Form 2 in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. Accordingly, he satisfies t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 09 the Corporate Debtor again sought for restructuring the payment instalments and on 30.06.2009 an agreement was executed between the Corporate Debtor and the Applicant Bank. As there was default of repayment, on 28.10.2010, Applicant bank issued Notice under Section 13(2) of the SARFAESI Act, 2002 to thee Corporate Debtor and demanded the entire outstanding amount i.e. Rs. 7,64,52,372.57 which includes Principal, Interest and other charges up to 30.09.2010. That on 24.02.2015 the Applicant Bank issued Possession Notice under Section 13(4) of SARFAESI Act, 2002 to the Corporate Debtor regarding the Immovable Property bearing No. Plot No. F-406, RHO-1, Sector-36, District Gautam Budh Nagar, Greater Noida, UP which has been charged to the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with pendentelite interest and future interest @ 17.95% P.A. compounded monthly till its realization. 11. On the ground that huge amounts are outstanding, it is claimed that the respondent has become commercially insolvent and accordingly it is prayed for initiation of corporate insolvency resolution process against the respondent company by admitting the present application. 12. It is pertinent to mention here that the scheme of the Code provides for triggering the insolvency resolution process by three categories of persons namely, a) Financial creditor b) Operational creditor, and c) Corporate debtor itself. 13. The procedure in relation to the Initiation of Corporate Insolvency Resolution Process by the "Financial Creditor" is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 'I&B Code'. iii. Also the action taken under Section 13(2) of the 'SARFAESI Act, 2002' cannot be counted for the purpose of exclusion of the period of limitation under Section 14(2) of the Limitation Act, 1963. iv. In an application under Section 7 relief is sought for resolution of a 'Corporate Debtor' or liquidation on failure. It is not a money claim or suit. Therefore, no benefit can be given to any person under Section 14(2), till it is shown that the application under Section 7 was prosecuting with due diligence in a court of first instance or of appeal or revision which has no jurisdiction." 16. In the light of the aforementioned decision passed by Hon'ble NCLAT when we shall consider the case in h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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