9911796707
TMI Blog2022 (3) TMI 559X X X X Extracts X X X X X X X X Extracts X X X X ..... stated in the paras above further confirms that respondent has debt due and has committed default in repayment of the outstanding financial debt. On a 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. It is also seen that there is no disciplinary proceeding pending against the proposed Interim Resolution Professional - the present application is complete in all respect. The applicant financial creditor is entitled to move the application against the corporate debtor in view of admitted outstanding financial debt and default of the same by the corporate debtor. The default in repayment of the financial debt is not refuted by the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vency Resolution Process has been prayed for was incorporated on 07.02.1995 having its registered office situated at 23/26, Third Floor, East Patel Nagar, Delhi-110008. 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. 5. The case of the applicant precisely is that the corporate debtor had availed financial facility from the financial creditor, Design Plus Architecture by way of loan agreement dated 01.04.2019. 6. It is the case of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : i. Copy of loan agreement dated 01.04.2019. ii. Copy of the bank statements of financial creditor and corporate debtor reflecting payment and receipt of loan amount. iii. Copy of correspondence made between corporate debtor and Applicant with respect to the loan sanctioned. 9. Notice by the Authority was issued to which the Corporate Debtor has filled his reply stating therein that they had intentions to repay the loan as per schedule 1 of the loan agreement but could not do the same due to want of proper and healthy finances that occurred upon. Even the Corporate Debtor has itself acknowledge committing default in repayment of loan. 10. Needless to say, that an application under Section 7 of the Code is maintainable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of the Insolvency Bankruptcy Code, 2016. 16. We direct the applicant Financial Creditor to deposit a sum of ₹ 2 Lakhs with the Interim Resolution Professional namely Mr. Sanjay Garg 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 recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else, the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing a appropriate orders. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Cod ..... X X X X Extracts X X X X X X X X Extracts X X X X
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