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TMI Blog2022 (3) TMI 755X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the Petition. In view of the above, the facts and present Petition reveals that the Corporate Debtor has admitted the debt and the same is due and payable. The application made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) 110/MB/C-II/2022 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncipal and interest. 5. The Financial Creditor on 19.08.2019 and 05.01.2020 duly served to the said Corporate Debtor, a reminder letter calling upon the Corporate Debtor to pay to Petitioners the outstanding loan amount. Copy of Notices are annexed as Exhibit - 6 7 to the Petition. 6. The total amount of debt as on the date of filing this Application including interest is ₹ 2,18,30,760/- (Rupees Two Crores eighteen lakhs thirty thousand seven hundred and sixty only) dated of default was 13.05.2019. Submissions made by the Advocate of Corporate Debtor by way of Affidavit in Reply: 7. The Corporate Debtor does not dispute the liability and the balance confirmation given. However, the Corporate Debtor submits that the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 12. It is, accordingly, hereby ordered as follows:- (a) The petition bearing CP (IB) 110/MB/C-II/2022 filed by Cash Ur Drive Marketing Private Limited, the Financial Creditor, under section 7 of the IBC read with rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lator; (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr. Prakash Dattatraya Naringrekar, Registration No. IBBI/IPA-002/IP-N00270/2017-2018/10783, having address at 503-A, Blue Diamond CHS Ltd., Chincholi Bunder/Link Ro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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