9911796707
TMI Blog2022 (3) TMI 817X X X X Extracts X X X X X X X X Extracts X X X X ..... parte on 21.02.2022. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application - the default of the corporate debtor is subsisting continuing till date. Hence, the application was filed within the period and is not barred by limitation. The present application is complete and the Applicant is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, establishing the default in payment of the financial debt, beyond doubt - the present application is admitted, in terms of section 7(5) of IBC, 2016 - moratorium declared. - Company Petition No. IB-113/ND/2021 - - - Dated:- 10-3-2022 - Bachu Venkat Balaram Das, Member (J) An ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 105,00,00,000 was disbursed to the Corporate Debtor and a second disbursal of ₹ 45,00,00,000/- was made to the Corporate Debtor. The Corporate Debtor redeemed 50,00,000 debentures aggregating to INR 50,00,00,000/-. 4. The Applicant submits that the first default of the Corporate Debtor occurred in payment of interest for quarter ending 31.03.2016. Thereafter, various defaults occurred in payment of interest for quarters ending 30.06.2016, 30.09.2016, 31.12.2016, 31.03.2017. The Corporate Debtor continued to default in payment of interest, and on 31.07.2017 the Corporate Debtor failed to redeem the Outstanding Debentures in terms of Article 11.1 and Annexure 5 to the DSA. Therefore, when Corporate Debtor failed to fulfil its o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... executed by Ansal API. 7. The Applicant/Financial Creditor sought certain relevant status and documents concerning the project of the Corporate Debtor. Materially, the Corporate Debtor was also requested to provide its business plan. However, the Corporate Debtor has unequivocally stated that it suffers from paucity of funds. 8. The Applicant/Financial Creditor under instructions from SREI, issued a letter of demand asking the Corporate Debtor and both the personal guarantors to make good the outstanding payments by 31.08.2020. 9. The Applicant submits that as on date, the Corporate Debtor is liable to pay a sum of ₹ 288,22,95,200/-, which is in default and is due payable by the corporate debtor to the Applicant/Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... named who may act as an IRP in relation to the CIRP of the Respondent and specific consent is filed in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 and makes disclosures as required under IBBI (insolvency Resolution Process for Corporate Persons) Regulations, 2016 within a period of one week from the date of this order. 16. We direct the Financial Creditor to deposit a sum of ₹ 2 lacs with the Interim Resolution Professional namely, Mr. Rajesh Ramnani to meet out the expense 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 sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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