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TMI Blog2022 (3) TMI 863X X X X Extracts X X X X X X X X Extracts X X X X ..... ity Rules), for initiating the Corporate Resolution Process (CIRP), declaring moratorium and for appointment of Interim Resolution Process (IRP), against the Corporate Debtor viz., M/s. Swati Health & Education Services Private Limited (Corporate Debtor), for default in repayment of Rs. 6,18,29,477 (Rupees Six Crore Eighteen Lakh Twenty Nine Thousand Four Hundred Seventy Seven Only) including interest. 2. It is averred that the Corporate Debtor had approached the Director of the financial Creditor for seeking loan facility to meet its urgent business financial commitments and on request, the Petitioner i.e., M/s. Eclear Leasing & Finance Private Limited gave an unsecured demand loan on 07.12.2016 of Rs. 5,50,00,000 (Rupees Five Crore Fifty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the Addendum to the MoU. The day to day operations of the Corporate Debtor were not looked into by Mr. Sanjiv Gupta, as he is merely a sleeping director since the incorporation of the Corporate Director. The Petitioner has taken the benefit out of the dispute between the Directors of the Corporate Debtor to obtain the documents which are part of the Application. The fact that Mr. Sanjiv Gupta was being duly authorized or not to sign the MoU, cannot be decided in the present proceedings. The Petitioner has relied on the letter dated 02.07.2018, however, the same is signed on the plain paper and not on the letter head of the Corporate Debtor, therefore, there is no proof of receipt of the same. 5. It is stated that the application is ti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, such a plea raised by the Corporate Debtor/Respondent has no legal basis. 8. It is submitted and tenable to hold that the date of default is 31.03.2019 and the application is filed on 31.10.2020, which is well within the period of limitation and not barred by law. 9. The registered office of corporate debtor is situated in Delhi and therefore, this Tribunal has jurisdiction to entertain and try this application. 10. The application is complete which is filed in the proforma prescribed under Rule 4 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of the IBC. From the narration as above, we are satisfied that a default has occurred, and the debt has remained unpaid. Thus, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... follow in relation to the Respondent prohibiting the respondent as per proviso (a) to (d) of section 14(1) of the IBC. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(3) of the IBC shall come in force. 14. We direct the Petitioner to deposit a sum of Rs. 2,00,000, with the Interim Resolution Professional Mr. Pawan Kumar Goyal, 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 Petitioner. The amount however, be subject to adjustment by the Committee of Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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