9911796707
TMI Blog2022 (3) TMI 1109X X X X Extracts X X X X X X X X Extracts X X X X ..... he Respondent in settling an amount of Rs. 29,28,210/- (Rupees Twenty Nine Lakhs Twenty Eight Thousand Two Hundred Ten Only) as on 04.03.2020. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: * That a loan agreement was executed between Capital Finance and Investments, partnership firm and M/s. Shri Krishna Prasadam Limited and total advanced amount of Rs. 21,83000/- was given to M/s. Shri Krishna Prasadam Limited at an interest rate of ten percent per annum. * That the Financial Creditor M/s. Capital Finance and Investments LLP, was earlier a partnership firm named as Capital Finance and Investments and was later converted into LLP named as M/s. Capital Finance and Invest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled by the Financial Creditor. 2. Despite several notices to the Corporate Debtor, no one was present on behalf of the Corporate Debtor on any of the dates of the hearing and hence the Corporate Debtor was set ex-parte vide order dated 16.11.2021. 3. The counsel for the Financial Creditor presented his arguments and also his written submissions. 4. The Counsel for the Financial Creditor has further stated in his written submissions that: * That a loan agreement took place between Financial Creditor and Corporate Debtor on 05-10-2016 for a term of three years, having rate of interest @ 10% per annum. First demand letter was issued on 04-10-2019 when the term of three years got over by the Financial Creditor for the payment of principal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plain reading of the provision under section 7 of IBC and decision (supra) shows that in order to initiate CIRP under Section 7 the applicant is required to establish that there is a financial debt and that a default has been committed in respect of that financial debt. 7. Vide daily order dated 16.11.2021, it has been noted that the Corporate Debtor has been set ex-parte. 8. In the light of the aforesaid facts, we find that the documents submitted by the Financial Creditor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has indebted and defaulted the repayment of loan amount. 9. In light of the above discussion, after giving careful consideration to the entire matter, hearing the arguments of the partie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd clearly goes to show that respondent had availed the credit facilities and has committed default in repayment of the outstanding loan amount. 13. We are satisfied that the present application is complete in all respects and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt. 14. As a sequel to the above discussion and in terms of Section 7(5)(a) of the Code, the present application is admitted. 15. Mr. Jaswant Singh, having registration number IBBI/IPA-002/IP-N00372/2017-18/11135 is appointed as an Interim Resolution Professional. 16. In pursuance of Section 13(2) of the Code, we direct that public announcement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14(3)(b) of the Code. 19. The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, Rules and Regulations. It is further made clear that all the personnel connected with the Corporate Debtor, its ..... X X X X Extracts X X X X X X X X Extracts X X X X
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