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TMI Blog2022 (3) TMI 1109X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the repayment of loan amount. It is thus seen that the requirement of sub-section 5 (a) of Section 7 of the code stands satisfied as default has occurred, the present application filed under Section 7 is complete, and as no disciplinary proceeding against the proposed IRP is pending - It is pertinent to mention here that the Code requires the adjudicating authority to only ascertain and record satisfaction in a summary adjudication as to the occurrence of default before admitting the application. The material on record clearly goes to show that respondent had availed the credit facilities and has committed default in repayment of the outstanding loan amount. The present application is complete in all respects and the applicant fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity Partnership Act, 2008. That the Financial Creditor, M/s. Capital Finance and Investments LLP, served the Corporate Debtor a demand letter for the repayment of the concerned loan amount of ₹ 21,83,000/- along with three years interest accrued on the same @ 10 percent per annum amounting ₹ 6,54,301/-. The total amount due against M/s. Shri Krishna Prasadam Limited was ₹ 28,37,301/- as on 04.10.2019. Reminder to the same was also forwarded to the Corporate Debtor on 10.01.2020. That the Financial Creditor issued a legal notice for recalling of the loan and repayment of the loan amount with the interest accrued on the same which amounted to ₹ 29,28,210/- including principal loan amount of ₹ 21,83000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of principal loan amount with interest. Reminder letter with respect to first demand letter was issued on 10-01-2020. That legal notice through counsel for the payment of total due amount till 04-05-2020 was issued on 04-03-2020. Total amount with interest due on that date was ₹ 29,28,210/-. That cause of action against the Corporate Debtor arose on 04.10.2019 when contracted term of loan for 03 years got over and no amount was paid by the Corporate Debtor. Hence, it becomes a continuing offence and cause of action arises on every single day That in between, Ministry of Corporate Affairs, Govt. of India vide notification no. S.O. 1205, dated 24-03-2020, enhanced the minimum amount of default from ₹ 1 lac to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e entire matter, hearing the arguments of the parties and upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect. 10. Sub-section (3)(b) of Section 7 mandates the financial creditor to furnish the name of an Interim Resolution Professional. In compliance thereof the applicant has proposed the name of Mr. Jaswant Singh, for appointment as Interim Resolution Professional having registration number IBBI/IPA-002/IP-N00372/2017-18/11135. Mr. Jaswant Singh has agreed to accept the appointment as the Interim Resolution Professional and has signed a communication in Form 2 in terms of Rule 9(1) of the Insolvency and Bankrup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of 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. 17. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14(1)(a), (b), (c) (d) of the Code. Thus, the following prohibitions are imposed: (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the 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 an appropriate order. The Interim Resolution Professional shall be under duty to prote ..... X X X X Extracts X X X X X X X X Extracts X X X X
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