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TMI Blog2022 (4) TMI 996X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondents and no vakkalath has been filed. Thus, this Tribunal directed the Financial Creditor to issue fresh notice to the Corporate Debtor and the matter was adjourned to 19th January 2022 - The learned counsel for the Financial Creditor stated that the proof of publication has already been filed by him. However, the Corporate Debtor did not appear, and hence the Corporate Debtor was set ex-parte vide order dated 08th March 2022. In the absence of Corporate Debtor, reliance placed on Section 5 (7) and (8) of Insolvency and Bankruptcy Code, 2016 to satisfy the definition of Financial Creditor and Financial Debt. Further, reliance placed on Section 7 of the Code to determine whether the process for initiation of CIRP was followed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of ₹ 80,00,000/- (Rupees Eighty Lakh) to the Corporate Debtor, towards working capital requirements by way of sanction letter dated 07.08.2010 by executing cash credit agreement and other loan documents on 14.08.2010. As security towards the grant of credit facilities, the Corporate Debtor has mortgaged its land and factory and also hypothecated its stock actionable claims, moveable properties, book debts and other assets in favour of the Financial Creditor. Corporate Debtor also executed Demand Promissory Note for ₹ 80,00,000/- and the Directors of the Corporate Debtor have also executed a deed of personal guarantee guaranteeing the repayment of ₹ 80,00,000/- together with interest and other charges in the event of defa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther response nor payment was made by the Corporate Debtor, the Applicant issued notice under Section 13(4) of the SARFAESI Act on 30.08.2019 to take possession of the secured assets. 4. The Corporate Debtor is unable to pay its debt despite granting various opportunities. Hence, the present application has been filed by the Financial Creditor to initiate Corporate Insolvency Resolution Process against the Corporate Debtor. 5. This Application was filed on 19.10.2021 and notice was issued to the parties. When the matter was listed for admission on 30th November 2021 Adv. Peer Mohammed Khan appeared through Video Conferencing and stated that he represents the Corporate Debtor and has undertaken to file the vakkalath. He has also taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of Insolvency and Bankruptcy Code, 2016 to satisfy the definition of Financial Creditor and Financial Debt. Further, we relied on Section 7 of the Code to determine whether the process for initiation of CIRP was followed by the Operational Creditor or not. It also appears that the claim amount in this application is ₹ 1,08,58,311.16/- which satisfies the minimum requirement of ₹ 1 Crore to file an Insolvency Application. Therefore, in all counts, the instant Application deserves to be admitted. 7. In this case the applicants proposed the name of an Insolvency Professional Shri. Jasin Jose, and produced his written consent in Form 2 as per Sub Rule (1) of Rule 9 of Insolvency and Bankruptcy (Application to Adjudicating Autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he period of moratorium, the following are also to be strictly followed:- a. That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. b. That the provisions of Sub-Section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium against the Corporate Debtor shall have effect from the date of pronouncement of this order till the completion of the CIRP or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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