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TMI Blog2022 (4) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... s default by the Corporate Debtor in payment of debt amount. Therefore, there are no objection on record against the application filed for initiation of CIRP against the corporate debtor. Hence, the Application filed by the Financial Creditor is liable to be admitted. The application is complete and has been filed under the proper form. The debt amount is more than Rupees One Lakh and default of the Corporate Debtor has been established - application admitted - moratorium declared. - CP (IB) No. 4479/MB-IV/2019 - - - Dated:- 12-4-2022 - Rajesh Sharma, Member (T) And Kishore Vemulapalli, Member (J) For the Appellant : Nishant Rana, Advocate For the Respondents : Prashant Bare i/b Bare Legal Chamber, Advocate ORDER K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received by the Financial Creditor against interest is on 06.10.2016. Thereafter, the Financial Creditor has not received any payment towards the interest. d) The Account of the Corporate Debtor turned NPA on 31.03.2018. The Financial Creditor addressed letter dated 03.07.2018 for demanding pending dues amount. The Corporate Debtor addressed letter dated 16.07.2018 to the letter dated 03.07.2018 stating that the Corporate Debtor will start to make payment after 3-4 months. e) Thereafter, the Financial Creditor addressed letter dated 14.12.2018 with the reference to letter dated 16.07.2018 addressed by the Corporate Debtor for demanding pending dues amount. The Financial Creditor has addressed various letters dated 27.04.2018, 03.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year 2011. The Corporate Debtor had received loan sanctioned from SIDBI. d) The Corporate Debtor was going well and making profit. However, due to sudden and rampant changes in technologies and faced with severe competition, the Corporate Debtor had started making huge loss. Thereafter, immediately in the year 2013, the Corporate Debtor appointed financial consultant to revive the Corporate Debtor. However, there was no scope for revival of the Corporate Debtor. e) In and around 2014 accounts of the Corporate Debtor with IDBI Bank and SIDBI were classified as NPA. Thereafter, litigations have been started with IDBI and SIDBI. f) The Corporate Debtor is not in a position to repay loan amount of Financial Creditors and the inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no reason to deny the Petition under section 7 filed by the Financial Creditor to initiate the CIRP against the Corporate Debtor as the Corporate Debtor himself has admitted its liability. 10. On perusal of the documents submitted by the Applicant, it is clear that financial debt amounting to more than ₹ 1,00,000/- (Rupees One Lakh Only) is due and payable by the Corporate Debtor to the Applicant. There is default by the Corporate Debtor in payment of debt amount. Therefore, we do not have any objection on record against the application filed for initiation of CIRP against the corporate debtor. Hence, the Application filed by the Financial Creditor is liable to be admitted. 11. The application is complete and has been filed und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncluding any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. II. That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. III. That the provisions of sub-section (1) of Section 14 of I B Code shall not apply to a. such transactions as may be notified by the Central Government in consultation with any financial sector regulator; b. a surety in a contract of guarantee to a Corporate Debtor. IV. That the o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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