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TMI Blog2022 (5) TMI 655X X X X Extracts X X X X X X X X Extracts X X X X ..... re of this fact, could have approached the competent constitutional courts to obtain clear-cut directions on the fate of application was filed by the Financial Creditor. This has not been done. There is nothing in the intervention petition that inhibits us from hearing the present section 7 petition - CIRP proceedings need not be stayed - application dismissed. Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - NPA - charge created against the mortgage of properties of the Corporate Debtor - Financial Creditors - existence of debt and dispute or not - HELD THAT:- Considering the agreement entered into between the parties, the statements annexed for payment due as well as the OTS pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said writ petition, which effectively ensured that the security interest of the financial creditors had been made subservient to the farmers' interest. 3. We pointed out to the Ld. Counsel appearing for the Applicant that the order only places the farmers' interest above that of the secured creditors. We asked the Ld. Counsel to show us any judgment that would have the effect of interdicting the proceedings under section 7 of the Insolvency & Bankruptcy Code, 2016 ("the Code"). At this, the Ld. Counsel kept insisting that the order passed by the Hon'ble Allahabad High Court effectively ensures only that, and that therefore the Bench should not proceed to pass orders on the petition until the farmers' dues were s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority) Rules, 2016 by Punjab National Bank (hereinafter referred as the Financial Creditor), seeking initiation of Corporate Insolvency Resolution Process (CIRP) in respect of the Kanoria Sugar and General Manufacturing Company Limited (hereinafter referred as the Corporate Debtor). Facts of the case: 7. The facts, in brief, are that the Financial Creditor has provided credit facilities i.e., term loans, overdraft facilities and cash credit facilities to the Corporate Debtor. In pursuance of the two agreements dated 01.02.2016 and 29.12.2017 entered into between the financial creditor and the corporate debtor, the applicant increased the financial assistance to the corporate debtor to Rs. 80.80 crore from Rs. 75.82 crore. A charge was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... & Conclusion 11. We have considered the submissions made on behalf of the Financial Creditor and material on record. Having discussed this aspect and considering the agreement entered into between the parties, the statements annexed for payment due as well as the OTS proposal wherein the corporate debtor has placed for restructuring the loan amount, thus admitting the debt. Thus, we hold that there is a debt which is due and payable both in law and in fact and default has occurred within the meaning of provisions of section 7 of IBC, 2016. 12. The Financial Creditor has proposed the name of Shravan Kumar Vishnoi [Reg. No. IBBI/IPA-002/IP-N00040/2016-2017/10079] to be appointed as Interim Resolution Professional (IRP). There exists no mate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . AA2/10079/02/081122/201499, to act as the IRP under Section 13(1)(c) of the Code is hereby appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the Code. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the Code. vi) During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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