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TMI Blog2022 (5) TMI 801X X X X Extracts X X X X X X X X Extracts X X X X ..... in the petition is due towards the petitioner due to its incapacity to pay the liability. The application filed in the prescribed Form No. 1 is found to be complete. Another condition is that there are no disciplinary proceedings pending against proposed Resolution Professional. In the present case, in Part III of Form 1, Mr. Prem Kumar Garg has been proposed as Interim Resolution Professional. The petitioner proved the debt and the default, which is more than threshold limit of one crore - the present petition being complete and having established the default in payment of the Financial Debt for the default amount being above threshold limit, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. Petition admitted - moratorium declared. - CP (IB) No. 169/Chd/Pb/2021 - - - Dated:- 26-4-2022 - Harnam Singh Thakur, Member (J) And Subrata Kumar Dash, Member (T) For the Appellant : Manish Jain, Advocate For the Respondents : Akaant Kumar Mittal, Advocate JUDGMENT Harnam Singh Thakur, Member (J) 1. The present petition has been filed under Section 7 of the Insolvency and Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat Applicant-Guarantors were apprehensive of the coercive action of SBI. Thus, Applicant-Financial Creditors mutually agreed to settle the loan account on behalf of the CD with SBI and in this regard also met the officials of SBI at different intervals of time and offered settlement proposals. 3.5 In reference to above communications, the Applicant wrote a letter dated 17.03.2018 to SBI, whereby he offered an amount of Rs. 7.35 crores as full and final settlement of Corporate Debtor loan account (Annexure-9 of the petition). Accordingly, Guarantors of Corporate Debtor unanimously authorized the Applicant as their representative vide a Letter of Undertaking/Authorisation Letter dated 17.03.2018 (Annexure -11 of the petition). 3.6 It is contended that SBI vide its letter dated 21.03.2018 accepted the above proposal of Rs. 7.35 crores (Annexure - 12 of the petition) In view of the same SBI issued a 'No Dues Certificate' dated 09.05.2018, and closed the account of the Corporate Debtor (Annexure - 13 of the petition). Thereafter, SBI vide its letter dated 16.05.2018 handed over the possession of property of Corporate Debtor to the Applicant (Annexure - 14 of the petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application. 10. The issue for consideration is whether the present application is filed within limitation. It can be seen from the records that in the present case, the occurrence of default is evidenced by the copy of the undertaking by the corporate debtor and the account statement of the Petitioner/Applicant and the same are attached as Annexure-11 and Annexure-19 20 respectively of the petition. Therefore, the present petition is filed within limitation. 11. Another issue for consideration is whether there is default in payment or not. As per Section 7 of IBC which is reproduced below:- Section 7 Initiation of corporate insolvency resolution process by financial creditor. (1) A financial creditor either by itself or jointly with [other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government,] may file an application for init ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion filed in the prescribed Form No. 1 is found to be complete. Another condition is that there are no disciplinary proceedings pending against proposed Resolution Professional. In the present case, in Part III of Form 1, Mr. Prem Kumar Garg has been proposed as Interim Resolution Professional. 13. The Law Research Associate of this Tribunal has checked the credentials of Mr. Prem Kumar Garg, and there is nothing adverse against him. In view of the above, we appoint Mr. Prem Kumar Garg, Registration No. IBBI/IPA-001/IP-P00346/2017-18/10647, R/o SCO-2461, Sector 22C, Chandigarh - 160022, Email: [email protected], Mobile No. 9872420001, +911724652400 the Interim Resolution Professional. The IRP is directed to take the steps as mandated under the IBC, specially under Sections 15, 17, 18, 20 and 21 of IBC, 2016. 14. In the given facts and circumstances, the present petition being complete and having established the default in payment of the Financial Debt for the default amount being above threshold limit, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. Accordingly, the petitioner proved ..... X X X X Extracts X X X X X X X X Extracts X X X X
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