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TMI Blog2022 (5) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... is inclined to admit this application and initiate the process of CIRP of the Corporate Debtor. The financial Creditor has also proposed the name of the Resolution Professional for appointment of IRP. Application admitted - moratorium declared. - IB-761/ND/2021 - - - Dated:- 13-5-2022 - Bachu Venkat Balaram Das, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Arun Aggarwal, Adv. ORDER Bachu Venkat Balaram Das, Member (J) 1. This is an application filed by the Financial Creditors namely, M/s. Om Telecom Logistics Pvt. Ltd. against the corporate debtor namely, M/s. MKY Constructions Pvt. Ltd. under section 7 of the IBC, 2016 read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan amount with interest, the Corporate Debtor put their assets as security along with personal guarantees of the directors. c. It is further submitted that the resolution passed in the meeting of the board of directors on 01.10.2015 at the registered office of the Corporate Debtor and it was resolved that the Corporate Debtor authorised Mr. Tarun Aggarwal, Managing Director of the company do avail financial assistance facilities and borrow by way of Inter Corporate Deposit to the extent of Rs. 1,00,00,000/- for a period of 3 months from the Financial Creditor. It is stated that the Financial creditor has transferred the loan amounting to Rs. 1,00,00,000/- in the account of the Corporate Debtor vide RTGS no. BRN-RTGS-UTIBHI5274055220 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 1,52,50,000/- (Principal Amount-Rs. 1,00,00,000/- and interest @ 15%-Rs. 52,50,000). Hence, the present petition. 3. The Corporate Debtor has been provided with several opportunities for filing the vakalatnama and reply, however, there is no reply filed, therefore, the Corporate Debtor is set ex-parte vide order dated 27.04.2022, the relevant extract of the order is as follows: Counsel for the Financial Creditor is present. No one is present on behalf of the Corporate Debtor. The Counsel has taken us through the petition which seeks the initiation of the insolvency process against the Corporate Debtor under Section 7 of IBC, 2016. The Counsel has taken us through the proof of service of present petition upon the Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rocess of CIRP of the Corporate Debtor. The financial Creditor has also proposed the name of the Resolution Professional for appointment of IRP. 6. Mr. Reetesh Kumar Agarwal having Regn. No. - IBBI/IPA-001/IP-P00878/2017-18/11475 (Email ID [email protected]) is hereby appointed as IRP as has been proposed by the Financial Creditor. There is no disciplinary proceeding pending against the IRP as evident from the Form-2 dated 04.12.2021. The IRP is directed to take charge of the Respondent Corporate Debtor's management immediately. He is also directed to cause public announcement under section 15 of the IBC, 2016, within three days from date of receiving the copy of this order and call for submissions of claim in the manner as presc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the management of the Corporate Debtor shall extend all assistance and cooperation to the IRP as stipulated under section 19 for discharging his function under section 20 of the IBC, 2016. 10. The financial Creditor is directed to send the copy of this order to the IRP with immediate effect, so that he could take charge of the Corporate Debtor's assets etc., and make compliance with this order as per the provisions of IBC, 2016. 11. The financial Creditor is directed to communicate this Order to the IRP and the Corporate Debtor with immediate effect. 12. The Registry is directed to send a copy of this order to the Registrar of Companies concerned for updating the status of Corporate Debtor on the MCA-21 site of Ministry of Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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