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TMI Blog2022 (6) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... plete. A default has occurred, and debt has remained unpaid. Accordingly, the application is admitted and CIRP is ordered to be initiated against the CD. Petition admitted - moratorium declared. - CP- IB-231(PB)/2022 - - - Dated:- 13-5-2022 - R. Sudhakar, J. (President) And Avinash K. Srivastava, Member (T) For the Appellant : Krishnendu Datta, Senior Adv., Sandeep Das, Siddharth Sharma, Mehak Khurana and Aishwarya Singh ORDER Avinash K. Srivastava, Member (T) 1. This is an application, filed and registered on 24.03.2022, by the financial Creditor namely M/s. Religare Comtrade Limited [Petitioner], under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), r/w Rule 4 of the Insolvency and Bankruptcy (Applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the debt due and payable as on 08.01.2021, however in the present case the date of default is 13.10.2018, in terms of the 8th (last] Moll and the period of limitation would expire on 12.10.2021. 7. However, the Ld. Counsel for the Petitioner is supported by the Hon'ble Supreme Court's vide order dated 10.01.2022 In Re: Cognizance for Extension of Limitation [Suo Motu Writ Petition (C) 3 of 2020] where the apex court directed the exclusion of the period from 15.03.2020 till 28.02.2022 for the purposes of calculating limitation. The relevant extracts of the order is reproduced below: I. The order dated 23.03.2020 is restored and in continuation of the subsequent orders dated 08.03.2021, 27.04.2021 and 23.09.2021, it is directed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oventive Industries Ltd. Vs. ICICI Bank and Anr. (2018) 1 SCC 407, which clearly held that: The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the application to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. 30. On the other hand, as we have seen, in the case of a corporate debtor who commits a default of financial debt, the adjudicating authority has merely to see the records of the information utility, or other evidence produced by the financial creditor to satisfy itself that a default has occurred. It is of no matter that the debt is disputed so, long as the debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s per the requirement of the IBBI Regulations. Accordingly, he satisfies the requirement of Section 7 (3) (b) of the Code. Hence, we appoint Mr. Gautam Singhal as the IRP of the Corporate Debtor. 14. In pursuance of Section 13(2) of the Code, we direct the IRP to make public announcement immediately with regard to admission of this application under Section 7 of the Code. The expression 'immediately' means within three days as clarified by Explanation to Regulation 6[1] of the IBBI (Insolvency Resolution Process for Corporate Persons] Regulations, 2016. 15. As a consequence of the application being admitted, moratorium as envisaged under the provisions of Section 14(1) shall follow. However, during the pendency of the moratori ..... X X X X Extracts X X X X X X X X Extracts X X X X
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