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TMI Blog2022 (6) TMI 480X X X X Extracts X X X X X X X X Extracts X X X X ..... ase, the occurrence of default is evidenced by the copy of the acknowledgement by the corporate debtor and the account statement of the Petitioner/Applicant and the same are attached as Annexure-6 and Annexure-A-5 A-10 respectively of the petition. The respondent-corporate debtor has also filed a reply wherein it has been admitted that there is default in respect of financial debt and amount mentioned in the petition is due towards the petitioner and shown its incapacity to pay the liability. The application filed in the prescribed Form No.1 is found to be complete. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re-3 of the petition. The Corporate Debtor is stated to be incorporated on 24.08.2011and is a doing the business in real estate. The company having its registered address at SCO No. 196-197, Ground Floor, Sector 34-A, Chandigarh-160022. Therefore, the jurisdiction lies with this Bench of the Tribunal. 3. Brief facts raising to the present Company Petition which are necessary for disposal of the same are narrated hereunder: 3.1 The corporate debtor in April 2021, through its directors approached the petitioner to secure a short-term loan of Rs. 3,25,00,000/- for a period of 2 months ( the Financial Debt ). 3.2 The petitioner on 12.05.2021 entered into a loan agreement with the corporate debtor (the Agreement ) (Annexure A4). 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an amount of Rs.3,25,00,000/- (principal). The total amount claimed to be in default is Rs.3,25,00,000/- as on 20.08.2021. Copy of the ledger account of the Financial Creditor (Annexure A-5). Copy of the same agreement dated 12.05.2021 (Annexure A-4). 6. The notice of this petition was accepted by learned counsel for respondent-corporate debtor as per order dated 24.02.2022 as to why this petition be not admitted. A reply on behalf of respondent-corporate debtor is submitted vide Diary No.01139/3 Dated 02.02.2022 by Mr. Gaurav, affidavit authorizing him on behalf of the respondent is attached at Page No.11-13 of the reply. 7. The corporate debtor through its reply has submitted that the respondent-corporate debtor has faced a financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Government,] may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred. 2[Provided that for the financial creditors, referred to in clauses (a) and (b) of sub-section (6A) of section 21, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such creditors in the same class or not less than ten per cent. of the total number of such creditors in the same class, whichever is less: Provided further that for financial creditors who are allottees under a real estate project, an application for initiating corporate insolvency r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat there is default in respect of financial debt and amount mentioned in the petition is due towards the petitioner and shown 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. Mukesh Gupta has been proposed as Interim Resolution Professional. 13. The Law Research Associate of this Tribunal has checked the credentials of Mr. Mukesh Gupta, and there is nothing adverse against him. In view of the above, we appoint Mr. Mukesh Gupta, Registration No.IBBI/IPA-001/IP-P01494/2018-2019/12254, F-1, Milap Nagar, Uttam Nagar, Ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. (e) It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during the moratorium period. (f) The provisions of Section 14(3) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. (g) The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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