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TMI Blog2022 (6) TMI 1219X X X X Extracts X X X X X X X X Extracts X X X X ..... f accounts dated 15.04.2017, due and payable to the Financial Creditor. The Financial Creditor submits that in view of the Corporate Debtor s loan having become due and payable on demand and its failure and inability to pay the same, the Petition to be admitted - this Bench is of the considered opinion that there is no dispute regarding the fact that Corporate Debtor owes money to the Financial Creditor. The application made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) 2440/MB/C-I/2019 - - - Dated:- 27-6-2022 - Hon'ble Member (Judicial) : Justice P. N. Deshmukh (Retd.) And Hon'ble Member (Technical) : Mr. Kapal Kumar Vohra For the Financial Creditor : Mr. Pulkit Sharma, Couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest thereon. Particulars of Claims Annexed as Annexure B . 6. The Corporate Debtor has filed its last Balance Sheet with Registrar of Companies for the year ended 31.03.2017. The borrowings made by Corporate debtor from Financial Creditor is stated under the heading Short Term Borrowings Note No. 7 Inter Corporate Loans . The Corporate Debtor has made a statement in the Balance Sheet that all the above loans are repayable on demand . The Corporate Debtor not filed the Balance Sheet subsequent to that. Copy of Balance Sheet as on 31.03.2017 is Annexed to Petition as Annexure C . 7. The Financial Creditor had addressed letter dated 14.06.2019 to the Corporate Debtor asking the Corporate Debtor to pay the outstanding debt amount of Rs. 1,51,36,000/- being the debt outstanding as on 31.05.2019. This letter dated 14.06.2019 provided 3 days time for the Corporate Debtor to make the payment. This letter was received by the Corporate Debtor on 15.06.2019, the Corporate Debtor neither replied to the letter nor made the payment to the Financial Creditor. Thus, the default accrued on 19.06.2019. A copy of said letter dated 14.06.2019 together with track status ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter which need to be considered. 14. We have heard the arguments of FC and CD and perused the records. 15. It is evident from the documents on record that the advance was availed from the Financial Creditor by the Corporate Debtor and that amount was duly disbursed to the Corporate Debtor from time to time. The balance confirmation statement which has also been signed by the Corporate Debtor evidences the fact that the amount was disbursed and the same is an acknowlegement of liability. In addition to the balance confirmation statement the liability of the Corporate Debtor is clearly reflected in the balance sheet of the Corporate Debtor. 16. It is settled law as upheld by the Hon ble Supreme Court of India in paragraph 30 of order passed in the case of Innovative Industries v. ICICI Bank reproduced here below: .. 30. On the other hand, as we have seen, in the case of a corporate debtor who commits a default of a 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 l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with a copy of his Certificate of Registration. 22. The application made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 23. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP (IB) 2440/MB/C-I/2019 filed by Gajendra Investment Limited, under section 7 of the IBC read with rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Rushabh Civil Contractor Private Limited [CIN: U45202MH2008PTC181967], the Corporate Debtor, is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) 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 their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h) The Financial Creditor shall deposit a sum of Rs.2,00,000/- with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). (i) Registry is directed to communicate this Order to the Financial Creditor, the Corporate Debtor and the IRP by Speed Post and email immediately, and in any case, not later than two days from the date of this Order. (j) IRP is directed to send a copy of this Order to the Registrar of Companies, Maharashtra, Mumbai, for updating the Master Data of the Corporate Debtor. The said Registrar of Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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