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TMI Blog2022 (7) TMI 201X X X X Extracts X X X X X X X X Extracts X X X X ..... ion award and the same are attached as Annexure-A-5 and Annexure-A-7 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. 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. Pawan Sharma has been proposed as Interim Resolution Professional. The present petition being complete and having established the default in payment of the Fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dress at Village Saidpura, Derabassi, Mohali PB-147001 IN. 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 year 2014, through its directors approached the petitioner to secure a loan of Rs. 60,00,000/- till 01.04.2018 ( the Financial Debt ). 3.2 The petitioner on 12.12.2014 entered into a loan agreement with the corporate debtor (the Agreement ) (Annexure A4). The amount was given in cash as and when required by the corporate debtor for meeting its working capital requirements. 3.3 The corporate debtor failed to pay even a single instalment of interest as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Annexure A-3), copy of loan agreement dated 12.12.2014(Annexure A-4). Copy of revised supplementary MoU dated 01.04.2018 (Annexure A-5). Table setting out computation of amount in default (Annexure A-5). Copy of Arbitration Award (Annexure A-7). 6. The notice of this petition was accepted by learned counsel for respondent-corporate debtor as per order dated 18.08.2021 as to why this petition be not admitted. A reply on behalf of respondent-corporate debtor is submitted vide Diary No.01959/01 dated 20.10.2021 by Mr. Neeraj Bansal, Director of corporate debtor, 7. The corporate debtor through its reply has submitted that the respondent-corporate debtor has faced a financial crisis due to which the Corporate Debtor is unable to pay the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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 resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such allottees under the same real esta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Pawan Sharma has been proposed as Interim Resolution Professional. 13. The Law Research Associate of this Tribunal has checked the credentials of Mr. Pawan Sharma, and there is nothing adverse against him. In view of the above, we appoint Mr. Pawan Sharma, Registration No.IBBI/IPA-002/IP-N00779/2019-2020/12463, Lok Nath 21859, Power House Road, Bathinda, Punjab-151001 Email: [email protected], Mobile No.9814304159, the Interim Resolution Professional. The IRP is directed to take the steps as mandated under the IBC, specially under Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es 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 Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33 as the case may be. 15. The Interim Resolution Professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X
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