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TMI Blog2022 (7) TMI 878X X X X Extracts X X X X X X X X Extracts X X X X ..... tors"), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against AMS Trading and Investment Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a private company limited by shares incorporated on 15.09.2005 under the Companies Act, 1956, with the Registrar of Companies, Maharashtra, Mumbai. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present Petition was filed on 24.10.2019 before this Adjudicating Authority on the ground that a loan for a sum of Rs.50,00,000/- (Rupees Fifty Lakh Only) was advanced by the Financial Creditor along with interest at the rate of 17.50 % p.a. to the Corporate Debtor and the Corporate Debtor has defaulted in repayment of the same. 4. The total am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Seth being the Guarantor. The payment of the aforesaid amount be duly secured and guaranteed by the Guarantor. 8. The Corporate Debtor acknowledged the receipt of the ICD amount of Rs. 50,00,000/- (Fifty Lakhs) on 15.03.2016. On the same date, the Corporate Debtor drew and executed a Demand Promissory Note in favour of the Financial Creditor. 9. Thereafter the Corporate Debtor vide its letter dated on 18.03.2016 once again confirmed and accepted the receipt of Rs.50,00,000/- (Fifty Lakhs) as ICD from the Financial Creditor for 184 (One Hundred and Eighty Four) days at 17.50% p.a. with effect from 15.03.2016. The Corporate Debtor also sent cheques in favour of the Financial Creditor towards repayment of the principal and interest (net of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ult as mentioned in this Application from the Corporate Debtor. Findings: 15. We have heard the arguments of Financial Creditor and perused the records. 16. It is observed from the records that Corporate Debtor has been given multiple opportunities to appear before this Tribunal and plead his case. The Financial Creditor intimated the next date of hearing and filed his Affidavit of service on record on 22.11.2019. However, The Corporate Debtor chose not to appear and plead the case or file reply on record. Therefore, the Corporate Debtor was set ex-parte vide order dated 26.11.2021. Hence, the matter is taken on merits as is to be decided ex-parte. 17. We consider the facts of the case in the lights of the Order passed by Hon'ble Supre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dingly, hereby ordered as follows: - (a) The petition bearing CP (IB) 3793/MB/C-I/2019 filed by Premier Road Carriers Limited, the Financial Creditor, 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 AMS Trading and Investment Private Limited [CIN: U51420MH2005PTC156296], the Corporate Debtor, is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Ms. Namrata A. Randeri, Registration No. IBBI/IPA- 001/IP-P01585/2019-2020/12495, having address at 215, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai - 400053, Email: [email protected] is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the IBC. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions issued/as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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