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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 ..... rder dated 26.11.2021. Hence, the matter is taken on merits as is to be decided ex-parte. The Hon ble Supreme Court in SWISS RIBBONS PVT. LTD. AND ANR. VERSUS UNION OF INDIA AND ORS. [ 2019 (1) TMI 1508 - SUPREME COURT ] upholding the Constitutional validity of IBC, the position is very clear that unlike Section 9, there is no scope of raising a dispute as far as Section 7 petition is concerned. As soon as a debt and default is proved, the adjudicating authority is bound to admit the petition. Upon perusal of records, this Bench is of the considered opinion that there is no dispute regarding the Corporate Debtor owes money to the Financial Creditor. The application made by the Financial Creditor is complete in all respects as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 amount claimed along with interest @ 24% to be in default by the Corporate Debtor is Rs.87,90,480/- (Rupees Eighty- Seven Lakhs Ninety Thousand Four Hundred and Eighty Only). The date of default stated to be is 14.12.2016. Submissions made by the Financial Creditor: 5. The Financial Creditors submits that the Corporate Debtor approached the Financial Creditor and requested it to grant an Inter Corporate Deposit Facility ( ICD ). The Financial Creditor was willing to accede to the request of the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 TDS @10%) on the due date from the ICD. Vide its letter, the Corporate Debtor also undertook to honour the said cheque(s) upon their presentation for payment along with various other undertakings mentioned in the said letter. 10. The aforesaid cheques were presented by the Financial Creditor to its bank for encashment as repayment under the Agreement which were returned back unpaid with remark of Payment stopped by Drawer , details of cheques as follows: Sr. No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial 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 Supreme Court in Swiss Ribbons Pvt. Ltd. Ors. Vs. Union of India Ors. [Writ Petition (Civil) No. 99 of 2018] uphold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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, arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate 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 21 of the IBC. (g) During the CIRP Period, the management of the C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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