9911796707
TMI Blog2022 (7) TMI 1187X X X X Extracts X X X X X X X X Extracts X X X X ..... t' is proved or not. In the present case, the Corporate Debtor, in his reply admitted the debt and liability, further vide daily order dated 09.05.2022 the Corporate Debtor has again admitted its liability and has expressed its inability to pay the outstanding amount of Rs. 1,32,91,986/- - the Loan agreements executed between the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment which is duly admitted by Corporate Debtor. In the interest of justice, this Tribunal has granted ample opportunities to both the parties to explore the possibilities of an amicable resolution of the matter, however, the parties have failed to arrive at s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Complex, Mayafield Garden, Sector 47, Gurgaon, Haryana-122001. That the Corporate Debtor approached the Financial Creditor for sanction of Loan of INR 20,00,00,000 (Rupees Twenty Crore) on interest of 18% per annum. That, the Applicant sanctioned the loan and entered into a loan agreement on 26.04.2018. The loan will be disbursed as and when required by the Corporate Debtor as per the Terms and Conditions mentioned in the Loan Agreement. That, the agreement shall remain in force for a period of three years unless otherwise extended or determined by the lender. That the Corporate Debtor has defaulted in payment of the loan amount and the last payment received from the Corporate Debtor was on 20.03.2021. Thereafter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cord by both the parties and arguments advanced by counsels of both the parties. 4. Mere plain reading of the provision under section 7 of IBC and decision (supra) shows that in order to initiate CIRP under Section 7 the applicant is required to establish that there is a financial debt and that a default has been committed in respect of that financial debt. That while dealing with an application under section 7 the Adjudicating Authority is required to consider the question whether the 'debt' and 'default' is proved or not. 5. That, the Corporate Debtor, in his reply admitted the debt and liability, further vide daily order dated 09.05.2022 the Corporate Debtor has again admitted its liability and has expressed its ina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Professional. In compliance thereof the applicant has proposed the name of Mr. Mohd. Nazim Khan, for appointment as Interim Resolution Professional having registration number IBBI/IPA-002/IPN00076/2017-18/10207 having email id. [email protected]. 10. Mr. Mohd. Nazim Khan has agreed to accept the appointment as the Interim Resolution Professional and has signed a communication in Form 2 in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 dated 18.10.2021. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In addition, further necessary disclosures have been made by Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14(1)(a), (b), (c) (d) of the Code. Thus, the following prohibitions are imposed: (a) 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; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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