9911796707
TMI Blog2020 (11) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... ekar, being authorised signatory, on behalf of the above five applicants, filed the instant petition under section 7 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") read with Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. 2. That the applicants/financial creditors as shown in the cause title are registered private limited companies engaged in different kind of business. 3. The respondent/corporate debtor is a company incorporated under the Companies Act, 1956 on 04.06.2012, having identification No. U40100DN2005PLC000185 and having its regist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r documents in order to establish the existence of financial debt (57-172) written communication from proposed IRP ¡n form 2 etc. 7. The respondent filed affidavit in reply/objections on 17.07.2019 raising various objections not supported by any document. Subsequently respondent filed another affidavit on 12.11.2019 admitting the debt. Findings 8. Heard the counsels and perused the documents annexed to the application/reply and additional documents filed by both the parties. 9. On perusal of the records it is found that as per demand promissory note (DP Note) executed between and financial creditors and corporate debtor are of different dates. As per the DP Notes the date of default of applicant No. 1 was on 30.09.2017, applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt due and payable to the Applicant. 13. It is also a matter of record that the Applicants had granted financial assistance to the Corporate Debtor and the Corporate Debtor fully availed those facilities. Those facilities carry interest applicable from time to time as per the terms and conditions mentioned ¡n the agreement. Therefore, the amount due to the Financial Creditor from the Corporate Debtor is a financial debt. In view of the Judgment of the Hon'ble Supreme Court, in case of MIs. Innoventive Industries Ltd. Vs. ICICI Bank & Anr., in Company Appeal (A T) (Insolvency) No. 1 & 2 of 2017, this Adjudicating Authority has to satisfy whether a default has occurred; whether the Application is complete; and whether any disciplinary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arately where declaration is made that no disciplinary proceedings are pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. 17. In view of the above, the petitioner/financial creditor having fulfilled all the requirements of Section 7 of the Code, the instant petition deserves to be admitted. 18. The petition ¡s, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub section (1) of Section 14 of the Code: - (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) transfer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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