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TMI Blog2022 (3) TMI 1412X X X X Extracts X X X X X X X X Extracts X X X X ..... sued by NeSL in respect of the debt of the Corporate Debtor attached at Page 147-148 of the petition and the Bank Statements of Petitioners/Financial Creditors found at Page 272-292 of the Petition. Time Limitation - HELD THAT:- The transaction involving the defaulted amount dates back to 04.01.2020 (Form C) and the instant petition is filed on 31 st January 2022. Therefore, the petition has been filed within the period of limitation. The application filed in the prescribed Form No.1 is found to be complete - the present petition being complete and having established the default in payment to the Financial Debt for the default amount which is above 1,00,000/-, the petition is admitted in terms of Section 7 (5) of the IBC and accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lex, Opp. Anand Hospital, Akkamahadevi Road, Bijapur Karnataka - 586101. Hence the jurisdiction lies with this Adjudicating Authority. The authorised share capital of the Respondent Company is Rs. 50,00,00,000/- and paid-up capital is Rs. 33,76,43,400/-. 3. Brief facts of the Petition as stated by the Petitioners/Financial Creditors that the Corporate Debtor/Respondent have defaulted the financial debt paid by the Financial Creditors/Petitioners towards the business purpose which was assured to be repaid on or before 31st December 2019, in accordance with the respective Loan Agreements dated 04.12.2019 executed between the parties/Applicants consequently. The financial debt defaulted by the Corporate Debtor can be summarised as follows: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2022, this Adjudicating Authority directed the Respondent/Corporate Debtor to file a short affidavit indicating other liabilities and any action taken by any other Creditors against the Respondent/Corporate Debtor and with regard to the financial condition of the Respondent as on date. 6. Pursuant to the same, the Respondent/Corporate Debtor filed an affidavit vide Diary No. 545 dated 14.02.2022 stating that other than the Financial Creditors, the Respondent/Corporate Debtor has availed secured loans from Bijapur District Central Co-operative Bank Limited and the Karnataka State Co-operative Apex Bank Limited and Unsecured loans from Bank of India, Bijapur Branch. The total liability owned by the Corporate Debtor to the Banks is Rs. 66, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving the defaulted amount dates back to 04.01.2020 (Form C) and the instant petition is filed on 31 st January 2022. Therefore, the petition has been filed within the period of limitation. 11. The application filed in the prescribed Form No.1 is found to be complete. 12. In the facts and circumstances, the present petition being complete and having established the default in payment to the Financial Debt for the default amount which is above 1,00,000/-, the petition is admitted in terms of Section 7 (5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the code.. As a necessary consequence of the moratorium in terms of Section 14, the following prohibitions are imposed, which must be followed by all and sun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of Corporate Debtor under Section 33 as the case may be; 13. In Part III of Form 1, Ms. Pavitra Vyas, Registration No. IBBI/IPA 002/IP-N01144/2021-2022/13844 has been proposed as Interim Resolution Professional. (IRP). Form No.2 dated 23.12.2021 is found at Page No. 185-186 of the petition. However, since certificate of registration is not filed, the IRP shall file the same within one week from the receipt of this order. The Law Research Associate of this Tribunal has checked the credentials of Ms. Pavitra Vyas and there is nothing adverse against her. In view of the above, we appoint Ms. Pavitra Vyas bearing Registration No. No. IBBI/IPA-002/IP- No. 1144/2021-2022/13844, residing at Manoj Arcade building, Guruwarpeth, Tilakwadi, Belag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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