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TMI Blog2022 (8) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... s submitted by the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor s claim that the Corporate Debtor has indebted and defaulted in the repayment of loan amount - upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect. It is pertinent to mention here that the Code requires the adjudicating authority to only ascertain and record satisfaction in a summary adjudication as to the occurrence of default before admitting the application. The material on record clearly goes to show that respondent had availed the credit facilities and has committed default in repayment of the outstanding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor and Financial Creditor executed Loan Agreement on 17th September, 2021 by which Corporate Debtor and Financial Creditor decided the Terms and Conditions. iii. That as per Clause 4 and 5 of the Loan Agreement, loan was disbursed for a period of 3 months from 17.09.2021 to 16.12.2021 @ 9% per annum. iv. That as per Clause 6 of the Loan Agreement, Corporate Debtor was liable to pay principal along with interest amount on or before 16.12.2021 to the Financial Creditor, which Corporate Debtor failed to do. v. That due to default in payment by the Corporate Debtor, Financial Creditor served with Corporate Debtor reminder letter on 25.12.2021 to make the payment. In reply to the Letter dated 25.12.2021, Corporate Debtor sent request ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t due to financial discrepancy, the Respondent requested vide letter dated 31.12.2021 to extend the loan period for 15 days and the Financial Creditor duly accepted request of the Respondent vide its letter dated 15.1.2022 to repay the entire loan amount along with the interest @ 9% p.a. till 15.01.2022. v. That due to worldwide pandemic attack of Covid-19, the Respondent's business suffered loss since its inception. Due to above, the Respondent could not clear its debt. vi. That the respondent is trying to resolve the issue and undertakes that the loan will be repaid by the Respondent as and when the Respondent Company will be earning profits in upcoming years. Hence, the present application is liable to be dismissed with this grou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and defaulted in the repayment of loan amount. 7. In light of the above discussion, after giving careful consideration to the entire matter, hearing the arguments of the parties and upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect. 8. Sub-section (3)(b) of Section 7 mandates the financial creditor to furnish the name of an Interim Resolution Professional. In compliance thereof the applicant has proposed the name of Mr. Manoj Kulshrestha for appointment as Interim Resolution Professional having registration number IBBI/IPA003/IP-N00005/2016-17/10024. Mr. Manoj Kulshrestha has agreed to accept the appointment as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01/2022 issued by Insolvency Professionals Agency of Institute of Cost Accountants of India. 11. It is pertinent to mention here that the Code requires the adjudicating authority to only ascertain and record satisfaction in a summary adjudication as to the occurrence of default before admitting the application. The material on record clearly goes to show that respondent had availed the credit facilities and has committed default in repayment of the outstanding loan amount. 12. We are satisfied that the present application is complete in all respects and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt. 13. As a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 17. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply of the essential goods or services to the Corporate Debtor as may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14(3)(b) of the Code. 18. The Interim Resolution Profe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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