9911796707
TMI Blog2022 (8) TMI 996X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor has defaulted on repayment which is duly admitted by Corporate Debtor - Petition admitted - moratorium declared. - IB – 607 / ( PB ) / 2020 - - - Dated:- 3-8-2022 - P. S. N. Prasad , Member ( J ) And Rahul Bhatnagar , Member ( T ) For the Appellant : Tanveer Ilahi , Advocate For the Respondents : Mateen Ahmad , Advocate ORDER Rahul Bhatnagar , Member ( T ) 1. This is an application filed by the applicant Bank of Baroda on 14.02.2020, through Authorised Representative of Financial Creditor, Y.P. Chawla, Chief Manager, Bank of Baroda, duly authorised vide Board Resolution dated 14.07.2017, to initiate Corporate Insolvency Resolution Process (hereinafter referred to as CIRP) against M/s. MB Malls Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code 2016 (hereinafter referred to as the Code) for the alleged default on the part of the Respondent for an amount of Rs. 43,41,25,983.25 (Rupees Forty-Three Crores Forty-One Lakhs Twenty-Five Thousand Nine Hundred Eighty-Three and Twenty-Five Paisa) as on 31.01.2020 to be paid to the Applicant. The date of NPA as per the applicant is 29.10.2012. The details of transactions leading to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al year ending 31.03.2017, 31.03.2018 and 31.03.2019 respectively. That, another financial creditor i.e. Oriental Bank of Commerce filed an application under Section 7 of Insolvency and Bankruptcy Code, 2016 on 26.12.2018 which was registered as CP (IB) No. 411(PB)/2019. That, the said application under Section 7 was admitted by this Hon'ble Tribunal vide Order dated 04.06.2019 however, prior to constitution of CoC, the Corporate Debtor deposited a sum of Rs. 2.30 Crores along with proposal for one time settlement with the Financial Creditor on 29.06.2019 That, the Order dated 04.06.2019 for initiation of CIRP was recalled by this Hon'ble Tribunal in view of settlement arrived at between the Corporate Debtor and erstwhile Oriental Bank of Commerce. The same was done prior to constitution of CoC. The Order dated 04.06.2019 for initiation of CIRP was recalled by this Hon'ble Tribunal in view of settlement arrived at between the Corporate Debtor and erstwhile Oriental Bank of Commerce. The same was done prior to constitution of CoC. That the OTS proposal dated 29.06.2019 was accepted and sanctioned by the Financial Creditor vide Letter of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the application has no experience in the business of the Corporate Debtor and since he is handling 8 matters simultaneously, he would not be able to handle the CIRP of the Corporate Debtor. Keeping in view of the submissions made above, the present application is liable to be dismissed with cost. 3. We have gone through Written Submissions, documents on record filed 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, has not disputed the fact that there was an agreement between the applicant and the Corporate Debtor and has reiterated the same in the reply filed by the Corporate Debtor in para 4 of the Reply. The Corporate Debtor has raise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect. 9. 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. Vikram Bajaj, for appointment as Interim Resolution Professional having registration number (IBBI/IPA-002/IPN00003/2016-17/10003) having email id [email protected]. 10. Mr. Vikram Bajaj 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 11.02.2020. 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. Vikram Bajaj as per the requirement of the IBBI Regulations. The applicant has also placed on record the Certificate of Registration of the Insolvency Professional dated 27.07.2017 and he has valid AFA valid till 14.11.2022. Accordingly, it is seen that the requi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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