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TMI Blog2022 (9) TMI 137X X X X Extracts X X X X X X X X Extracts X X X X ..... Limitation. The Financial Creditor has thus successfully demonstrated and proved the debt and default in this case. Therefore, this Bench is of the view that that this Petition satisfies all the necessary requirements for admission under Section 7 of the Code. Petition admitted - moratorium declared. - CP (IB) No. 3960/ MB/ 2019 - - - Dated:- 26-8-2022 - Hon ble Member ( Judicial ) : Justice P. N. Deshmukh ( Retd. ) And Hon ble Member ( Technical ) : Shri Shyam Babu Gautam For the Financial Creditor : Mr. Parikshit Desai , Advocate For the Corporate Debtor : Mr. Mayur Thorat , Advocate ORDER Per : Justice P. N. Deshmukh , Member Judicial 1. This Company Petition is filed by Kavita Rajesh Chaturvedi (herei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Note dated 20th July 2011 for Rs. One Crore only; and (ii) Undertaking cum Indemnity for Post Dated Cheques, all dated 20th July 2011. The Corporate Debtor created a security over an immovable property being a residential flat bearing Unit No. 3101, admeasuring 925 sq. ft. carpet area on the 31st Floor in the West Wing 1-100 in the building known as 100 Above situated at Lal Bahadur Shastri Marg, Bhandup (West), Mumbai- 400 078 (hereinafter called said Flat ). Additionally, the Director of the Corporate Debtor executed a Letter of Continuing Guarantee dated 20th July 2011 in favour of the Financial Creditor guaranteeing to pay the outstanding due if the Corporate Debtor fails to repay the same. Copies of the Loan Agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se were honoured and the Corporate Debtor further confirmed vide Letter dated 18th November 2015 that an amount of Rs. 15,00,000/- (Rupees Fifteen Lakhs only) still remained due and payable. Post this, a new deal was negotiated between the Director of the Corporate Debtor and the Financial Creditor under which another immovable property being Flat No. 2101 EW2 admeasuring 868 sq. ft. carpet area on the 21st Floor in Project Eleve, Bhandup (hereinafter called new Flat ) was allotted to the Financial Creditor vide Allotment Letter dated 29th April 2016. Despite such agreement, the Corporate Debtor neither completed the formalities for purchase of the new Flat nor repaid the outstanding amount. 6. The Corporate Debtor requested for further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bligation related to the said Loan has been extinguished. The Financial Creditor also filed a Rejoinder wherein they reiterated their previous submissions, denied that any sum of money was adjusted towards earnest money and stated that the outstanding amount still remains unpaid. FINDINGS 8. We have heard the submissions of the Counsel appearing for the Financial Creditor and the Corporate Debtor. The Financial Creditor has satisfactorily established the existence of debt of Rs. 15,00,000/- and default of the outstanding dues aggregating to Rs. 17,84,219/- as evidenced by the records of the Financial Statements attached to this Petition. The date of default is 16th January 2017 and this Petition was filed on 8th November 2019 the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is Bench hereby appoints Mr. Kairav Trivedi, Insolvency Professional, Registration No: IBBI/IPA-002/IP-N00728/2018-2019/12332 as the Interim Resolution Professional having address at 23A, 5th Floor, Jyoti Building, Barquatali Dargah Marg, Wadala (East), Mumbai- 400 037 and email address [email protected] to carry out the functions as mentioned under the Insolvency Bankruptcy Code, 2016. c. The Financial Creditor shall deposit an amount of Rs.2 Lakh towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. d. That this Bench hereby prohibits the institution of suits or continuation of pending suits or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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