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TMI Blog2022 (11) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... reply and written submissions filed by the respondent-corporate debtor, therefore, the contention of the respondent-corporate debtor with regard to Section 65B of the Indian Evidence Act is misplaced. The present petition being complete and having established the default in payment of the Financial Debt for the default amount being above the threshold limit, the petition is admitted in terms of Section 7(5) of the IBC - Moratorium declared. - CP (IB) No. 264/Chd/Pb/2019 - - - Dated:- 28-10-2022 - HON BLE MR. HARNAM SINGH THAKUR , MEMBER ( JUDICIAL ) And HON BLE MR. SUBRATA KUMAR DASH , MEMBER ( TECHNICAL ) For the Petitioner / Financial Creditor : Dr. Rajansh Thukral , Advocate For the Respondent / Corporate Debtor : Mr. Rakesh Bhatia , Advocate JUDGMENT PER : HARNAM SINGH THAKUR , MEMBER ( JUDICIAL ) The present petition has been filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as Code ) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Romesh Kumar, Karta, Romesh Kumar HUF (hereinafter referred to as Petitioner/Financial Creditor ) to initiate the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor for payment of the debt amount along with interest in terms of notice dated 29.04.2019, but despite the service of the notice, the amount of demand has not been paid. However, the corporate debtor in its reply dated 13.05.2019 to the demand notice, requested the petitioner to negotiate and settle the matter. 4. In Part-III of Form No.1, Mr. Akshay Mehra, Registration No.IBBI/IPA-001/IP-P01457/2018-2019/12242 has been proposed as Interim Resolution Professional (IRP). Form No.2 dated 16.05.2019 is attached at Annexure-8 of the petition. 5. It is stated in Part-IV of Form No.1 that the petitioner has provided a loan amount of Rs.15,00,000/-. The total amount claimed to be in default is Rs.15,45,000/- (including interest amount of Rs.45,000/- up to 08.05.2019). Copy of statement of Bank Account of the financial creditor (Annexure A-1). Copies of AS-26 (Annexure A-2). Copy of default notice (Annexure A-1A). Copy of cheque (Annexure A-4). 6. The notice of this petition was issued to the respondent-corporate debtor on 07.06.2019 as to why this petition be not admitted. A reply on behalf of the respondent-corporate debtor is submitted vide Diary No.5958 Dated 30.10.2019 b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay be specified by the Board . (5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application; or 12. It is observed from the record that in the present case, the occurrence of default is evidenced by the copies of Income Tax Form AS-26, which clearly shows interest was paid after the deduction of TDS. The same has been admitted by the respondent-corporate debtor in its reply. The fact that Rs. 15,00,000/- has been transferred to the account of the corporate debtor via NEFT was not disputed as the same has been admitted by the respondent in its reply at para 2 (page 6). The above-said amount is also reflected in the statement of the bank account of the petitioner at page 33 of the petition. The respondent in its written submission emphasized that electronic evidence in the absence of a certificate under Section 65 B of the Indian Evidence Act cannot be relied upon. To buttress his contention, the respondent-corporate debtor put reliance on the judgment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on for the time value of money and includes- (a) money borrowed against the payment of interest; 15. In the given facts and circumstances, the present petition being complete and having established the default in payment of the Financial Debt for the default amount being above the threshold limit, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, also direct moratorium in terms of sub-section (1) of Section 14 of the code to take effect as below: a) 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; b) transferring, encumbering, alienating, or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Operational Assets and Enforcement of Security Interest Act, 2002; and d) the recovery of any property by an owner or less ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Board or the Central Government, and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and morals; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel, and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) This Adjudicating Authority directs the ex-management and promoters of the corporate debtor to specifically comply with the provisions of Sub Regulation (2) of Regulation 4 of the Insolvency Resolution Proce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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