9911796707
TMI Blog2022 (8) TMI 1454X X X X Extracts X X X X X X X X Extracts X X X X ..... rson is not a ground to reject this application. Moreover, it is seen from the material available on record that this application was filed on 30.07.2021 whereas the HDFC Bank has given a notice under Section 13(2) of the SARFAESI Act, 2002 on 18.12.2021 i.e. after filing of this application. SBI has served the notice of default on 28.05.2021 i.e. 3 months prior to filing of this application. In short there is no material before us to show that the Corporate Person has filed this application with some ulterior motive. There is no dispute to the fact that the debt is more than One Crore payable by the Corporate Person to the various Banks and the Corporate Person committed default in paying the same. It is a fit case where the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is a defect free or not. 4. In order to see whether the application is complete as per provisions of Section 10 (3) (a) (b) and (c) of the Insolvency and Bankruptcy Code, 2016, we checked the Provisional Balance Sheet Annexed at Page No. 14, Annexure-E. The Corporate Person has produced provisional balance sheet dated as on 30.06.2021. It is seen that net worth of the Corporate Person is (-)9,74,99,002/- as on 30.06.2021. It shows that the Corporate Person is unable to pay the debt. We have also noted that this application is filed as per Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 in Form-6. Required information is also furnished therein. It is noted that the Corporate Person suggested the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. In short there is no material before us to show that the Corporate Person has filed this application with some ulterior motive. There is no dispute to the fact that the debt is more than One Crore payable by the Corporate Person to the various Banks and the Corporate Person committed default in paying the same. We hold that it is a fit case where the Corporate Person can be admitted in CIRP. Hence, we pass the following orders: ORDER i) The Corporate Person, viz., M/s. Eternal Motors Private Limited, is admitted in Corporate Insolvency Resolution Process under Section 10 of the Insolvency and Bankruptcy Code, 2016. ii) The moratorium under Section 14 of Insolvency and Bankruptcy Code, 2016 is declared for prohibiting all of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss as per the provision of Insolvency and Bankruptcy Code, 2016 r.w Regulation made thereunder: v) The IRP shall perform all his functions as contemplated, inter-alia, by Sections 17, 18, 20 21 of the Code. It is further made clear that all personnel connected with Corporate Debtor, its Promoter or any other person associated with management of the Corporate Debtor are under legal obligation under Section 19 of the Code extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter or any other person required to assist or co-operate with IRP, do not assist or Co-operate, IRP is at liberty to make appropriate application to this Adjudicating Authority with a pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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