Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2017 (4) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (4) TMI 1412 - Tri - Insolvency and BankruptcyInitiation of insolvency resolution process - outstanding debt - Held that:- The State Bank of Mysore assigned the loans disbursed to the corporate debtor in favour of M/s. Edelweiss Asset Reconstruction Co. Ltd. by an assignment deed dated 30-06-2014. The Edelweiss Asset Reconstruction Company Limited in its capacity as financial creditor filed this petition for initiation of corporate insolvency resolution process. This Petition clearly reveals that there is a debt as defined in Section 3(11) of I&B Code 2016, and also there is default in this case within the meaning of Section 3(12) of I&B Code, 2016. Further, Section 5(7) clearly provides that an assignee of a financial debt is also a financial creditor and hence the petition is well within the ambit of Section 7 of I&B Code,2016. The financial creditor has named one Mr. Vijaykumar V Iyer, Deloitte Touche Tohmatsu India LLP Indiabulls Finance Centre, Tower 3, 27th Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013 Email: viyer@DELOITTE.com, Registration No. IBBI/IPA-001/IP-00526/2016-17/1370 as the proposed interim resolution professional and the said professional vide his letter dated 29-03-2017 agreed for his appointment and also stated that no disciplinary proceedings pending against him. On looking at the petition and in the circumstance that there is a substantial compliance of provisions of section 7 of the IBC Code 2016, the petition is admitted declaring moratorium
|