2022 (11) TMI 456 - Tri - Insolvency & Bankruptcy
Maintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - whether the present application is filed within limitation? - HELD THAT:- It can be seen from the records that the date of default is 30.09.2017 i.e. the date on which the account of the corporate debtor was declared Non Performing Asset and the last date for filing the present petition was 29.09.2020. The present petition is filed vide Diary No. 00667 dated 01.07.2021. The period from 15.03.2020 till 28.02.2022 stands excluded by virtue of order passed by Hon’ble Supreme Court in IN RE COGNIZANCE FOR EXTENSION OF LIMITATION [2021 (5) TMI 564 - SC ORDER] - the present petition is filed within limitation.
Whether there is default in payment or not? - HELD THAT:- It is observed from the record that in the present case, the default is evidenced by the sanction letter dated 18.06.2015 and 07.03.2017, working for computation of default, Memorandum of deposit of title deed, registration of charge issued by the Registrar of Companies, CERSAI report, record of default with Information Utility, Packaging Credit Agreement dated 02.02.2016, Hypothecation of goods and book debts, hypothecation of movable assets dated 02.02.2016, agreement of guarantee dated 02.02.2016, statement of account, agreement of hypothecation of current asset dated 02.02.2016, balance and security confirmation, recall notice dated 09.11.2017 and NPA certificate dated 13.05.2021 - he respondent corporate debtor has proceeded ex parte, thus, there is no rebuttal to the claim of petitioner. The application filed in the prescribed Form No.1 is found to be complete.
Another condition is that there are no disciplinary proceedings pending against the proposed Resolution Professional. In the present case, in Part III of Form 1, Mr. Hemanshu Jetley has been proposed as Interim Resolution Professional.
Petition admitted - moratorium declared.