TMI Blog2018 (1) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Bankruptcy Code, 2016 (hereinafter for brevity called as IBC, 2016). The background of the claim as made before this Tribunal from the synopsis discloses that a loan amount of ₹ 50.00 lakhs based on the contract entered into between the Financial Creditor and the Corporate Debtor dated 1-1-2015 was made available to the Corporate Debtor, repayable within a period of 30 days i.e. on or before 31-1-2015 alongwith interest in a sum of ₹ 2,50,000/-, The Financial Creditor, it is stated has made available the funds of ₹ 50.00 lakhs by way of loan vide cheque No. 058170 dated 1-1-2015 drawn in favour of the Corporate Debtor. It is further averred t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sent letter dated 31-3-2015 seeking for the replacement of the cheque which was earlier issued, with another cheque. Even though the earlier cheque was replaced with another cheque but due to repeated requests on the part of the Corporate Debtor it was not presented. However, contrary to the promises made by the Corporate Debtor, funds were not arranged and in the circumstances Financial Creditor was forced to a issue legal notice dated 6-7-2017 under the hand of its counsel demanding a sum of ₹ 73,85,959/- which also included the interest amount for the delayed payment calculated @18% per annum for the period from 1-4-2015 to 4-7-2017 amounting to ₹ 21,35,959/- in addition to the Principal sum of loan and interest of ₹ 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is seen that Mr. Abhishek Kedia is authorized to file this Application. Further, it is seen that the amount in default as claimed by the Financial Creditor is in excess of ₹ 1.00 lakh and as the territorial jurisdiction to entertain this Application is also available to this Tribunal, as the registered office of the Corporate Debtor it is averred by the Petitioner is located at LU-75, DDA Shopping Complex, Pitampura, Delhi -110034. In addition to the above compliances, Annexure-II of the Application also discloses that the Financial Creditor has proposed the name of Interim Resolution Professional (IRP) as set out in Form-2 under the provisions of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 as o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Complex, Pitampura, Delhi -110034. It is also stated in the affidavit that the consignment was delivered on 3.9.2017 as evidenced from the tracking report available at p.4 of the affidavit. Company s master data as maintained by the MCA in its website and the print out thereof dated 16.8.2017 discloses that the registered office address is the one stated as above namely LU-75, DDA Shopping Complex, Pitampura, Delhi -110034. The affidavit filed on behalf of the Petitioner also contains a certificate of registration of the IRP namely Mr. Umesh Garg annexed, perusal of which discloses that the certificate is valid from 30.5.2017 as issued by IBBI 4. When the matter was listed on 28.8.2017 the Petitioner was directed to furnish further p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent requirement on 1.1.2015 signed by the Director of the Corporate Debtor namely one Mr. Yusuf Khan for the purpose of participating in tender in Road Construction Division, Bihar. Further, in the said letter dated 1.1.2015 an assurance has also been made that the sum of loan would be paid within a period of 30 days along with profits of R.2.50 lakhs and the Corporate Debtor has also sought remittance of the amount through RTGS to the current account maintained with the Oriental Bank of Commerce by it and the details of the account No. has also been provided thereunder. It is further seen that as averred by the Financial Creditor, the Corporate Debtor had also issued a cheque along with the covering letter also dated 1.1.2015 for a sum of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ttendant Rules as enjoined upon him; (b) In terms of Section 14, as reproduced hereunder, the Corporate Debtor shall be under moratorium on the following terms:- (1) This Tribunal, being the Adjudicating Authority declares a moratorium for prohibiting all of the following in relation to Corporate Debtor , namely: - (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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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