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TMI Blog2018 (9) TMI 1531X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 36,57,27,930 which is based on the details given in master data obtained from the official website of Registrar of Companies. 3. The Financial Creditor has proposed the name of Shri Akhil Goel, F-224-A, Laxmi Nagar, New Delhi-110092. His registration number is IBBI/IPA-001/IP-P00666/2017-18/11134. A written communication dated 18.10.2018 sent by Mr. Goel in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has also been placed on record (Annexure-II). There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or Indian Institute of Insolvency Professionals of ICAI. In addition, further necessary disclosures have been made by Mr. Goel, as per the requirement of the IBBI Regulations. Accordingly, he satisfies the mandatory requirements of Section 7(3)(b) of the Code. 4. It is the pleaded case of the 'Financial Creditor' that the Corporate Debtor approached the Financial Creditor for the purpose of obtaining finance to operate its business of running Chinese fast food franchises in India. On 22 September, 2016, the Corporate Debtor entered into an agr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the Financial Creditor reflecting transfer of an amount of Rs. 2,00,00,000 to the account of the Corporate Debtor. (6) A copy of bank statement of Financial Creditor reflecting non-payment of dues of the Corporate Debtor. (7) A copy of computation sheet in respect of amount due which is sum up in tabulated form. 10. The Corporate Debtor has filed the reply to the application and has raised a number of objections on various counts. We are not extracting the objections raised in the reply at this stage because detailed reference to those objections has been made while dealing with the arguments of the learned counsel for the Corporate Debtor to avoid repetition. 11. We have heard learned counsel for the parties and we deem it appropriate to first deal with the objections raised in the reply. 12. Learned counsel appearing for the Corporate Debtor has opposed the admission of the petition but has admitted the advancement of loan for a sum of Rs. 3,50,00,000 paid by the Financial Creditor to the Corporate Debtor which was to be payable by July, 2017. He further admits that subsequently, in August, 2017, the loan was restructured on settled terms and to secure the creditors, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions of the Code are fulfilled. Further such type of objection raised by the 'Corporate Debtor' has been noticed to highlight their wish. However, the fact remains that till date substantial outstanding amount in default is payable by the 'Corporate Debtor'. Therefore, this objection too would not require any serious consideration. 14. An additional affidavit vide diary No. 8030 dated 30.07.2018 has been filed by Mr. Joydeep Singh on behalf of the Corporate Debtor whereby the details (Exhibit RW-1/1) of all the financial creditors, operational creditors and secured/unsecured creditors have been furnished in light of the direction issued by this Tribunal vide its order dated 23.06.2018. 15. In light of the direction issued by this Tribunal vide its order dated 05.04.2018, vide diary No. 2357 dated 24.04.2018 certified copies of the Bank statements have been filed by the Financial Creditor. 16. C.A. No. 348(PB)/2018 dated 25.04.2018 under Rule 11 of National Company Law Tribunal Rules, 2016 has been filed on behalf of the Applicant namely Pushplata Malik claiming to be an operational creditor of the Corporate Debtor. In the aforesaid application it is submitted by her that the Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the resolution professional has also been specified. 20. Having heard learned counsel for the parties we may first examine the provisions of Section 7(2) and Section 7(5) of IBC which read as under:- "Initiation of corporate insolvency resolution process by financial creditor. 7(1)..................... 7(2) The financial creditor shall make an application under sub-section (1) in such form and manner and accompanied with such fee as may be prescribed. 7(3)..................... 7(4)...................... 7(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 (b)......................" 21. A conjoint reading of the aforesaid provision would show that form and manner of the application has to be the one as prescribed. It is evident from the record that the application has been filed on the proforma prescribed under Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of IBC. We are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Process for Corporate Persons) Regulations, 2016. 26. The Interim Resolution Professional shall perform all his functions religiously and strictly which are contemplated, inter alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code. He must tread the path honestly and with conviction. He must follow best practices and principles of fairness which are to apply at various stages of Corporate Insolvency Resolution Process. His conduct should be above board & independent; and he should work with utmost integrity and honesty. It is further made clear that all the personnel connected with the Corporate Debtor, erstwhile directors, promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and co-operation to the Interim Resolution Professional as may be required by him in managing the affairs of the Corporate Debtor. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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