TMI Blog2018 (11) TMI 893X X X X Extracts X X X X X X X X Extracts X X X X ..... ater than seven days from today. The Registrar of Companies shall update his website by updating the status of 'Corporate Debtor' and specific mention regarding admission of this petition must be notified. - C.P. NO. IB-543(PB)/2018 - - - Dated:- 10-10-2018 - MR M.M.KUMAR, PRESIDENT AND MR S.K. MOHAPATRA, MEMBER (T) For The Petitioner : Ashish Virmani, Gollamundi and Sri Harsha Datta, Advocates For The Respondent : Ms. Bandana Kaur Grover, Advocate JUDGMENT M.M. Kumar, President The Macro Leafin Private Limited (for brevity 'Financial Creditor') has filed the instant application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') with a prayer for initiation of Insolvency Resolution Process in the matter of Pack Tech Systems Private Limited (for brevity 'the Corporate Debtor'). It is appropriate to mention that Financial Creditor is a Company incorporated under the provisions of the Companies Act, 1956. The identification number of the Financial Creditor is U67190WB1995PTC073610. It has its registered office at 39/1, Sir Hariram Goenka Street, 1st Floor, Banstalla, Kolkata-700007 and Branch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor confirmed the outstanding amount through balance confirmation letters in three tranches firstly dated 31.03.2010 (Annexure-3), secondly dated 22.03.2013 (Annexure-4) lastly dated 31.08.2015 (Annexure-5). A copy of computation of amount of default and date of default has been placed on record (at pg. 76). 6. In column 2 of part IV the amount claimed to be in default and the date on which the default occurred, have been detailed. According to the averments made by the Financial Creditor-Macro Leafin Private Limited the aforesaid facility availed by the Corporate Debtor are overdue and total amount in default as on 17.03.2017 is ₹ 3,76,33,150/- together with interest. 7. Learned counsel for the Corporate Debtor has opposed the admission of the application and has advanced the following arguments:- (i) The applicant has wrongly claimed that the alleged financial debt is due against the Respondent Company and reliance in this regard has been placed on a definition of 'Financial Debt' as defined under Section 5(8) of the Code, 2016. (ii) The claim of the applicant is grossly barred by the law of limitation as the alleged loan was disbursed by the applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are pending against the proposed Interim Resolution Professional. The application warrants admission. Thus, the petition is complete in all respects. 11. As a sequel to the above discussion, this petition is admitted and Mr. Tarun Jain, 805, Padma Tower-1, Rajendra Place, New Delhi-110008, email id - info@jainandpartners.com, Registration No.IBBI/IPA-002/IP-NOO 187/2017-18/10504 is appointed as an Interim Resolution Professional. 12. In pursuance of Section 13(2) of the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immediately with regard to admission of this application under Section 7 of the Code. The expression 'immediately' means within three days as clarified by Explanation to Regulation 6(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 13. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) (d) and thus the following prohibitions are imposed which must be followed by all and sundry: (a) the institution of suits or continuation of pending suits or proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional/Resolution Professional shall be under a duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code. 16. The argument advanced on behalf of the Corporate Debtor with regard to the fact that the claim of the Financial Creditor is barred by limitation would not warrant acceptance because the Corporate Debtor confirmed the outstanding amount through balance confirmation letters in three tranches firstly dated 31.03.2010 (Annexure-3), secondly dated 22.03.2013 (Annexure-4) lastly dated 31.08.2015 (Annexure-5). By the last letter dated 31.08.2015 (Annexure-5) the Corporate Debtor further given assurance to the Financial Creditor that the payment would be cleared within a period of one year. The Corporate Debtor in the reply has not disputed the veracity and sanctity of the said letters by producing any evidence to prove to the contrary. To put an end to the aforesaid contr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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