TMI Blog2018 (12) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... ssional. As a sequel to the above discussion, this petition is admitted and Mr. Tarun Jain with the address 805, Padma Tower-I Rajendra Place, New Delhi and email-id info@jainandpartners.com and having registration number IBBI/IPA-002/IP-N00187/2017-18/10504 is appointed as the Interim Resolution Professional. - C.P. NO. IB-589/PB/2018 - - - Dated:- 25-10-2018 - DR. DEEPTI MUKESH, MEMBER (JUDICIAL) AND SHRI S.K. MOHAPATRA, MEMBER (TECHNICAL) For The Applicant : Mr. Ashish Virmani, Advocate For The Respondent : Mr. Rajat Agnihotri, Advocate ORDER 1. The present application is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity the Code ) read with rule 4 of the Insolvency and Bankrupt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmation letter dated 31.01.2016 was issued to the corporate debtor demanding recovery of the outstanding amount of ₹ 45,00,000/- and the said letter was also duly acknowledged by the respondent in writing, bearing the stamp and signatures of the respondent company. However, till date, the corporate debtor has failed to repay the agreed amounts to the financial creditor. 6. The applicant has further submitted that the entire loan amount was supposed to be repayed with interest at the rate of 18% p.a. that is ₹ 17,24,302/- along with the outstanding principal amount of ₹ 62,24,302/- in total, before 28.02.2016 in accordance with the terms and conditions of the loan agreement and the loan amount was defaulted by the corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) . 14. 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 of the Insolvency and Bankruptcy (Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... herein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. However, during the pendency of the moratorium period in terms of Section 14(2) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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