TMI Blog2019 (3) TMI 1519X X X X Extracts X X X X X X X X Extracts X X X X ..... l the required documents. The existence of default also stands proved. The applicant herein, in this case, succeeds in proving that it has complied with all the requirements to be meted out under Section 7(3) of the I & B Code, 2016. Therefore, the application is liable to be admitted. Accordingly, this application is admitted .application filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, Downtown Temptations Private Limited is hereby admitted. - CP (1B) No. 577/KB/2018 - - - Dated:- 28-9-2018 - SHRI JINAN K.R, MEMBER (J.) For The Financial Creditor : Mr D.N. Mishra, Adv. and Ayan Kumar Chatterjee, Advocates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Loan Agreement inter alia by making defaults in payment of the monthly instalment due and payable by the corporate debtor to the financial creditors on various dates. The financial creditor has sent a notice dated 31st October, 2017 u/s. 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) demanding the outstanding loan amount with interest. However, the corporate debtor failed to repay the debt. 3. To prove transaction the Financial Creditor produced proof of lending loans to the corporate debtor and following are the documents relevant for the consideration of the case in hand. (a) Letter of Statement of Account marked and annexed as Annexure-I (b) Copy of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... une of ₹ 3,62,66,349/- (Rupees Three Gore Sixty Two Lakhs Sixty Six Thousand Three Hundred Forty Nine only) and had committed default in repayment of the monthly instalment due and payable by the Corporate Debtor to the Financial Creditor. According to the Ld. Counsel for the Financial Creditor the requirement to be meted out to file an application of this nature has been complied by the applicant and since the corporate debtor did not repay the debt the application is liable to be allowed. He also would submits that to prove the default the QBL report has been produced and annexed with the application. The existence of default stand proved in this case. So also financial creditor produced Form-2 along with the written communication t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruptcy Code, 2016 prohibits the following: (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 or enforce any security interest created by the corporate debtor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner ..... X X X X Extracts X X X X X X X X Extracts X X X X
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