TMI Blog2019 (4) TMI 1273X X X X Extracts X X X X X X X X Extracts X X X X ..... lication, the applicant proposed the name of the Resolution Professional namely Shri Bhavi Shreyans Shah, CA to act as an interim resolution professional. Form 2 along with the certificate of registration of the proposed interim resolution professional has been annexed and placed at page No. 61 of the application where declaration is made that no disciplinary proceeding is pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. There is existence of default and that the application under Section 7(2) of the Code is also complete in all respect. The petitioner/financial creditor having fulfilled all the requirements of Section 7 of the Code, the instant petition deserves to be admitted - moratorium i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Companies Act, 1956 on 20th June, 2013, having identification No. U17120GJ2013PTC075697 having its registered office at 342, Govindpura, Nadiad Mehmadabad Road, Vill. Kamla, Taluka - Nadiad, Dist. Kheda inter alia engaged in the business of textiles. That Authorised share capital of the respondent company is ₹ 6,00,00,000/- and paid up share capital is ₹ 5,91,90,000/-. 4. That the respondent company was the original corporate debtor of the Reliance Capital Limited, which happens to be a group company of the petitioner company herein. However, vide order dated 09.12.2016, a scheme of demerger between Reliance Capital Limited and Reliance Commercial Finance was approved by the Hon'ble High Court of Mumbai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the respondent company are attached to the application marked Annexure C. 7. That all these deed, contracts and other security documents stood assigned in the name of the petitioner vide order dated 09.12.2016, whereby, scheme of demerger between Reliance Capital Limited and Reliance Commercial Finance Limited was approved by the Hon'ble High Court of Mumbai. 8. That at the time of availing the said term loan facility, the respondent company assured Reliance Capital Limited that the amount of the said loan facility will be repaid by way of 60 equal monthly instalments (EMIs) of ₹ 1,42,101/- each from 01.06.2015 to 10.05.2020 as per the terms and conditions of the loan agreement and there will be no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pon default made by the respondent in repayment of the said amount squarely falls within the definition of financial debt as provided under clause (i) of sub-section (8) of Section 5 of the Insolvency and Bankruptcy Code, 2016. 11. That the petitioner being financial creditor has to recover an amount of ₹ 67,36,328/- which is still remaining unpaid by the respondent as on 30.05.2018 being the corporate debtor, more particularly as per the ledger accounts for the period from 29.04.2015 to 30.05.2018 annexed to the application and marked as Annexure 'D'. 12. That, the petitioner filed the instant application with proof of service on the respondent, however, when the matter was listed on Board, a for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional namely Shri Bhavi Shreyans Shah, CA to act as an interim resolution professional. Form 2 along with the certificate of registration of the proposed interim resolution professional has been annexed and placed at page No. 61 of the application where declaration is made that no disciplinary proceeding is pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. 15. On perusal of record and as also discussed above, it is held that there is existence of default and that the application under Section 7(2) of the Code is also complete in all respect. 16. In view of the above, the petitioner/financial creditor having fulfilled all the requirements of Section 7 of the Code, the in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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