9911796707
TMI Blog2019 (4) TMI 1608X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor on the ground that the Corporate Debtor defaulted in repaying an amount of Rs. 16,20,91,564 as on 03.08.2018, henceforth sought for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. 2. On perusal of this Company Petition, it is evident that on 30.03.2017, this Financial Creditor issued Sanction Letter to the Corporate Debtor for grant of loan amount of Rs. 12,75,00,000 towards the debtor working capital requirement for construction of a project namely "P Dot G Flora" situated at Nemilicherry, Poonamallee Taluk, Tiruvallur District. 3. In pursuance thereof, the Corporate Debtor executed the loan agreement on 11.04.2017 in favour of the Financial Creditor hypothecating the receivables of the aforesaid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sted to 29.01.2019. On 29.01.2019 also, for no reporting from either of the parties stating that settlement happened between them, this Bench gave a peremptory direction to both sides to report settlement or to argue the matter on 14.02.2019, that day the Corporate Debtor remained absent and today also the Corporate Debtor side has remained absent. 6. Looking at the documents filed by the Financial Creditor, we are of the view that the Financial Creditor filed all the requisite documents proving the existence of debt as well as existence of default committed by the Corporate Debtor, therefore, we hereby hold that this Company Petition is fit for admission, whereby, since the Financial Creditor has placed the consent letter of the Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b-section (1) of section 31 of IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, as the case maybe. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of IBC. VI. That this Bench hereby appoints Mr. Arumugam Arumugam, having Registration Number [IBBI/IPA-003/IP-N00094/2017-18/10936] No. 1/56, Market Road (Devi Stores Upstairs), Kelambakkam, Chennai - 603 103, Email: [email protected], Mobile No: 80152040147 as Interim Resolution Professional to carry out the functions as mentioned under IBC. Fee payable to IRP/RP shall be in compliance with the IBBI Regulations/Circulars/Directions issued in this regard. 7. According ..... X X X X Extracts X X X X X X X X Extracts X X X X
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