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TMI Blog2019 (4) TMI 1745X X X X Extracts X X X X X X X X Extracts X X X X ..... rt, "CIRP") of the Corporate Debtor, as the Corporate Debtor committed default in paying the loan amount of Rs. 47,40,000/- (together with interest @ 8% per month). 2. It is stated that the financial creditor gave corporate debtor corporate advance of Rs. 15 lakhs with interest @ 8% per month. The advance was given by way of two cheques drawn on HDFC Bank dated 15.09.2015. Total amount due and payable by the corporate debtor together with interest was Rs. 42 lakhs. Out of that, corporate debtor paid sum of Rs. 9,60,000/- leaving balance of Rs. 32,42,000/- to be unpaid. Inspite of repeated demand, the corporate debtor failed to pay the dues and committed default. Hence, this proceeding is filed. 3. Notice of this application is served on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in law, it is practically impossible for our company to pay the amount of interest as claimed by the creditor". 5. It is further contened by the corporate debtor that financial creditor charged exhorbitant rate of interest. They are ready to settle the matter but financial creditor filed this proceeding to bring pressure on them to settle the matter as per their terms. 6. I heard the ld. Counsel, Mr. Vikas Baisyer for the financial creditor and ld. Counsel, Mr. Tathagata Banerjee for the corporate debtor. ld. Counsel for the financial creditor submitted that the corporate debtor admitted the debt and its default. Hence, there remains nothing for them to defend this application. Corporate Debtor may be admitted in CIRP. Ld. Counsel for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te per annum not exceeding in the case of- (i) unsecured loan ... twenty per centum. (ii) secured loan ... seventeen per centum" 11. Perusal of above section makes it clear that there is a cap on charging rate of interest on the amount lent as commercial/corporate loan. The Financial Creditor cannot charge interest at the rate more than 20% per annum. Here, in this case, interest is charged @ 8% per month, i.e. 96% per annum. It is too high. But as I have already noted that if interest part is kept out of consideration, still there is evidence that corporate debtor has committed default in paying financial debt of more than Rs. 1 lakh. 12. It is not in dispute that the financial debt as claimed by the Financial Creditor is due and pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Sec.15. The public announcement referred to in clause (b) of sub-section (1) of Insolvency & Bankruptcy Code, 2016 shall be made immediately. (iii) Moratorium under Sec.14 of the Insolvency & Bankruptcy 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, encumberi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fessional upon receipt of the copy of this order. (ix) As per the proposal by the Financial Creditor regarding appointment of Interim Resolution Professional (IRP), Mr. Shashi Agarwal, of Raja Chambers, (Beside City Civil court), Room No. 19 (Mezz. Floor), 4, K.S. Roy Road, Kolkata- 700 053 (Mob. No.98310 94270), having Email id: [email protected] and registration no. IBBI/IPA-001/IP-P00470/2017-18/10813 is appointed as the Interim Resolution Professional for Corporate Debtor for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution plan. (xii) Financial Creditor to pay Rs. 50,000/- as advance fees to the IRP as per Regulation 33(2) of IBBI (IRP for the Corporate Persons), 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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