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TMI Blog2019 (9) TMI 332X X X X Extracts X X X X X X X X Extracts X X X X ..... to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") seeking reliefs under Section 7(5)(a) and Section 13(l)(a)(b)(c) of the Code. 2. That the applicant/financial creditor is a company registered on 13.10.2014 under the provisions of Companies Act, 1956 having identification No. U74300GJ2014OPC081033 and having its registered office at Publicity Parlour, No.3, 2nd Floor, Sumel Complex, Opp. GNFC INFO Tower, S.G. Highway, Ahmedabad 380 054 is in the business of providing financial assistance to various companies. 3. M/s. City Tiles Limited is a company incorporated under the Companies Act, 1956 on 20.08.2002, having identification No. U26941GJ2002PLC041142, having its registered office at & POST Dalpur, Ceramic C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication marked as Annexure D. That, a total amount of default is Rs. 1,24,05,000/- (Rupees one crore twenty-four lacs five thousand only) consisting Rs. 1,00,00,000/- towards principle and Rs. 24,05,000/- towards interest at the rate of 9% per annum has fallen due on 31st October, 2018. 5.1 The applicant has submitted copy of the following documents in support of their claim: - Sl. No. Annexure Particulars Page Nos. 1 Affidavit in support of application 8 2 A Board resolution dated 11.11.2014 and 22.09.2015 authorising Shri Anand Vijaykumar Vyas to file the application 10-11 3 B Written communication by the proposed interim resolution professional dated 10.12.2018 inform No. 2 12-13 4 C Statement of accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancial Creditor from the Corporate Debtor is a financial debt. In view of the Judgment of the Hon'ble National Company Law Appellate Tribunal, in case of Innoventive Industries Ltd. v. ICICI Bank & Anr., In Company Appeal (AT) (Insolvency) No, 1 & 2 2017, this Adjudicating Authority has to satisfy whether a default has occurred; whether the Application is complete; and whether any disciplinary proceeding is pending against the proposed Insolvency Resolution Professional. 9. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant. As can be seen from the Written Communication of the proposed Insolven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in terms of sub-section (1) of Section 14 of the Code: - (i) 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; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) 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 (54 of 2002); (iv) the recovery of any pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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