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2019 (9) TMI 332

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..... clearly establish the debt and there is a default on the part of the Corporate Debtor in payment of the financial debt . 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 - petition admitted - moratorium admitted. - C.P. (IB) NO. 56/7/NCLT/AHM/2019 - - - Dated:- 22-4-2019 - MS. MANORAMA KUMARI, MEMBER (JUDICIAL) For The Applicant : Ms. Natasha Dhruman Shah For The Respondent : Mr Nipun Singhvi, Vishal J. Dave And Ms. Pragati Tiwari, Advs ORDER 1 .....

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..... interest per annum payable to the company every year. Further, in the Board Meeting held on 22.11.2015 the company resolved that request received from the corporate debtor seeking another ₹ 10,00,000/- (Rupees ten lacs only) as inter corporate deposit at the same terms and conditions on which earlier sum of ₹ 90,00,000/- was issued. Further resolved that the company has agreed to further grant an inter-corporate deposit worth ₹ 10,00,000/- (Rupees ten lacs only) to the corporate debtor at the rate of 9% interest per annum payable to the company every year. 5. It is submitted by the applicant that the applicant had sanctioned loan of ₹ 1,24,05,201/- on 31.10.2018 and an amount of ₹ 1,23,15,000/- ( .....

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..... 10.12.2018 inform No. 2 12-13 4 C Statement of account of the financial creditor maintained with HDFC bank. 14-18 5 D Working computation of the amount claimed to be in default 19 6 E e-mail communications for demand of payment dated 26.10.2018 and 30.10.2018 20-22 7 F .....

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..... Financial 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 t .....

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..... , therefore, admitted and the moratorium is declared for prohibiting all of the following 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 Securi .....

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