TaxTMI 
TaxTMI 
2019 (11) TMI 447
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....cess against the Corporate Debtor on the ground that the Corporate Debtor failed to make payment of Rs. 44,40,859.50 (Rs. 30,11,950+Rs. 14,28,909.50) as principal amount. Dates of default are 20.10.2018 and 16.01.2019. The Petition was filed on 03.05.2019. 2. In Part IV of Form 1 against the column "Total Amount of debt granted," the Financial Creditor has stated that, there is an outstanding debt of Rs. 44,40,859.50, which companies of Rs. 30,11,950/- with reference to card No. 3769-400135-31002 and Rs. 14,28,909.50 with reference to card No. 3769-400504-61006 upto the date of default, as indicated in the following table. The details of credit facilities were availed by the Corporate Debtor from the Financial Creditor as per part IV of F....
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....dy of Rs. 5/Kg on production of SMP from Government of Maharashtra (around Rs. 5.00 Crore), however this subsidy has not yet been received due to unavailability of funds with Government of Maharashtra. 7. The Corporate Debtor further stated that while there is no dispute with regard to the claim raised by the Financial Creditor. The Corporate Debtor is also not in position to commit to any repayment taken from the Financial Creditor on account of dire financial distress and lack of sufficient funds. 8. We have heard the arguments of both sides and perused the records. 9. The Petition is filed by Mr. Manoj Adlakh, Chief Executive Officer of American Express Banking Corp. duly authorised by a General Power of Attorney dated 30.11.2016. ....
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....ssional. Therefore, this petition deserves to be admitted. 14. The Financial Creditor has proposed the name of Ms. Jovita Reema Mathias registration No. IBBI/IPA-002/IP-N00337/2017-18/10941as Interim Resolution Professional of the Corporate Debtor with her consent in Form 2 as required under rule 9(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 with declaring that no disciplinary proceedings are pending against her. ORDER 15. It is, accordingly, hereby ordered as follows: (a) The petition bearing CP (IB)1777/MB/C-IV/2019 filed by the American Express Banking Corp. under section 7 of the IBC read with rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for i....
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....ransactions as may be notified by the Central Government in consultation with any sectoral regulator. (d) The moratorium shall have effect from the date of this Order till the completion of the CIRPor until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of corporate debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Ms. Jovita Reema Mathias, Registration No. IBBI/IPA-002/IP-N00337/2017-18/109....