2019 (11) TMI 447

..... unt is due and payable by the Corporate Debtor to the Financial Creditor - HELD THAT:- The Hon’ble Supreme Court in the matter of Innoventive Industries Limited V. ICICI Bank &Anr.[2017 (9) TMI 58 - SUPREME COURT], has held that the provisions of section 7 become applicable as soon as financial debt is established and there is an existence of a default. The Hon’ble court hadobserved that the moment the Adjudicating Authority is satisfied that a default inrepayment of debt had occurred, the process of insolvency is to be triggered unless the application is incomplete. This Petition reveals that there is a debt as defined in section 3(11) of IBC; there is a default within the meaning of section 3(12) of IBC; the application of .....

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..... e Debtor from the Financial Creditor as per part IV of Form 1 follows: Sl. No. AEBC Card No. Amount (Rs.) Date of Default 1 3769-400135-31002 30,11,950.00 20.10.2018 2 3769-400504-61006 14,28,909.50 16.01.2019 Total 44,40,859.50 - 3. The Financial Creditor further stated Corporate Debtor was bound by the American Express Corporate Purchasing Card Buyer initiated Payments Card Agreement. A copy of the said agreement has been annexed at pages 22-27 of the Petition. 4. The Financial Creditor stated that the Corporate Debtor defaulted on the repayment of principal amount ₹ 44,40,859.50 on 20.10.2018 and 16.01.2019, the due date for repayment. It was submitted during the course of arguments that the Financial Creditor has waived off the in .....

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..... ttorney dated 30.11.2016. 10. The Financial Creditor has stated that as on 20.10.2018 and 16.01.2019, ₹ 44,40,859.50/- towards principal amount is due and payable by the Corporate Debtor to the Financial Creditor. The Ld. Counsel for Financial Creditor undertakes to waive off any interest in the matter. An amount of ₹ 44,40,859.50 was disbursed by the Financial Creditor to the Corporate Debtor. 11. The Hon ble Supreme Court in the matter of Innoventive Industries Limited V. ICICI Bank &Anr.[(2018) 1 SCC 407], has held that the provisions of section 7 become applicable as soon as financial debt is established and there is an existence of a default. The Hon ble court hadobserved that the moment the Adjudicating Authority is sa .....

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..... g Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Dhanvantari Milk Products Private Limited (CIN:U01122PN2013PTC149297), the Corporate Debtor is admitted. We further declare moratorium under section 14 of the IBC with consequential directions, as mentioned below: (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (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 b .....

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..... 941 having address at 506, Inizio Building, Cardinal Gracious Road, Chakala, Andheri (E), is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as mentioned under IBC. The fee payable to IRP/RP shall be compliant with Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) During the CIRP period, the management of the Corporate Debtor shall vest in the IRP/RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in the .....

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