TMI Blog2020 (4) TMI 314X X X X Extracts X X X X X X X X Extracts X X X X ..... on in reply acknowledges the existence of financial debt. There is no bar for Financial Creditor from proceeding under the provisions of Code. There is no document placed on record by Corporate Debtor to show that payment of debt, as claimed by the applicant, is made or is not due and payable. The application has been filed on the proforma prescribed under Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of the Code. A default has occurred and debt has remained unpaid. Thus, the application warrants admission as it is complete in all respects and is admitted initiating CIRP as prescribed under the Code. Application admitted - moratorium declared. - Company Petition ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dur Shah Zafar Marg, New Delhi 110002. Its authorized share capital is ₹ 29,76,20,000/- and paid up capital is ₹ 29,58,17,000/- which is based on the details given in master data as reflected on the official website of Registrar of Companies. Since the registered office of the corporate debtor is in Delhi, this Tribunal being Adjudicating Authority has territorial jurisdiction in respect of respondent corporate debtor as per the provisions of sub-section (1) of section 60 of the Code. 4. The Applicant states that, it had disbursed an unsecured loan to the Corporate Debtor on 12.09.2017, for a period of 120 days at an interest of 15% p.a., the principal amount along with the interest was payable on maturity i.e., 10.01.2018. h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en the details of the total amount of the financial debt and the transactions on account of which the debt fell due. PARTICULARS OF FINANCIAL DEBT 1. TOTAL AMOUNT OF DEBT GRANTED AND DATE (S) OF DISBURSEMENT Total Amount of Debt is ₹ 1,00,00,000/- (Rupees One Crore) Date of Disbursement 12.09.2017 2. AMOUNT CLAIMED TO BE IN DEFAULT AND THE DATE ON WHICH THE DEFAULT OCCURED Amount Claimed ₹ 53,81,180/- (Rupees Fifty Three Lakhs Eighty One Thousand One Hundred Eighty), As Principal Default Plus ₹ 3,81,180/- (Rupees Three Lakhs Eighty One Thousand One Hundred Eighty), as interest due and tax deducted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly goes to show that the Corporate Debtor had availed the loan facility and has committed default in the payment of the said debt amount. The applicant 'financial creditor' has placed on record evidence in support of the claim as well as to prove the default. The Corporate Debtor by its own admission in reply acknowledges the existence of financial debt. There is no bar for Financial Creditor from proceeding under the provisions of Code. There is no document placed on record by Corporate Debtor to show that payment of debt, as claimed by the applicant, is made or is not due and payable. 11. Under sub-section (5)(a) of section 7 of the code, the application filed by the applicant financial creditor has to be admitted on satisfacti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14. In pursuance of section 13 (2) of the Code, we direct the Interim Resolution Professional to make public announcement immediately with regard to admission of this application under section 7 of the Code. The expression 'immediately' means within three days as clarified by Explanation to Regulation 6 (1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 15. As a consequence of the application being admitted in terms of section 9(5) of IBC, 2016 moratorium as envisaged under the provisions of section 14(1) shall follow in relation to the Respondent prohibiting the respondent as per proviso (a) to (d) of section 14(1) of the Code. However, during the pendency of the moratorium period, terms of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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