TMI Blog2018 (12) TMI 1813X X X X Extracts X X X X X X X X Extracts X X X X ..... . 947/KB/2018 - - - Dated:- 10-12-2018 - Jinan K.R., Judicial Member Shankar Singh, Adv. for the Applicant. ORDER 1. This application has been filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (In short, I B Code, 2016) by Bank of India/Financial Creditor for initiating Corporate Insolvency Resolution Process (in short, CIRP) against the Respondent/Corporate Debtor, M/s. White Brown Alloy Castings Pvt. Ltd. alleging that the Corporate Debtor defaulted in repaying the loan availed by it from the Financial Creditor and that the amount claimed to be in default including interest as on 31-1-2018 is ₹ 13,65,97,120.31 (Rupees Thirteen Crores Sixty Five Lakhs Ninety Seven Thousand One Hundred Twenty and Thir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor to pay off the loan amount, in spite of which, the Corporate Debtor did not make the payment and therefore, the Financial Creditor has filed the instant application under section 7 of the I B Code, 2016. 3. The Financial Creditor produced proof of lending loans to the Corporate Debtor and the following are the documents relevant for the consideration of the case in hand:- (a) Ledger Account of the Corporate Debtor and Statement of Account for the loan accounts of the Corporate Debtor along with Banker's Certificate marked and annexed as Annexure-F . (b) Copy of the latest CIBIL extract along with reconciliation statements marked and annexed as Annexure-D . (c) Copy of the Search Report on Charges registered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3-8-2018. So, delivery of notice to the Corporate Debtor is declared sufficient. Since nobody on the side of the Corporate Debtor appeared and thereby, the Corporate Debtor was called absent and declared ex-parte vide order dated 10-9-2018. 6. Heard the Ld. Counsel appearing for the Financial Creditor and perused the records. 7. This is an application filed under section 7 of the I B Code, 2016 for initiating CIRP as against the Corporate Debtor alleging that the Corporate Debtor, who availed an aggregate loan amount to the tune of ₹ 8,71,96,000/- (Rupees Eight Crores Seventy One Lakhs Ninety Six Thousand only), had committed default in repayment of the instalments due and payable by the Corporate Debtor to the Financial Credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so stands proved. The applicant here, in this case, succeeds in proving that it has complied with all the requirements to be meted out under section 7(3) of the I B Code, 2016. Therefore, the application is liable to be allowed. Accordingly, this application is admitted upon the following orders :- ORDER (i) This application filed by the Financial Creditor under section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s White Brown Alloy Castings Pvt. Ltd. is hereby admitted. (ii) I hereby declare a moratorium and public announcement in accordance with sections 13 and 15 of the IBC, 2016. (iii) The moratorium is declared for the purposes re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. (viii) Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. (ix) Necessary public announcement as per section 15 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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