TMI Blog2019 (7) TMI 1612X X X X Extracts X X X X X X X X Extracts X X X X ..... l position stated, the financial creditor has fulfilled all the requirements of law, including the name of the resolution professional for appointment as IRP - Hence, the application stands admitted, the commencement of the corporate insolvency resolution process is ordered, which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared. - C. P. No. 769/IB/2018. - - - Dated:- 1-7-2019 - Ch. Mohd. Sharief Tariq Judicial Member For the Financial Creditor : A. Muraleedharan For the Corporate Debtor : L. Narasimha Varman ORDER CH. MOHD. SHARIEF TARIQ (JUDICIAL MEMBER). - 1. Under adjudication is C. P. No. 769/IB of 2018 that has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... over the construction period. The time period for construction of residential building was 18 months from the date of the approval and based on the design and specification given by the financial creditor. 5. Pursuant to the abovementioned agreement, the financial creditor has paid the advance amount of ₹ 1.50 crores by way of RTGS on December 5, 2014 through the Indian Overseas Bank, Raja Annamalaipuram Branch, as reflects from bank statement placed at page 3 of the typed set filed with the application. The same was confirmed by the corporate debtor vide its confirmation of accounts dated April 1, 2015 which is placed at page 4 of the typed set filed with the application. Immediately thereafter, the corporate debtor started to ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cheques on various dates for encashment, the same were dishonoured with endorsements as funds insufficient . 8. During the course of arguments, counsel for the corporate debtor has fairly admitted that the corporate debtor is not in a position to make the payment of the outstanding debt and prayed to pass an appropriate order. Thus, there is a clear admission of the outstanding debt. 9. The documentary evidence which is placed on the case file is sufficient in order to ascertain the existence of a default on the part of the corporate debtor. Therefore, in the light of the facts and circumstances recorded, and the legal position stated, the financial creditor has fulfilled all the requirements of law, including the name of the resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) ; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 12. The supply of essential goods or services of the corporate debtor/guarantor shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) of section 14 shall not apply to such transactions, as notified by the Central Government. 13. The IRP shall comply with the provisions of sections 13(2), 15, 17 and 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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