TMI Blog2019 (3) TMI 1781X X X X Extracts X X X X X X X X Extracts X X X X ..... s guarantor by extending corporate guarantee dated 02.07.2014, thereafter, since the Principal Borrower has not paid the loan amount and gone under CIRP in IBA/206/2019, now this Creditor Bank has initiated these proceedings against this Corporate Debtor, since the Corporate Debtor is falling within the definition u/s 5(8) Clause (i) of the Insolvency Bankruptcy Code, the financial creditor can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Code ) by the Financial Creditor ( IDBI Bank Limited ) seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor (Orchid Healthcare Private Limited) on the ground that the Corporate Debtor defaulted in repaying the loan amount of ₹ 215.74 Crores availed by the Principal borrower ( Orchid Pharma Limited ) as on 01.07.2018, despite the corporate guarantee d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s furnished, being satisfied that debt and default are in existence and there being no objection from the Corporate Debtor side for this Bench initiating CIRP against the Corporate Debtor, we hereby, looking at the consent letter given by Insolvency Resolution Professional, admit this Company Application by appointing IRP namely, Mr. Ramakrishnan Sadasivan as RP with the following directions: I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such property is occupied by or in the possession of the corporate debtor. II. That Supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. III. That the provisions of sub-section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Fee payable to IRP/RP shall be in compliance with the IBBI Regulations/Circulars/Directions issued in this regard. 4. Accordingly, this Application is admitted. 5. The Registry is hereby directed to immediately communicate this order to the Financial Creditor, the Corporate Debtor and the Interim Resolution Professional by way of email or whatsapp. - - TaxTMI - TMITax - Insolvency & B ..... X X X X Extracts X X X X X X X X Extracts X X X X
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