TMI Blog2018 (7) TMI 2121X X X X Extracts X X X X X X X X Extracts X X X X ..... been given by the Counsel for the Corporate Debtor pertaining the documents placed at pages 8, 9, 10, 11 and 12 of the typed set filed with the Application, which are evidencing the advancing of the loan by the Financial Creditor to the Corporate Debtor, and are sufficient in nature to establish the existence of default on the part of the Corporate Debtor in repaying the loan. The Application of the Financial Creditor is complete in all respect - Application admitted - moratorium declared. - CP/540/(IB)/CB/2018 - - - Dated:- 24-7-2018 - CH. MOHD SHARIEF TAROQ, MEMBER (JUDICIAL) For Financial Creditor : Mr. M. Gagan Bothra, Party in person For Corporate Debtor : Mr. K.Murthy, Counsel ORDER Per: CH. MOHD MEMBER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r along with seal of the Corporate Debtor, Another document placed at page 9 of the typed set filed with the Application executed on 18.01.2017 contains the signatures of the Managing Director along with seal of the Corporate Debtor by which ₹ 10,00,000/- has been received by the Corporate Debtor from the Financial Creditor. Further, the document placed at page 10 of the typed set filed with the Application is a communication dated 28.02.2017 that has been sent by the Corporate Debtor to the Financial Creditor viz., M. Gagan Bothra which confirms the liability of the Corporate Debtor for total outstanding of ₹ 2,00,00,000/- borrowed from the Financial Creditor for business purpose of the Corporate Debtor and assurance has been g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set filed with the Application. 6. The Financial Creditor has also referred to the copy of the document dated 15.06.2017 which is a complaint given by one Mr. Senthil K. Ganapathy viz., Managing Director of the Corporate Debtor, as reflects from page 2 of the report wherein the signature of Managing Director and seal of the Corporate Debtor is affixed. In the said complaint, it has been admitted by the Managing Director that a sum of ₹ 83,50,000/- out of which only 4 Lakhs came to his personal account and the rest by cash. Thus, the Managing Director of Corporate Debtor has accepted the liability to that extent, and assured that they are willing to settle the borrowed money within months from the date of the said report It is furt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Counsel for the Corporate Debtor is that those documents are subject matter of the criminal complaint filed by Mr. Senthil K. Ganapathy, one of the Directors of the Corporate Debtor, which is pending investigation and the documents have been misused by the Financial Creditor, but the said documents have been executed by the Managing Director of the Corporate Debtor long back on 18.02.2017 and 28.02.2107 respectively, and the complaint has been filed on 15.06.2017. Therefore, there is no co-relation of the documents with the complaint filed. Therefore, the plea of the Counsel for the Corporate Debtor is misconceived and stands rejected. 9. After hearing the Financial Creditor and the Counsel for the Corporate Debtor and perusal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay the amount of loan borrowed from the Financial Creditor even after executing the documents in favour of the Financial Creditor. The Financial Creditor has fulfilled all the requirements of law. Therefore, CP/540/(IB)CB/2018 is admitted and 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. 12. Mr. V. Venkata Siva Kumar is hereby appointed as IRP, as has been proposed by the Financial Creditor. There is no disciplinary proceeding pending against the IRP as evidenced from Form-2. The IRP is directed to take charge of the Respondent Corporate Debtor's management immediately. He is also directed to cause public an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot apply to such transactions, as notified by the Central Government. 15. The IRP shall comply with the provisions of Sections 13 (2), 15, 17 18 of the Code. The Directors of the Corporate Debtor, its promoters or any person associated with the Management of the Corporate Debtor are/ is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19, so that he could discharge his functions under Section 20 of the I B Code, 2016. 16. Since the CP/540/(IB)CB/2018 is admitted, the MA/266/2018 is also disposed of 17. The Financial Creditor and the Regs y are also directed to send the copy of this Order with Immediate effect to IRP, so that he could take charge of the Corporate Debtor's assets etc., an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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