TMI Blog2019 (6) TMI 1505X X X X Extracts X X X X X X X X Extracts X X X X ..... o the Corporate Debtor's account by the Financial Creditor by way of RTGS dated 03.04.2018. It proves the Financial Creditor gave corporate loan to the Corporate Debtor as contemplated under Section 186 of the Companies Act, 2013. In view of this, evidence on record, it was for the Corporate Debtor to explain as to how and in relating to what transaction they received sum of ₹ 1,00,00,000/- from the Financial Creditor. They did not explain. In view of evidence on record, it is held that Financial Creditor proves that there is a financial debt of more than Rupees One Crore due and payable by the Corporate Debtor which they did not pay and committed default. This application is referred to be admitted. Application admitted - m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of loan amount itself. According to him the application is not maintainable. 4. The Financial Creditor filed rejoinder and reiterated their claim against the Corporate Debtor. I heard Ld. Advocate Mr. Jishnu Chowdhury for the Financial Creditor and Ld. Advocate Mr. Ratul Das for the Corporate Debtor. I perused the record. 5. This is an application under Section 7 of Insolvency and Bankruptcy Code, 2016. Hence, this Adjudicating Authority has to see whether the Financial Creditor could prove two crucial facts:- (i) Whether there is 'debt' due and payable by the Corporate Debtor to the Financial Creditor. (ii) Whether the Corporate Debtor committed 'default' in paying the debt. 6. In this case, the Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication filed by the Financial Creditor is defect free, hence, I admit the same by following order. ORDER i) The application filed by the Financial Creditor under section 7 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/S Skipper Textiles Pvt. Ltd., is hereby admitted. Ii) I declare a moratorium and public announcement in accordance with Sections 13 and 15 of the IBC, 2016. iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 of the IBC, 2016 may be made. x) Mr. Pradeep Kumar Goenka, IP Registration No. IBBI/IPA002/IP-N00294/2017-2018/10851, residing at AV Insolvency Professionals Pvt. Ltd., Bajarang Kunj, Room NO. 412 413, 2B, Grant Lane, 4th Floor Kolkata-700012, E-mail ID: goenka.pradeep@gmai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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