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TMI Blog2019 (6) TMI 1505X X X X Extracts X X X X X X X X Extracts X X X X ..... olution Process (in short "CIRP") of the Corporate Debtor as the Corporate Debtor committed default in paying financial debt of Rs. 1,02,87,671/- (Rupees One Crore Two Lakh Eighty Seven Thousand Six Hundred Seventy One Only). 2. It is stated that on 03.04.2018, the Financial Creditor gave the Corporate Debtor the corporate loan of Rs. for period of 180 days with interest rate of 15% per annum. The Corporate Debtor did not pay the loan along with the interest as agreed. Hence on 03.10.2018, the Financial Creditor gave notice to the Corporate Debtor calling upon them to clear the dues but they committed default. Hence, this application is filed. 3. The Corporate Debtor is served with notice. They appeared through one Mr. Kamlesh Agarwal, on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor 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 Rs. 1,00,00,000/- (Rupees One Crore Only) from the Financial Creditor. They did not explain. In view of evidence on record, I hold 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 r eferred to be admitted. 8. The Financial Creditor suggested name of Mr. Pradeep Kumar Goenka having registration No. IBBI/IPA-002/IP-N00294/20172018/10851 for ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ight or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization 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. v) The supply of essential goods or services to the corporate debtor as may bespecified shall not be terminated, suspended, or interrupted during moratorium period. vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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