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TMI Blog2019 (9) TMI 1439X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 7 of Insolvency & Bankruptcy Code, 2016 (I&B Code) against Omkar Realtors & Developers Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Application is filed on 14.06.2019. 3. This Application is filed by Mr. Prashant Rajkumar Rajgharia, Director of the applicant, who is duly authorised to do so vide Board Resolution dated 03.06.2019. 4. The Applicant had extended an unsecured loan to the Corporate Debtor for Rs. 1.5 crore repayable on demand with 18% p.a. interest vide three Hundies, one dated 19.12.2013 and the other two dated 07.10.2010. A copy of Certificate dated 06.06.2019 by Indian Overseas Bank certifies that three cheques worth Rs. 50 lakh each were deposited in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor has tendered its affidavit in Reply raising objections that there are pre-existing disputes between the parties. The Corporate Debtor has also submitted that it had stopped paying interest at the instructions of the Applicant. However, this is a mere averment of the Corporate Debtor without any relevant supporting document. Therefore, we are of the considered opinion that there is no dispute between the parties and even if there was any dispute with respect to the impugned transaction, since the debt and default is established as per the documents submitted on record by the Applicant, the existence of dispute is not a valid ground for rejecting an application under section 7 of the I&B Code. The relevant part of the decision of Hon' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the receipt of the application. It is at the stage of Section 7(5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the "debt", which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -N00493/2017-18/11723] as Interim Resolution Professional, to carry out the functions as mentioned under I&B Code. In Form 2 annexed to the Application, the proposed IRP has declared that there are no disciplinary proceedings pending against him. 15. The Application under sub-section (2) of Section 7 of I&B Code, 2016 filed by the financial creditor for initiation of CIRP in prescribed Form No 1, as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is complete. The existing financial debt of more than rupees one lakh against the corporate debtor and its default is also proved. Accordingly, the petition filed under section 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of I&B Code or passes an order for the liquidation of the corporate debtor under section 33 of I&B Code, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of I&B Code. VI. That this Bench at this moment appoints Mr. Rajat Mukherjee, a registered Insolvency Resolution Professional havi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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