TMI Blog2019 (10) TMI 1345X X X X Extracts X X X X X X X X Extracts X X X X ..... plete, accordingly this Bench hereby admits this Petition. Petition admitted - moratorium declared. - CP (IB) 2729/MB/2019 - - - Dated:- 24-10-2019 - Suchitra Kanuparthi, Member (J) and V. Nallasenapathy, Member (T) For the Appellant : Falguni Shete, Adv. For the Respondents : Jigar Kamdar and Parul Sharma, Advs. ORDER V. Nallasenapathy , Member (T) 1. Punjab National Bank (hereinafter called 'Petitioner') has sought the Corporate Insolvency Resolution Process against Dream Merchant Content Private Limited (hereinafter called the 'Corporate Debtor') on the ground that the Corporate Debtor committed default to the extent of ₹ 66,58,63,415.41/- as provided under Section 7 of Insolvency and Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Petitioner issued notice u/s 13(2) of SARFAESI Act dated 12.01.2018 upon the Corporate Debtor demanding total outstanding dues which are annexed to the Petition. The Petitioner has also annexed Commercial Credit Information Report (CIBIL) dated 19.09.2018 and Certificate under Sections 2A(a) and 2A(b) of the Banker's Book of Evidence Act, 1891 dated 10.07.2019 of Corporate Debtor. 5. The Petitioner further submits that the copy of the petition sent to the branch office of the Corporate Debtor was served and affidavit of service to that effect was filed. Subsequently, the petitioner informed the date of hearing to the Corporate Debtor and filed proof of service. Both sides were present on 30.08.2019. Previously, on 14.08.2019, on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Innoventive Industries Ltd. Vs. ICICI Bank and Ors., - (2018) 1 SCC 407 wherein it was observed as below: 28. When it comes to a financial creditor triggering the process, Section 7 becomes relevant. Under the Explanation to Section 7(1), a default is in respect of a financial debt owed to any financial creditor of the corporate debtor -- it need not be a debt owed to the applicant financial creditor. Under Section 7(2), an application is to be made under sub-section (1) in such form and manner as is prescribed, which takes us to the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order passed to the financial creditor and corporate debtor within 7 days of admission or rejection of such application, as the case may be. 8. On hearing of the Petition and going through the Form-1 and the connected documents, it is amply clear that the Corporate Debtor defaulted in making the repayment of the financial debt due to the Petitioner and the petition deserves to be admitted. 9. This Adjudicating Authority, on perusal of the documents filed by the Creditor, is of the view that the Corporate Debtor defaulted in repaying the loan availed and also placed the name of the Insolvency Resolution Professional to act as Interim Resolution Professional and there being no disciplinary proceedings pending against the proposed reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, 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 the Code. VI. That this Bench hereby appoints, Mr. Mukesh Verma, having his address at A 504, Manish Garden CHS, Manish Nagar, JP Road, Andheri (West), Mumbai - 400058, having Registration No. IBBI/IPA-001/IP-P01665/2019-20/12522 as Interim Resolution Professional to carry the functions as mentioned under Insolvency Bankruptcy Code. 10. Accordingly, this Petition is admitted. 11. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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