TMI Blog2019 (12) TMI 1405X X X X Extracts X X X X X X X X Extracts X X X X ..... er section 5(7) can file an application for initiating corporate insolvency resolution process against a Corporate Debtor before this Adjudicating Authority when the default has occurred. No doubt the debt claimed is a financial debt as defined under section 5(8) of I B Code. The IRP proposed also has filed a declaration in Form 2 affirming that he is a registered insolvency professional and no disciplinary proceedings are pending against him. Therefore, the application on behalf of Financial Creditor is complete. Application admitted - moratorium declared. - IBA/49/KOB/2019 - - - Dated:- 20-12-2019 - Hon ble Shri Ashok Kumar Borah, Member (Judicial) And Hon ble Shri Veera Brahma Rao Arekapudi, Member (Technical) For Operat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Eventually these cheques become stale and it could not be presented thereafter. The Corporate Debtor had acknowledged the debt over the years and disclosed the same in the Financial Statements up to 31.03.2017. (Annexure 1.4 in the application) whereas the Financial Statement as on 31.03.2018 the Corporate Debtor has reclassified and shown it as nil. (Annexure 1.5). 3. The Financial Creditor had made several correspondences to Corporate Debtor demanding the repayment, the Corporate Debtor again assured the Financial Creditor that he will repay the amount and requested not to initiate any legal proceedings. The total amount of debt being ₹ 87,71,565/- (Rupees EightySeven Lakhs Seventy-One Thousand Five Hundred and Sixty-Five Only) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l.com), for appointment as Interim Resolution Professional (IRP). The IRP proposed also has filed a declaration in Form 2 affirming that he is a registered insolvency professional and no disciplinary proceedings are pending against him. Therefore, the application on behalf of Financial Creditor is complete. ORDER 8. In the aforesaid background, and after thoroughly perusing the records, we are of the view that, the application filed on behalf of Financial Creditor is complete. Therefore, this application under Section 7(5)(a) of the I B Code, 2016 deserves to be Admitted. 9. Accordingly. the IRP proposed by the Financial Creditor, Jasin Jose, residing at Ponmattam, Madaserry House, Mookkannoor, P.O Ernakulam, Kerala683577,, a re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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