TMI Blog2019 (7) TMI 1732X X X X Extracts X X X X X X X X Extracts X X X X ..... 1with the Address:- D-4 B, First Floor Ramprastha, Near Raghunath Temple, Ghaziabad (Uttar Pradesh) -201011, is appointed as IRP who has filed his declaration in accordance with Rule 9 of Adjudicating Authority Rules and he is to act as an IRP by performing all his duties. Te provisions of Section 7 (2) and Section 7 (5) of IBC have been complied the requirements of Section 7 of the Code for initiation of Corporate Insolvency Resolution Process stand fulfilled and accordingly the present petition is admitted - petition admitted - moratorium declared. - (IB)-281(PB)/2019 - - - Dated:- 25-7-2019 - Chief Justice (Rtd.) M. M. Kumar, Hon'ble President And Sh. S.K Mohapatra, Hon'ble Member (Technical) For the Petitioner: Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eed by both the parties 16,86,09,298/- Ch. No. 203202 dated 16/06/19 for the period 16/06/19 to 15 07 19 2,10,00,000/- 14,76,09,298/- Ch. No. 203203 dated 25/06/19 for the period 16/06/ 19 to 15 07/19 2,10,00,000/- 12,66,09,298/- Ch. No. 203204 dated 16/07/19 for the period 16/07/19 to 15 08 19 2,10,00,000/- 10,56,09,298/- 3. The petitioner has filed the instant application for revival of the petition and has also been placed on record the Bank memos. 4. Notice of the application was issued. 5. Mr. K. Datta, Ld. Counsel for the non applicant-corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the Address:- D-4 B, First Floor Ramprastha, Near Raghunath Temple, Ghaziabad (Uttar Pradesh) -201011, is appointed as IRP who has filed his declaration in accordance with Rule 9 of Adjudicating Authority Rules and he is to act as an IRP by performing all his duties. 7. As a sequel to the above discussion we find that the provisions of Section 7 (2) and Section 7 (5) of IBC have been complied as discussed in detail in our Order dated 27.11.18 rendered in the of ECL Finance Limited vs. Digamber Buildcon Pvt Ltd (IB- requirements of Section 7 of the Code for initiation of Corporate Insolvency Resolution Process stand fulfilled and accordingly the present petition is admitted. 8. We also declare moratorium in terms of Section 14 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to the ex-management to provide all docu nts in their possession and furnish every information in the knowledge within a period of one week from the admission of the petition to the IRP as is obligatory under Section-19 of the Code, otherwise coercive steps to follow. 12. There is a general complaint received against the financial creditors, banks, NBFCs and Asset Reconstruction Companies that the amount claimed by them is far more than what is owed by the corporate debtor to them. Many a times the rate of interest is alleged to be exorbitant and allegations are levelled that a penal interest compounded monthly has been charged. We have no mechanism of rectification of claims made. However, the RPs ordinarily have professionals expe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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