TMI Blog2021 (1) TMI 509X X X X Extracts X X X X X X X X Extracts X X X X ..... n the part of the corporate debtor to make payment the investment of ₹ 5 crores made by the said Prudent ARC Ltd., has to be repaid by the applicant-bank. Counsel representing the applicant-bank submits that in the event the petition is admitted they shall refund the said amount of ₹ 5 crores forthwith to the said Prudent ARC Ltd. - In view of the clear admission made by the corporate debtor towards debt and default, the petition requires to be admitted. The matter is reserved for further detailed order. The corporate debtor despite availing number of adjournments has neither filed reply nor advanced any arguments. Therefore, it is very clear from the conduct of the corporate debtor that the corporate debtor has no arguable case in the above company petition. Therefore the main company petition is reserved for orders - It is very clear from the above orders and the conduct of the corporate debtor that the corporate debtor is clearly admitting the debt and default in the above company petition and has no arguable defence. Even otherwise the financial creditor produced all the documents establishing the debt and default. The financial creditor also furnished the name o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed fifty six crores forty eight lakhs ninety thousand eight hundred twenty three and twelve paise only) as on December 13, 2018 with further interest as mentioned therein. Despite receipt of the abovementioned recall notices, the corporate debtor and guarantors failed to repay the outstanding dues owed to the applicant. In light of the above, on January 7, 2019 a pledge invocation notice was issued by the applicant to the corporate debtor and guarantors stating therein that in case of failure to make repayment of outstanding dues, the applicant would be constrained to enforce rights as pledgee and secured lender for the equity shares pledged in favour of the applicant including 33 per cent. held in Fastway Transmissions P. Ltd. As security for the credit facilities availed. In spite of the above, the corporate debtor has failed to repay the out standing amounts due to the applicant and hence, the applicant is con strained to file the present application for triggering corporate insolvency resolution process of the corporate debtor under the Insolvency and Bankruptcy Code, 2016. Since the registered office of the corporate debtor is situated in Mumbai, this hon'ble Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is made very very clear to the corporate debtor that no further adjournments will be granted and if the petitioner does not report to the court that the matter has been amicably settled between the parties, the orders will be pronounced in the open court on the very same day forthwith. List this matter on July 16, 2019. Order dated August 5, 2019 4. At request of the intervening party Prudent ARC Ltd., list this matter on August 26, 2019. The respondent is directed to file their reply before the next date of hearing otherwise, the matter will be proceeded on merits. Order dated August 26, 2019 5. A categorical statement made by the corporate debtor that an investor, i. e. Prudent ARC Ltd., is prepared to invest ₹ 100 crores and prepared to settle the dues. On the said statement 3 weeks' time has been granted to make the payments. However, on July 16, 2019 an Investor Prudent ARC Ltd., had paid an amount of ₹ 5 crores into the financial creditors account hoping that settlement will take place and enable the investor to take over the debt. In view of the failure on the part of the corporate debtor to make payment the investment of ₹ 5 crores m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leged proposed investor, I. A. No. 1631 of 2020 which was filed for stay of the company petition was listed on board on November 18, 2020. As observed from the record neither the soft copy nor hard copy of I. A. No. 1631 of 2020 is available with this Tribunal. Even otherwise in view of the admitting the main company petition, I. A. No. 1631 of 2020 becomes infructuous and accordingly, stands disposed of. Accordingly, we pass the following : ORDER (a) The above Company Petition No. (IB)-297(MB) of 2019 is hereby allowed and initiation of corporate insolvency resolution process (CIRP) is ordered against M/s. Digicable Network (India) Ltd. (b) This Bench hereby appoints Mr. Sunil Kumar Choudhary, Insolvency Professional, Registration No. IBBI/IPA-001/IP-P01243/2018-2019/ 11895 having office at Ernst and Young LLP, 14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar, Mumbai, Maharashtra-400 028, as the interim resolution professional to carry out the functions as mentioned under the Insolvency and Bankruptcy Code. (c) That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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