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TMI Blog2018 (12) TMI 1864X X X X Extracts X X X X X X X X Extracts X X X X ..... for brevity 'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules) with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Adel Landmarks Limited (for brevity the 'corporate debtor'). It is appropriate to mention that the 'financial creditor' is a company (formerly known as Era Landmarks Limited) incorporated under the provisions of the Companies Act, 1956. 2. The Corporate Debtor - Adel Landmarks Ltd. was incorporated on 24.03.2005 under the provisions of the Companies Act, 1956. The identification number of the Corporate Debtor given is CIN U45203DL2005PLC134375. 3. It is submitted by the Peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cating Authority) Rules, 2016 along with the certificate of registration (Annexure -4(C011y)). 6. In Part-IV of the Petition, the Financial Creditor has given the details of the total amount of the financial debt along with the dates of disbursement. In Column 2 of Part-IV of the Application the Financial Creditor has mentioned the amount claimed in default and the date of the default (the details have been stated in Para 4). 7. In Part V of the Petition the Financial Creditor has mentioned the particulars of the documents and records that substantiate that Loan disbursed, the Corporate Guarantees and the amount claimed to be in default. 8. A reply to the petition is filed by one Mr. Arun Singh, being the Authorized signatory of the Resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... advancement of loan and default stand admitted. Even Otherwise there is overwhelming documentary evidence on record which support those findings. 13. Learned Counsel for the petitioner has argued that all requirements of Section 7 of the Code for initiation of Corporate Insolvency Resolution Process stand fulfilled. 14. Having heard the learned counsels for the Financial Creditor and Corporate Debtor and having perused the paper book with their able assistance we find that the provisions of Section 7 (2) and Section 7 (5) of IBC have been complied as discussed in detail in the Order dated 27.11.18 in IB- are complied with. 15. After a conjoint reading of the aforesaid provision along with Rule 4 (2) of the Insolvency and Bankruptcy (Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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