TMI Blog2021 (6) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of both newspapers are attached as Annexure-P1 of Diary No. 6986 dated 10.12.2019. Accordingly, several opportunities were afforded to the corporate debtor to file its reply but there has been no representation from the respondent so far. In the present case, the occurrence of default is evidenced by the details furnished by petitioner including Loan-cum-Hypothecation agreement, no lien letter along with Demand Promissory Note executed between both parties and same are placed at Annexures A-6 A-7 respectively. Demand Notice dated 06.01.2017 under Section 13(2) of SARFEASI Act (Annexure A-9), possession notice dated 22.03.2017 (Annexure A-10) were issued by financial creditor and copy of order dated 16.02.2019 (Annexure A-11) passed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xports Private Limited is a Company incorporated on 24.03.1999 under the provisions of Companies Act, 1956 with CIN No. U15312PB1999PTC022384 having its registered office at Village, Bahadur Wala, Mallanwala Road, Distt. Ferozepur-152021 which falls within the State of Punjab. Hence, the jurisdiction lies with this Adjudicating Authority. 3. The Authorized Share Capital of the Respondent Company is ₹ 8,00,00,000 and Paid-Up Share Capital of the Company is ₹ 8,00,00,000 as per master data. The master data of corporate debtor is stated to be filed as Annexure A-17 of the petition. 4. It is submitted by the financial creditor that it had provided the following financial assistance to the corporate debtor:- (a) Cash Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... illage Bahadurwala, District Ferozpur, Punjab which are covered vide three sale deeds bearing No. 528 and 529 both dated 06.05.1999 and 7066 dated 27.03.2001 (Annexure A-8) are mortgaged with financial creditor. The date of mortgage is mentioned as 04.09.1999 and 18.11.2005. As per valuation report dated 13.08.2017 (Annexure A-15), prepared by Er. Daljit Raheja, the estimated value of land and building is stated to be ₹ 4,14,27,700/-. It is pertinent to mention here that financial creditor had filed the recovery suit before the Debt Recovery Tribunal, Chandigarh against the corporate debtor and the guarantors and vide order dated 16.02.2019 DRT, Chandigarh has issued recovery certificate for ₹ 73,20,42,255 plus future interest @ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed at Annexures A-6 A-7 respectively. Demand Notice dated 06.01.2017 under Section 13(2) of SARFEASI Act (Annexure A-9), possession notice dated 22.03.2017 (Annexure A-10) were issued by financial creditor and copy of order dated 16.02.2019 (Annexure A-11) passed by Debt Recovery Tribunal, Chandigarh wherein recovery certificate was issued shows that the corporate debtor had made default in payment of financial debt. 11. In the given facts and circumstances, the present petition being complete and having established the default in payment of the Financial Debt for the default amount being above ₹ 1,00,000/-, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the date of this order till completion of the corporate 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. 12. In Part-III of Form 5, Financial Creditor has proposed Mr. Rajender Kumar Jain as Interim Resolution Professional. IRP has filed consent in Form 2 dated 29.12.2018 in which it has been stated that no disciplinary proceedings are pending against him and he is not serving as IRP or RP in any other proceedings. As proposed by the Financial Creditor, this Bench appoints Mr. Rajender Kumar Jain as Interim Resolution Professional having Registration No. IBBI/IPA-01/IP-P00543/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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