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TMI Blog2021 (7) TMI 242X X X X Extracts X X X X X X X X Extracts X X X X ..... s') by Mr. Vinod Kumar Chauhan proprietor of Saroj Construction Co. claiming to be 'Financial Creditor' (for brevity 'Applicant'), with a prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent company, M/s. Virtual Business Solutions Pvt. Ltd. (for brevity 'Respondent'). 2. Mr. Vinod Kumar Chauhan having Adhaar No. 3763-4582-3182, is the proprietor of Saroj Construction Co. holding MSME certificate and its no. is UP28F0021302, dated 28.04.2009 The registered office of the applicant is situated at 210, P3, Krishna Apra Plaza, Sector-18, Noida-201301. The applicant states that he is a reputed businessman in the area of Electronics and Electrical items. His proprietorship concern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... One Crore Only) from the applicant. A business loan agreement was entered into between the applicant and the respondent on 31.07.2018, whereby the terms and conditions were mutually agreed between the parties. The loan was for a period of 18 months with the condition that the entire loan amount along with interest @ 9% per annum shall be repaid to the Applicant after expiry of 18 months i.e., 31.01.2020. 6. The applicant further states that it has placed on record the following documents in support of loan and credit facilities sanctioned to the Corporate Debtor: a) Copy of the Business Loan Agreement; b) Certified copy of the board resolution passed by corporate debtor to secure the said loan; 7. It is further submitted by the applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10. The Corporate Debtor did not file reply, but on the contrary during the hearing the Ld. counsel for the Corporate Debtor and made submission on behalf of the Corporate Debtor that it does not wish to file any reply and accepts the amount being claimed in default by the Applicant and it has no objections to present proceedings, CIRP proceedings may be initiated. 11. The Applicant has provided a loan/ credit facility to the Corporate Debtor sanctioning credit facility of Rs. 1,00,00,000/- (Rupees One Crore only), as per the Loan Agreement dated 31.07.2018. As on 31.01.2020, a total sum of Rs. 1,00,00,000/- (Rupees One Crore only) became due and payable by the Corporate Debtor to the Applicant being the principal loan amount, along with i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15. The 'Financial Creditor'- applicant has proposed the name of Insolvency Resolution Professional, Mr. Vinay Kumar Singhal, address at 411, Essel House, Asaf Ali Road, New Delhi-110002 having registration No. IBBI/IPA-02/IP-N00624/2018-19/11880, and email id vinaysinghalca@gmail.com. A written communication sent by him in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has also been placed on record. There is a declaration made by him that no disciplinary proceedings are pending against him in the Insolvency and Bankruptcy Board of India or ICSI. In addition, further necessary disclosures have been made by Mr. Vinay Kumar Singhal as per the requirement of the IBBI Regulatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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