TMI Blog2021 (7) TMI 1014X X X X Extracts X X X X X X X X Extracts X X X X ..... ation letter duly signed and sealed mentioned above, and since the admitted default of non payment of the outstanding amount is proved on the basis of documents placed on record by the Financial Creditor including various notices and reminders recalling the outstanding debt, the application of the Financial Creditor deserves to be admitted. There are no hesitation to order that the CIRP in respect of the Corporate Debtor be initiated - Petition admitted - moratorium declared. - C. P. No. 1689/KB/2019 - - - Dated:- 15-7-2021 - Rajasekhar V.K., Member (J) And Harish Chander Suri, Member (T) For the Appellant : Shaunak Mitra, Urmila Chakraborty and Sanjib Dawn, Advocates For the Respondents : Rahul Auddy and Shaleen Dubey, Adv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the year, 2019-20 was ₹ 71,61,200/- (Rupees Seventy One Lac Sixty One Thousand Two Hundred only), interest segment computed @ 12% comes to ₹ 3,36,674/- (Rupees Three Lac Thirty Six Thousand Six Hundred Seventy Four only) till 21st August, 2019, which makes the total outstanding of ₹ 74,97,874/- (Rupees Seventy Four Lac Ninety Seven Thousand Eight Hundred Seventy Four only). 5. It is submitted that the Corporate Debtor has admitted and confirmed the amount outstanding as on 1st April, 2019 being ₹ 71,61,200/- (Rupees Seventy One Lac Sixty One Thousand Two Hundred only), by putting their signature by one of its Directors alongwith seal of the Company, thereby making it as an admitted debt due from the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebt by the Corporate Debtor and orders for initiation of CIRP are prayed for by the Financial Creditor. 8. Going back to the facts of the case, it would be seen that the Financial Creditor has placed on record all the documents executed on behalf of the Corporate Debtor and other documents like notices, reminders sent to the Corporate Debtor, to prove its claim. All these documents form part of the Annexures to the supplementary affidavit of the Financial Creditor filed on 24th December, 2019. The loan was recalled by the Financial Creditor vide its notice dated 28th March, 2017 followed by reminders dated 15/12/2017, 20/03/2018 and 01/03/2019. 9. Since the disbursement of the loan is proved vide Bank's statement of the Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. In view of the observations and directions, we hereby admit the petition and pass the following Orders:- ORDERS i) The application filed by the Financial Creditor under Section 7 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor M/s. Janpragti Commodities Private Limited is hereby admitted. ii) We hereby declare a moratorium and public announcement in accordance with Sections 13 and 15 of the I B Code, 2016. iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency Bankruptcy Code, 2016. The I.R.P. shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... effect from the date of admission till the completion of the corporate insolvency resolution process. viii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix) Mr. Kailash Kumar Rathi, registered with Insolvency and Bankruptcy Board of India, having Registration No. IBBI/IPA-001/IP-P00547/2017-19/10997] is hereby appointed as Interim Resolution Professional for ascertaining the particulars of creditors and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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