TMI Blog2021 (8) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... tipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) 3484/MB/C-II/2019 - - - Dated:- 12-7-2021 - Hon'ble Member (Judicial) : Mr. Ashok Kumar Borah And Hon'ble Member (Technical) : Mr. Shyam Babu Gautam For the Financial Creditor : Ms. Suyesha Kakarla, Advocate i/b M/s Apex law Partners For the Corporate Debtor : Mr. Monoj Harit, Advocate ORDER Per : Shyam Babu Gautam , Member 1. This is a Company Petition filed under section 7 ( th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the total amount due under agreement dated 22.06.2017, as on 20.08.2019 is ₹ 30,78,933/- (Rupees Thirty Lakh Seventy-Eight Thousand Nine Hundred Thirty Three Only). 6. The Financial Creditor in furtherance of his claim annexed following documents: i. Copy of Loan Agreement dated 22.06.2017 ii. Copy of Statement of Account iii. Copy of Arbitral Award passed against Corporate Debtor iv. Copy of Loan Recall Notice Submissions made by the Advocate of Corporate Debtor by way of Affidavit in Reply: 7. Counsel Adv. Monoj Harit, appeared from the side of the Corporate Debtor on the date of final hearing of this Petition. Submitted that the Corporate Debtor had not filed any formal reply in this matter. Counse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shed and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 13. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP (IB) 3484/MB/C-II/2019 filed by Indiabulls Consumer Finance Limited, the Financial Creditor, under section 7 of the IBC read with rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Apollo Soyuz Electricals Private Limited [CIN: U31100MH1997PTC106456], the Corporate Debtor, is admitted. (b) There shall be a moratorium under section 14 of the IBC, in re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidation of Corporate Debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr. Sanjay Kumar Lalit, Registration No. IBBI/IPA-002/IP-N00760/2018-2019/12370, having address at 207, United Business Park 2nd Floor, Behind Old Passport Office, Road No. 11, Wagle Estate, Thane (W), Mumbai - 400604 [email: jupiter.legal@yahoo.in], is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the IBC. The fee payable to IRP or, as the case ..... X X X X Extracts X X X X X X X X Extracts X X X X
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