TMI Blog2021 (8) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... its inability/liability to pay the dues and default committed. This Bench is, therefore, inclined to initiate the CIR Process against the Corporate Debtor. The present Petition being complete and having established the default in payment of the Financial Debt for the default amount being committed above the threshold limit, the present Petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code - Petition admitted - moratorium declared. - (IB)-445(ND)/2020 - - - Dated:- 28-7-2021 - Abni Ranjan Kumar Sinha, Member (J) And L.N. Gupta, Member (T) For the Appellant : Dhruv Gupta, Advocate ORDER L.N. Gupta, Member (T) 1. The present Petition is filed, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplicant sent a reminder email to the Corporate Debtor in this regard on 19.09.2019, which was replied by the Corporate Debtor on 20.09.2019 stating that its payment from other vendors got delayed and therefore, requested for some time for making payment of the due EMI. 6. That the Corporate Debtor also failed to pay the EMI due on 01.10.2019 to the Applicant. Hence, an email in this regard was sent by the Applicant to the Corporate Debtor on 09.10.2019, which was replied by the Corporate Debtor on 11.10.2019 stating that they are facing financial crisis and requested for some more time to clear the dues. However, the Corporate Debtor again failed to clear its EMIs, which fell due on 15.10.2019 and 01.11.2019. 7. It is further submitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... constraints the Corporate Debtor is unable to repay. The relevant part of the reply is reproduced below: 9. I say that irrespective of the above, the Answering Respondent had no malafide intention to stop or delay the payment of EMI's due to the Applicant under the loan Agreement. However, due to poor business performance across the Hospitality Sector coupled with other financial obligations such as payment of salaries of employees, etc. lead to unintentional delay in payment of EMI's. 10. I further say that the Answering Respondent is still desirous and willing to clear the outstanding dues of the Applicant, but owing to the financial downfall across all sectors, especially the Hotels, Restaurant, Tourism and Hospitality ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. 14. As proposed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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