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TMI Blog2021 (8) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy process against M/s. IDzire Hospitality Private Limited ('Corporate Debtor'). 2. The Corporate Debtor M/s. IDzire Hospitality Private Limited is a Company incorporated with CIN No. U93000 DL 2014PTC265146 on 20.02.2014 under the provisions of the erstwhile Companies Act 1956, having its registered office at 145A/9, Kishangarh, Vasant Kunj, New Delhi-110070, which is within the jurisdiction of this Tribunal. 3. The Authorized Share Capital of the Corporate Debtor Company is Rs. 2,00,000/- and Paid-up Share Capital of the Company is Rs. 2,00,000/- as per the master data annexed with the Application. 4. It is averred that the Applicant had entered into a Loan Agreement dated 07.08.2019 with the Corporate Debtor, through its Dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utive EMI's falling due on 15.09.2019, 01.10.2019, 15.10.2019, 15.11.2019, 01.12.2019, 15.12.2019 and 01.11.2019, 01.01.2020 respectively and thus, committed default in repayment of its financial debt. 9. It has been averred by the Applicant in the Part- IV of the Application that the total amount outstanding against the Corporate Debtor is Rs. 2,71,909/- as on 08.01.2020 including late fees penalty and interest applicable. 10. That the applicant has annexed copy of the Loan Agreement dated 07.08.2019 as Annexure B to the Application, its Bank Account Statement showing proof of disbursement and E-mails exchanged between the parties. The financial creditor had also issued Loan Recall cum Demand Notice dated 09.11.2019 to the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor in its reply has clearly stated that "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 EMIs." He has added that he is "still desirous and willing to clear the outstanding dues of the Applicant...". Evidently, the Corporate Debtor has admitted its inability/liability to pay the dues and default committed. This Bench is, therefore, inclined to initiate the CIR Process against the Corporate Debtor. 13. 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 committed above the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eek from this Order. 15. This Adjudicating Authority orders that: "Mr. Manoj Kumar Singh, IP having Registration No. IBBI/IPA-003/IP-N00050/2017-18/10443 (Email:[email protected].) is directed to take charge of the CIRP of the Corporate Debtor with immediate effect. The Court Officer will inform the IRP so appointed by all modes." The IRP is directed to take the steps as mandated under the IBC specifically under Section 15, 17, 18, 20 and 21 of IBC, 2016. 16. The Financial Creditor is directed to deposit Rs. 2,00,000 (Two Lakh) only with the IRP to meet the immediate expenses. The amount, however, will be subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution Professional and shall be paid back to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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