2021 (2) TMI 1188

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....Mean Impex Pvt. Limited. The amount of debt in default has been claimed at Rs. 8,44,15,488.00/- including interest. The date of default has been stated as 04.03.2020. 2. The facts, in brief, are that the Financial Creditor gave various loan facilities to the Corporate Debtor from time to time. However, Corporate Debtor failed to make the payment of outstanding dues. The relevant documents were also placed on record by the Financial Creditor. 3. This application was filed on 28.07.2020 and notice u/s 7 was issued to the Corporate Debtor on 24.08.2020. After two dates of hearing, Corporate Debtor neither filed Vakalatnama nor affidavit in reply. Hence, this Adjudicating Authority vide order dated 16.01.2021 decided to proceed the matter wit....

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.... date of default. Second confirmation/acknowledgement also extends the limitation for filing this application. Thus, the debt is not barred by limitation. The name of IRP has also been proposed which is mandatory for filing of application under Section 7 of IBC, 2016. The consent of proposed IRP is on record and it appears that there are no disciplinary proceedings pending against such person, hence, we can appoint this person as IRP to conduct CIRP as per Rules. 6. The application is otherwise complete and compliances with the requirements of IBC, 2016 r.w. IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Accordingly, we admit this application and order as under: ORDER 1. Corporate Debtor M/s. Afcan Impex Pv....

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....r, litigation or any application, if any, is pending before any competent Court of law under the provisions of the SARFAESI Act and RDB Act, prior to pronouncement of this order such proceedings are expected to be dealt with in accordance with law i.e. Section 14 and Section 238 of the Insolvency & Bankruptcy Code, 2016. 6. That the supply of essential goods or services to Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during the Moratorium, period. The Corporate Debtor to provide effective assistance to the IRP as and when he takes charge of assets and management of the Corporate Debtor. 7. The IRP so appointed shall make Public announcement of Corporate Insolvency Resolution Process (CIRP) be made i....