TMI Blog2021 (10) TMI 593X X X X Extracts X X X X X X X X Extracts X X X X ..... arly goes to show that respondent had availed the credit facilities and has committed default in repayment of the outstanding loan amount - the present application is complete in all respect and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt. The requirement of sub-section 5(a) of Section 7 of the Code stands satisfied as default has occurred, the present application filed under Section 7 is complete - Application admitted - moratorium declared. - IB-1017/(ND)/2020 - - - Dated:- 1-10-2021 - P.S.N. Prasad, Member (J) And Hemant Kumar Sarangi, Member (T) For the Appellant : Harshal Kumar and Shivam Wadhw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 3,85,00,000/- repayable with interest @ 12% per annum, payable at the time of maturity i.e., 31.01.2020. The applicant further submitted that the Respondent requested to disburse the Loan amount of ₹ 2,50,00,000/-, pursuant to the Loan Agreement dated 14.03.2016. The Applicant has also annexed the copy of Loan agreement dated 14.03.2016. d. That on 14.03.2016 an amount of ₹ 2,50,00,000/- was disbursed through cheque to the Respondent, thereafter on 28.03.2016 an amount of ₹ 60,00,000/- was disbursed to the Respondent, then on 29.06.2016 an amount of ₹ 45,00,000/- was disbursed by the Applicant to the Respondent. Further, the Applicant submitted that on 20.01.2017 an amount of ₹ 30,00,000/- was d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t on part of the Respondent for the Loan amount of ₹ 5,59,41,232/- (Rupees Five Crore Fifty Nine Lakhs Forty One Thousand Two Hundred Thirty Two only) comprising of ₹ 3,85,00,000/- as the Principal Amount along with the Interest amounting to ₹ 1,74,41,232/-. 4. It is pertinent to mention that in Part-III of Form-1 the Proposed Interim Resolution Professional is Mr. Anish Kumar Sanghi having Registration number IBBI/IPA-001/IP-P-01796/2019-2020/12786, whereas, the 'Authorisation for Assignment' for the above-mentioned Proposed IRP became invalid as it expired on 06.01.2021, therefore, the Applicant filed an Interlocutory Application before the Tribunal bearing IA/4107/2021 and proposed Mr. Naresh Munjal, having R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Code stands satisfied as default has occurred, the present application filed under Section 7 is complete. In light of the above discussion, after giving careful consideration to the entire matter, hearing the arguments of the applicant and upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect. 9. Sub-section (3)(b) of Section 7 mandates the financial creditor to furnish the name of an Interim Resolution Professional. In compliance thereof the applicant has proposed the name of Mr. Naresh Munjal, for appointment as Interim Resolution Professional having registration number IBBI/IPA-01/IP-P00362/2017-18/10620, Addr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of suits or continuation of pending suits or proceedings 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 possessio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 15. The Registry is directed to communicate a copy of the order to the Financial Creditor, the Corporate Debtor, the Interim Resolution Professional and the Registrar of Companies, NCT of Delhi Haryana at the earliest possible, but not later than seven days from today. The Registrar of Companies shall update its website by updating t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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