TMI Blog2019 (9) TMI 1602X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor Company. Since this is a Petition of Financial Creditor , therefore, the Insolvency Process shall commence as prescribed under Section 7 of I BC, 2016. Application admitted - moratorium declared. - C.P.(IB)-1545/MB/2019 - - - Dated:- 23-9-2019 - Hon ble Shri M.K. Shrawat, Member (Judicial) and Hon'ble Shri Chandra Bhan Singh, Member (Technical). For the Petitioner: Mr. A.S. Pal, Advocate, i/b. J J Associates. For the Respondent: Anand Damle, Advocate, i/b. Mehta Padamsey. ORDER Per M.K. Shrawat, Member (Judicial). 1. A Petition in Form No.1 was filed on 16.04.2019 by the Financial Creditor M/s. Bombay Sales Agency, u/s.7 of the Insolvency Bankruptcy Code, 2016 read with Rule 4 of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed rate of interest i.e. 24% p.a. to be applied on the Principal loan amount in accordance with Clause 4.2 of the Loan Agreement and might result in the recall of the Principal loan amount. 2.3. The Financial Creditor has sent one more Letter of default dated 03.04.2019 to the Corporate Debtor intimating the payment towards the service of interest at an increased rate of interest at 24% p.a. amounting to ₹ 4,33,972.60 on account of his failure to make payment towards the first instalment and recalling the entire Principal loan amount. It is alleged that both the Letters of default have been received by the Corporate Debtor. On this background the Financial Creditor filed the impugned Application u/s. 7 of the IB Code, 2016 agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5, Address: C-192, Belvedere Towers, DLF Phase II, Gurgaon-122002, Haryana. The proposed IRP has furnished the requisite Certificate on Form No.2 that no Disciplinary Proceeding is pending. On due consideration, the proposal of appointment of the IRP is hereby confirmed. 10. Upon Admission of the Application and Declaration of Moratorium the Insolvency Process such as Public Announcement etc. shall be made immediately as prescribed under section 13 read with section 15 of The Code. The appointed IRP shall perform the duties as an Interim Resolution professional as defined under section 18 of The Code and inform the progress of the Resolution process and the compliance of the directions of this Order within 30 days to this Bench. A libe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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