TMI Blog2021 (10) TMI 1080X X X X Extracts X X X X X X X X Extracts X X X X ..... -Term Loan has been advanced to the Corporate Debtor which can be clearly substantiated by the copies of the Bank statement showing disbursal of Loan amount by the financial Creditor (Annexure-8) and the letter dated 23.04.2021 wherein, the Corporate Debtor expresses its inability to clear dues. It is found that the documents submitted by the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment of the debt amount, also as the Corporate Debtor himself submitted that due to financial strain they are unable to pay the amount - upon appreciation of the documents placed on record to substantiate the claim, this Adjudicating Authority admits thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent approached the Applicant. Subsequently, both the parties entered into a loan agreement dated 28.01.2021 for extending the Loan of ₹ 1,10,00,000/- by applicant to the Respondent at the Interest rate of 12% P.a. (Interest payable on monthly rests). iii. That in accordance with the terms and conditions of the aforesaid loan agreement, the applicant paid an amount of ₹ 1,10,00,000/- in two tranches i.e., on 28.01.2021 and 16.02.2021. Copy of the Bank statement have been annexed with the application. iv. The Applicant submitted that as per the terms of loan agreement dated 28.01.2021, the principal loan amount along with interest therein had to be repaid to the applicant on or before 16.04.2021. It was further sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubstantiates that the amount was disbursed alongwith interest and against the consideration for the time value of money. Hence, the debt is to be classified as a financial debt. Another contention raised by the Corporate Debtor is regarding application not been presented by the proper authorized representative. However, a certified true copy of the resolution passed by Board of Directors dated 30.04.2021 authorizing Mr. Hemant, Senior Manager Credit has been duly annexed with the present application therefore, no contentions of the Corporate Debtor deserve any merit. Mere plain reading of the provisions under section 7 of IBC and Judicial Pronouncements thereon shows that in order to initiate CIRP Under Section 7 the applicant is required t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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. Deepak Kumar Garg, for appointment as Interim Resolution Professional having registration number IBBI/IPA-002/IP-N00796/2019-2020/12560 having address at Shanti Niketan, Street No. 4, Tibra Road, Modi Nagar- 201204. Deepak Kumar Garg has agreed to accept the appointment as the interim resolution professional and has signed a communication in Form 2 in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14(1)(a), (b), (c) (d) of the Code. Thus, the following prohibitions are imposed: (a) the institution 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) t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er-alia, by Sections 15, 17, 18, 19, 20 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, Rules and Regulations. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate Debtor, are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional, as may be required by him, in managing the day-to-day affairs of the 'Corporate Debtor'. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else, the Interim R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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