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TMI Blog2022 (2) TMI 419X X X X Extracts X X X X X X X X Extracts X X X X ..... tiate Corporate Insolvency Resolution process in respect of CD. Financial Creditor has prayed for initiation of Insolvency Proceedings against Corporate Debtor for the default payment of Rs. 2,69,26,747/- (Rs. Two crore Sixty Nine Lakh Twenty Six Thousand Seven Hundred and Forty Seven Only). 2. The Financial Creditor is a NBFC (Non Banking Financial Institution) having its Registered Office at 708, MANJUSHA BUILDING57, NEHRU PLACE, NEW DELHI-110019 The Certificate of Registration in placed on record Annexure-1. 3. The Corporate Debtor is a company incorporated on 24.04.2012 under the Companies Act, 1956 having its registered office at FLAT NO 91, KHIZRABAD, NEAR LIONS HOSPITAL, NEW FRIENDS COLONY, NEW DELHI 110025. Authorized share capita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was on 16th September, 2018 and Last Payment Transaction was on 18th September 2017. For the Last Payment Proof, Financial Creditor has annexed Annexure A-12 as statement of account of Loan I and Loan II. Corporate Debtor duly handed over ECS/post dated cheques to the Financial Creditor for the repayment of loan. As far as the payments done by Corporate Debtor is concerned, Financial Creditor has segregated the payment in two halves i.e. till the date of LRN and after the date of LRN. For Loan I, Corporate Debtor had paid Rs. 13,46,081/- plus 80,400/-. That the due amount pertaining to Loan I remains Rs. 89,06,638/- till 31.10.2019. The calculation of due amount is placed on record Annexure A-5. v. According to Loan II terms' and Con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Loan I and Clause 15 of Loan II, states the remedies for the financial creditor in case of "Events of default" which includes the remedy of termination of Loan Agreement and enforce all or any of the securities furnished by Corporate Debtor. vii. One of the remedy is recalling/termination of Agreement, hence Financial Creditor had sent two "Termination Cum Invocation of Arbitration" Notice dated 25.03.2015 (Annexure A-17). Arbitral Tribunal passed an award in the favour of Financial Creditor on 02.11.2015. Against the Claimed Amount of Rs. 50,10,151/- for the Loan II, Arbitral Tribunal passed an award of Rs. 50,10,151 along with interest @ 12% SI w.e.f. 25.03.2015 till the realisation of the amount. Along with the award, orders as to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Anr. wherein it has been held that Balance Sheet is indeed an acknowledgement of debt u/s. 18 of Limitation Act, 1963. 5. We have perused the averments, documents produced and the contentions raised by the Financial Creditor and we are of the considered opinion that: * The Corporate Debtor did not appear before us and has not submitted his defence. The relevant point to be considered is that even the Arbitration proceedings proceeded ex parte against respondents. As per the Interim Order dated 15.09.2021 and Order dated 11.10.2021, the Corporate Debtor is proceeded ex-parte. * The Financial Creditor has properly placed the Loan Agreements, Sanction Letters, Disbursement Details, Loan Recall Notice, Last Payment details, Statement of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editor had made several attempts to recover the due amount and served legal notice on the Corporate Debtor but Corporate debtor had never responded to those. Even after passing of the Arbitral Award in favour of the Financial Creditor, Corporate debtor failed to comply with it. Thus it is a fit case to admit CIRP against Corporate Debtor and the application is within the limitation Period. 7. Accordingly, this petition is ADMITTED. A moratorium in terms of Section 14 of the IBC, 2016 shall come into effect prohibiting:- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idation order, as the case may be. 8. The Financial Creditor has proposed the name of Mr. Sanjay Chopra having Email: [email protected] and Registration No. : IBBI/IP-PO1568/2018-2019/12427 duly empanelled with the IBBI as the Insolvency Resolution Professional ("hereinafter referred to as IRP"). Written Communication/consent from proposed IRP in accordance to the Rules under the IBC, 2016 has also been annexed (Written Submissions page 5). Therefore, he is appointed as IRP in this matter and directed to take such steps as are mandated under the Code, more specifically under Sections 15, 17, 18, 20 and 21 and shall file his report before the Adjudicating Authority. 9. The Financial Creditor is directed to deposit a sum of Rs. 1 l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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