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TMI Blog2019 (12) TMI 1575X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial Services Private Limited ("the Financial Creditor"), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Peacock Construction Private Limited ("the Corporate Debtor"). The Petitioner/Applicant i.e. Good value Financial Services Private Limited has furnished information in Form 1 under Rule 4 of the Insolvency and Bankruptcy Code 2016, Application to Adjudicating Authority Rules 2016, in the capacity of 'Financial Creditor' on 03.04.2019. 2. In the requisite Form, Under the Head Particulars of Financial Debt the total Debt granted is stated to be a sum of Date Cheque No. Amount (Rs.) 28.10.2009 000018 5,25,00,000/- 18.12.2010 000488 10,00,000/- Total 5,35,00,000/- Total of Rs. 5,35,00,000/- ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y interest. Vide said letter dated 28.03.2019 the Financial Creditor has demanded the loan back and refuted all other excuses of the Debtor, as claimed by the Petitioner. 4.4 The Applicant has also in its Petition enclosed a copy of the "Recall and Demand" Notice to the Respondent dated 13.04.2018 addressed for making payment of dues. 4.5 The Applicant in furtherance of his case has enclosed copies of Bank Certificate and bank Statement issued by Bank of India, Malad (West) which clearly testifies the "Debt" and also "Default" on the part of the Corporate Debtor as existed in the books of the Applicant affirming the Loan advanced. 5. The copy of the Petition was served on the Corporate Debtor vide letter dated 02.04.2019. Necessary Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t's pleading that debt exist and default occurred. 6.5 The Financial Creditor's case is that interest is payable quarterly. Admittedly, no payment is ever made towards interest by the Respondent. Assuming Applicants case to be true and correct, in that event that default took place on non-payment of interest which as per Applicant is due and payable since 2010. Accordingly, the cause of action accrued in 2010. 6.6 The Financial Creditor's claim therefore on face of it is barred by law of limitation. The Financial Creditor's claim proceed on the basis that default occurred on 13.04.2018 i.e. absolutely false and bogus and clever attempt to bring the claim within limitation. Findings: - 7. This Bench heard the arguments of the Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Financial Creditor has established beyond doubt that the loan was duly sanctioned and duly disbursed to the Corporate Debtor and that there has been default in payment of the Debt by the Corporate Debtor. 11. The Financial Creditor has proposed the name of Mr Arun Kapoor, Registration No.IBBI/IPA-003/IP-N00030/2017-2018/10230, as the Interim Resolution Professional of the Corporate Debtor. He has filed his written communication in Form 2 as required under rule 9(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with a copy of his Certificate of Registration. 12. The application made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assets and Enforcement of Security Interest (SARFAESI) Act, 2002; iv. The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. 15. Notwithstanding the above, during the period of moratorium: - i. The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; ii. That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; 16. The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w. 20. The Financial Creditor shall deposit a sum of Rs. 1,00,000/- (Rupees one lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). 21. The Registry is directed to communicate this Order to the Financial Creditor, the Corporate Debtor and the IRP by Speed Post and email immediately, and in any case, not later than two days from the date of this Order. 22. A copy of this Order be sent to the Registrar of Companies, Maharashtra, Mumbai, for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court within seven days f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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