TMI Blog2022 (3) TMI 863X X X X Extracts X X X X X X X X Extracts X X X X ..... bove, we are satisfied that a default has occurred, and the debt has remained unpaid. Thus, the application warrants admission as it is complete in all aspects and is admitted, initiating CIRP as prescribed under the IBC. Application admitted - moratorium declared. - IB-1035(PB)/2020 - - - Dated:- 4-3-2022 - R. Sudhakar, J. (President) And Avinash K. Srivastava, Member (T) For the Appellant : Rishi Kumar Singhal, Advocate For the Respondents : Rahul Kochar, Advocate ORDER 1. This is an application, filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016), r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, (Adjudicating Authority Rules), for initiati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount by issuing confirmation of accounts statements on 01.04.2018, 01.04.2019 (Annexure A-7), for the Financial Year 2016-17, 2017-18 and 2018-19. The amount received by the Corporate Debtor is reflected in its Financial Statements for the year ending 31.3.2017, 31.3.2018, 31.3.2019. The Petitioner sent a Recall notice dated 19.03.2020, to the Corporate Debtor to repay the debt alongwith interest. 4. The Corporate Debtor has filed its reply dated 21.12.2020 to the application and has stated that the MoU dated 07.12.2016 and the addendum to the MoU dated 06.07.2018, are forged, fabricated documents. Further, Mr. Sanjiv Gupta, Director of the Corporate Debtor, was never authorized through a board Resolution, to sign the said MoU and the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the financial facility. It is further stated that the Corporate Debtor had issued cheque No. 000013 for ₹ 5,50,00,000 (Rupees Five Crore Fifty Lakhs only) in the name of Petitioner which was signed by two directors of the Corporate Debtor namely. Mr. Sorav Gupta and Mr. Sanjiv Gupta. 7. The only plea taken by the Corporate Debtor in the reply is that Mr. Sanjeev Gupta is not authorized to negotiate with the Petitioner for the purpose of borrowing the loan. Such argument seems to be a fallacy and a very false plea because the list of Board of Directors in its Board report Annexure A-10 shows, Mr. Sanjiv Gupta is one of the Directors and the Balance Sheet also records the receipt of the principal amount from the Petitioner. Therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rement of the IBBI Regulations. Accordingly, he satisfies the requirement of Section 7 (3) (b) of the Code. Hence, we appoint Mr. Pawan Kumar Goyal, the IRP of the Corporate Debtor. 12. In pursuance of Section 13 (2) of the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immediately with regard to admission of this application under Section 7 of IBC. The expression 'immediately' means within three days as clarified by Explanation to Regulation 6 (1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 13. As a consequence of the application being admitted in terms of Section 7 of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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