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TMI Blog2022 (4) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... Code) against Mahabali Innovative Technologies Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). 2. The Application is filed by Mr. Deepak Navinchandra Shah, Associate Vice President of Financial Creditor vide its Board Resolution dated 04.12.2019, claiming total default of Rs. 55,60,031/- (Rupees fifty-five lakh sixty thousand thirty-one only) which includes: Principal Amount of Rs. 35,00,000/- Interest of Rs. 20,60,031/- 3. The Date of Default as mentioned in the Petition is 31.03.2018. The Petition is filed on 10.12.2019. 4. The case of the Financial Creditor is as under: a) The Financial Creditor granted Loan to the Corporate Debtor of Rs. 1,00,00,000/- (Rupees one crore only). T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovided by the Corporate Debtor against the interest due on loan of Rs. 3,31,427/-. 5. The Financial Creditor has submitted his Bank Statement held of HDFC Bank for the period from 01.07.2021 to 30.07.2021 which is at p. 67 of the Petition. The Financial Creditor has also submitted the Ledger Accounts which is at pp. 53-66 of the Petition. 6. The Corporate Debtor has filed its reply dated 04.02.2020 and submitted as under: a) The Corporate Debtor was incorporated on 1st May, 1996 under the Companies Act, 1956 with the object of trading of Video based product for photographer for editing/mixing and subsequently entered into software development and manufacturing by importing proprietary hardware also later entered into Broadcast related ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same though Form 2 and thereafter held Extra-ordinary General Meeting on 1st April, 2019 accordingly passed the Resolution of Corporate Insolvency Resolution Process. h) The Corporate Debtor is unable to repay the amount of Operation Creditors as well as Financial Creditors and hence defaults have been committed by the Corporate Debtor. i) Therefore, Corporate Debtor has filed Petition under Section 10 of Insolvency Bankruptcy Code, 2016 before this Tribunal on 11th April, 2019 and served filed Petition under section 10 of IBC, 2016 to Registrar of Companies, Mumbai on 23rd April, 2019 and the said Petition is pending before this Tribunal. Findings: 7. We have heard the arguments of the Learned Counsel for both the parties and peruse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fessional, to carry out the functions as mentioned under I&B Code and has also given his declaration that no disciplinary proceedings are pending against him. ORDER This Application being C.P. (IB) No. 4479/NCLT/MB/C-IV/2019 filed under Section 7 of I&B Code, 2016, filed by Inventure Finance Private Limited, Financial Creditor/Applicant against Mahabali Innovative Technologies Private Limited, Corporate Debtor for initiating Corporate Insolvency Resolution Process is admitted. We further declare moratorium u/s. 14 of I&B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor inclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of I&B Code. VI. That this Bench appoints Mr. Kairav Anil Trivedi, a registered insolvency resolution professional having Registration Number [IBBI/IPA-002/IP-N00728/2018-19/12332], E-mail: [email protected] as Interim Resolution Professional to carry out the functions as mentioned under I&B Code, the fee payable to IRP/RP shall comply with the IBBI Regulations/Circulars/Directions issued in this regard. e) The Financial Creditor shall deposit a sum of Rs. 5,00,000/- (Rupees five lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to appro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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