TMI Blog2022 (5) TMI 1204X X X X Extracts X X X X X X X X Extracts X X X X ..... as stated in the paras above further confirms that respondent has debt due and has committed default in repayment of the outstanding financial debt. On a perusal of Form - I filed under Section 7 of the Code read with Rule 4 of the Rules shows that the form is complete and there is no infirmity in the same. It is also seen that there is no disciplinary proceeding pending against the proposed Interim Resolution Professional. The present application is complete in all respect. The applicant financial creditor is entitled to move the application against the corporate debtor in view of outstanding financial debt and default of the same by the corporate debtor. The default in repayment of the financial debt is not refuted by the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olvency Resolution Process has been prayed for, having its registered office situated at H. No. 227B, North School Block, Mandawali, Fazalpur, New Delhi-110092. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code. 4. The case of the applicant precisely is that the corporate debtor K.S.N. Buildwell Private Limited on 14.08.2018 availed financial assistance of Rs. 20 crore against the security of their ongoing project Sarvottam Pride located i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther necessary disclosures have been made by Mr. Anil Matta as per the requirement of the IBBI Regulations. Accordingly, it is seen that the requirement of Section 7 (3) (b) of the Code has been satisfied. 8. The applicant has placed following documents on record to prove its claim: i. Copy of Loan Offer letter dated 24.09.2018 ii. Copy of Loan Agreement dated 10.10.2018 iii. Copy of Escrow agreement dated 11.10.2018 iv. Copy of Letter for disbursement of loan facility dated 15.01.2019 v. Copy of Indenture of Mortgage dated 16.01.2019 vi. Copy of Statement of Account vii. Copy of Record of Default with Information Utility. 9. Needless to say, that an application under Section 7 of the Code is maintai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of the Insolvency Bankruptcy Code, 2016. 15. We direct the applicant Financial Creditor to deposit a sum of Rs. 2 Lakhs with the Interim Resolution Professional namely Mr. Anil Matta to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the Financial Creditor. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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 Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing a appropriate orders. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 19. The office i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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