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TMI Blog2022 (6) TMI 1220X X X X Extracts X X X X X X X X Extracts X X X X ..... he Financial Creditors or FC"), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Usher Eco Power Limited ("the Corporate Debtor or CD"). 2. The present Petition was filed on 05.11.2019 before this Adjudicating Authority on the ground that Corporate Debtor has defaulted in repayment of Rupee Term Loan facility sanctioned by the Petitioner amounting to Rs. 7,50,00,000/- (Rupees Seven Crore and Fifty Lakh only) to the Corporate Debtor. 3. The total amount claimed to be in default by the Petitioner is Rs.10,41,74,783/- (Rupees Ten Crore Forty-One Lakh Seventy- Four Thousand and Seven Hundred and Eighty-Three Only). The date of default stated to be is 01.04.2017. 4. The Corporate Debtor is a public company limited by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor entered into a Deed of Hypothecation with Reliance Capital Limited and thereby created second pari- passu charge on movable fixed assets of the Corporate Debtor. (Annexure B at pages 18-68 of the Petition). 8. The Petitioner submits that Mr. Manoj Pathak and Mr. Vinod Kumar have given undertakings both dated 23.10.2013 to Reliance Capital Limited. (Annexure L at Pages 170-180 and Annexure M at Pages 181-190 respectively). 9. The Letter of Intent was issued by Reliance Capital Limited on 30.09.2013 detailing the terms and conditions and repayment schedule of the amount disbursed. The said Letter of Intent was accepted by the Corporate Debtor and the same is evidenced by the stamp and signature of the authorized signatory of the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upreme Court in Swiss Ribbons Pvt. Ltd. & Ors. Vs. Union of India & Ors. [Writ Petition (Civil) No. 99 of 2018] upholding the Constitutional validity of IBC, the position is very clear that as soon as a 'debt' and 'default' is proved, the adjudicating authority is bound to admit the Petition. 16. The Financial Creditor has proposed the name of Mr. Manoj Kulshrestha, Registration No. IBBI/IPA-003/IP-N0005/2016- 2017/10024, 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 and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with a copy of his Certificate of Registration. 17. The application made by the Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial 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. (c) 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 sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h) The Financial Creditor shall deposit a sum of Rs.5,00,000/- (Rupees Three Lakhs 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). (i) 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. (j) IRP is directed to send a copy of this Order to the Registrar of Companies, Maharashtra, M ..... X X X X Extracts X X X X X X X X Extracts X X X X
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