TMI Blog2022 (6) TMI 1220X X X X Extracts X X X X X X X X Extracts X X X X ..... he default is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor - Petition admitted - moratorium declared. - CP (IB) 3887/MB/C-I/2019 - - - Dated:- 27-6-2022 - Hon'ble Member (Judicial) : Justice P. N. Deshmukh (Retd.) And Hon'ble Member (Technical) : Mr. Kapal Kumar Vohra For the Financial Creditor : Mr. Subir Kumar, Counsel For the Corporate Debtor : None Present ORDER Per : Justice P. N. Deshmukh, Member (Judicial) 1. This is a Company Petition fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance with scheme of arrangement between Reliance Capital Limited and Reliance Commercial Finance Limited approved by the Hon ble Bombay High Court vide its order dated 9.12.2016. (Annexure Q at Page 198- Page 238 of the Petition) 6. The Corporate Debtor passed Board Resolution dated 03.10.2013 for availing the said Term Loan from Reliance Capital Limited. Further, the Corporate Debtor issued Demand promissory note dated 23.10.2013 wherein the Corporate Debtor promised to pay on demand to the lender a sum of Rs.7,50,00,000/- together with an interest at compounding rate of 14.75% p.a. for the Rupee Term Loan Facility. 7. The Petitioner submits that Deed of Guarantees dated 23.10.2013 were executed by Mr. Vinod Kumar Chaturvedi and Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 158 and Annexure K at page 159-171). 12. On several failed attempts of service by the Financial Creditor, this Adjudicating Authority vide order dated 16.12.2019, directed service on the Corporate Debtor by way of newspaper publication. Pursuant to which, the publications were made in Financial Express and Navrashtra on 28.12.2019, however, none appeared on behalf of the Corporate Debtor. Therefore, the Corporate Debtor is set ex-parte vide Order dated 14.03.2022. Analysis and Findings 13. Heard the Ld. Counsel for the Financial Creditors and perused the records. 14. Upon perusal of the records and documents annexed with the Petition, it is observed that the amount was disbursed to the Corporate Debtor and the default sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed by Reliance Commercial Finance Limited, the Financial Creditor, under section 7 of the IBC read with rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Usher Eco Power Limited [CIN: U40102MH2007PLC172552], the Corporate Debtor, is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Persons) Regulations, 2016. (f) Mr. Manoj Kulshrestha, Registration No. IBBI/IPA- 003/IP-N0005/2016-2017/10024, having address at 4F-CS- 14, Ansal Plaza Mall, Vaishali, Opp. Dabur, Ghazaibad, Uttar Pradesh-201010 [Email- costaadvisor@hotmail.com], is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the IBC. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions issued/as may be issued by the Insolvency Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) During the CIRP Period, the management of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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