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TMI Blog2022 (7) TMI 611X X X X Extracts X X X X X X X X Extracts X X X X ..... Application to Adjudicating Authority) Rules, 2016 has been filed by H.B. Traders Private Limited (hereinafter referred to as the Financial Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shree Bhagirathi Agro Private Limited (hereinafter referred to as the Corporate Debtor). 3. Submissions on behalf of the Financial Creditor: 3.1 The case of the Financial Creditor is that the Corporate Debtor approached the Financial Creditor in or around April 2018 seeking financial assistance of Rs. 20,00,000/- (Rupees Twenty Lakhs Only) to tide over its unseen financial difficulties. Upon deliberations, it was decided that the Corporate Debtor would pay interest @ 15% per annum on the advance and that the financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espite issuance of demand notice dated 30th April, 2019 by the Financial Creditor through advocates, the Corporate Debtor failed to make any payment. A copy of the demand notice along with the postal receipt and the acknowledgment evidencing the receipt of the said notice by the Corporate Debtor has been annexed to petition as Annexures 'D' & 'E' respectively. 4. Part I of the petition contains the details of the applicant. 5. Part II of the petition contains the details of the Corporate Debtor. 6. In Part III of the petition, no name for the Interim resolution Professional has been proposed by the Financial Creditor. 7. Part-IV contains particulars of Financial Debt. In item 2 of this part the amount claimed to be in de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lf of the Financial Creditor: It has been submitted that no grounds have been made in the reply-Affidavit for the rejection of the petition under section 7. All the allegations mentioned in the said reply Affidavit have been denied by the Financial Creditor. 11. Analysis and Findings 11.1 Heard the Ld. Counsel for the Financial Creditor and the Ld. Counsel for the Corporate Debtor and perused the records. 11.2 Section 186 of the Companies Act, 2013 provides for the loans and investments that can be made by a company. According to section 186(2), no company shall directly or indirectly, give any loan to any person or other body corporate exceeding sixty per cent of its paid-up share capital, free reserves and securities premium account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt, the instant petition is complete. 11.7 Further, the loan was granted on 23rd April 2018 and the instant petition has been filed on 31st May 2019. The petition, therefore, is well within the petition of limitation. 11.8 Keeping in view that a default in the payment of a financial debt has occurred by the Corporate Debtor, and there is an acknowledgment of Financial Debt and also that the said application is not barred by limitation, we are of the view that the instant application under section 7 of the Code is complete in all respects. 12. It is, accordingly, hereby ordered as follows:- a) The application bearing CP(IB) No. 1064/KB/2019 filed by H.B. Traders Private Limited (Financial Creditor), under section 7 of the Code read wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns as contemplated by sections 15, 17, 18, 19, 20 and 21 of the Code. f) During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or the RP, as the case may be, in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within one week from the date of receipt of this Order, in default of which coercive steps will follow. g) The IRP/RP shall submit to this Adjudicating Authority periodical reports with regard to the progress of the CIRP in respect of the Corporate Debtor. h) The Financial Creditor shall deposit a sum of Rs. 2,00,000/- (Rupees Two Lakh Only) with the IRP to me ..... X X X X Extracts X X X X X X X X Extracts X X X X
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