TMI Blog2020 (11) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... e is existence of default and that the application under Section 7(2) of the Code is also complete in all respect - In the instant case, the documents produced by the Financial Creditor clearly establish the debt . Section 13 (2) Notice issued by the Financial Creditor clearly indicates that entire debt was recalled. There is a default on the part of the Corporate Debtor in payment of the financial debt . There is no dispute in the case that the petitioner is the financial creditor. The application is also furnished in the prescribed form - 1 of the Rules and the prescribed fee has also been paid. Along with the application, the applicant has proposed the name of the Interim Resolution Professional namely Mr. Naresh Sheth. The petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pees ten crores three lacs ninety-five thousand only) to the corporate debtor on different dates as per the details given at Annexure 3 to the application (page 22). As on 28.02.2019 an amount of Rs. 28,62,04,356/- (Rupees twenty-eight crores sixty-two lacs four thousand three hundred fifty-six only) is due and payable by the corporate debtor. 5. It is stated by the financial creditor that the instant Insolvency Resolution Application is filed under Section 7 o the IB Code, 2016 for the purpose of initiating corporate insolvency resolution process against the corporate debtor since it has lost its substratum and is unable to repay outstanding debt. That, the corporate debtor has already committed default of its debt towards the financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erusal of the records it is found that the debt owed by the corporate debtor and the default committed by it in the repayment of the interest and/or principal of the loan amount has not been disputed by the corporate debtor n the objections filed by them against the instant application. Moreover, the financial stress faced by the corporate debtor has been duly highlighted and acknowledged in the said objections. 11. It is also found that no dispute qua debt and default coupled with the fact that during the pendency of the instant matter, the corporate debtor sought to settle the matter itself is evident of the fact that the corporate debtor has committed defaults in the repayment of debt which is due and payable by the corporate debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r committed default in paying the financial debt to the Applicant. On perusal of record and as also discussed above, it is held that there is existence of default and that the application under Section 7(2) of the Code is also complete in all respect. 15. In the instant case, the documents produced by the Financial Creditor clearly establish the debt . Section 13 (2) Notice issued by the Financial Creditor clearly indicates that entire debt was recalled. There is a default on the part of the Corporate Debtor in payment of the financial debt . 16. There is no dispute in the case that the petitioner is the financial creditor. The application is also furnished in the prescribed form - 1 of the Rules and the prescribed fee has also been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property s occupied by or in the possession of the corporate debtor. 19. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transaction as may be notified by the Central Government in consultation with any financial sector regulator. 20. The order of moratori ..... X X X X Extracts X X X X X X X X Extracts X X X X
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