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TMI Blog2022 (8) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 for initiation of Corporate Insolvency Resolution Process (hereinafter referred to as 'CIRP') against M/s. Sadhna Communications Pvt. Ltd. for the alleged default on the part of the Respondent in settling an amount of Rs. 1,15,95,049 (Rupees One Crore Fifteen Lakh Ninety Five Thousand and Forty Nine). The details of transactions leading to the filing of this application as averred by the Applicant are as follows: i. That the Corporate Debtor through its Director, Mr. Arpan Gupta, approached the Financial Creditor and requested them to give business loan of Rs. 1,11,00,000. The Financial Creditor considered the request made by Corporate Debtor and disbursed the business loan of Rs. 1,11,00,000 on various dates. ii. That the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pondent availed the debts in the form of loan from the Financial Creditor for running the business and executed the loan agreement dated 17.09.2021 for the period of 3 months for an amount of Rs. 1.11 crore @ 9% per annum. ii. That the business of the Respondent was running in loss and due to such financial crises, the Respondent requested to extend the time period of loan and the same was extended by the Financial Creditor for 15 days. iii. That for smooth running of the business, the Respondent availed such loan from the Financial Creditor due to dire need and executed the aforesaid loan agreement dated 17.09.2021 for 3 months only for an amount of Rs. 1.11 Crore @ 9% interest per annum by repaying the loan amount till 16.12.2021. i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ifteen Lakh Ninety Five Thousand and Forty Nine). 4. In daily order dated 02.06.2022, it was noted as follows, "the counsel for the Corporate Debtor has submitted that as per the instructions of the Corporate Debtor, the claim is admitted." 5. Mere plain reading of the provision under section 7 of IBC and decision (supra) shows that in order to initiate CIRP under Section 7 the Applicant is required to establish that there is a financial debt and that a default has been committed in respect of that financial debt. 6. In the light of the aforesaid facts, we find that the documents submitted by the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has indebted and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating Authority (Tribunal) if no disciplinary proceedings are pending against him. Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, require the proposed Interim Resolution Professional to make a declaration in Form 2 confirming his eligibility to be appointed as a Resolution Professional as well as a declaration confirming that no disciplinary proceedings are pending against him in the Insolvency and Bankruptcy Board or elsewhere. The proposed Interim Resolution Professional Mr. Manoj Kulshrestha has submitted the declaration in Form 2 dated 21.03.2022. The proposed Interim Resolution Professional Mr. Manoj Kulshrestha has also submitted an "Authorisation for Assignment" dated 24/01/2022 issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: "(a) 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; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al transaction by ex-directors or anyone else, the Interim Resolution Professional shall make an application to this Adjudicating Authority (Tribunal) with a prayer for passing an appropriate order. 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 is directed to communicate a copy of the order to the Financial Creditor, the Corporate Debtor, the Interim Resolution Professional and the Registrar of Companies, NCT of Delhi & Haryana at the earliest possible but not late ..... X X X X Extracts X X X X X X X X Extracts X X X X
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