TMI Blog2022 (8) TMI 651X X X X Extracts X X X X X X X X Extracts X X X X ..... due towards the petitioner and shown its incapacity to pay the liability. The application filed in the prescribed Form No.1 is found to be complete. Disciplinary proceedings pending against the proposed Resolution Professional or not - HELD THAT:- In the present case, in Part III of Form 1, Mr. Alok Kaushik has been proposed as Interim Resolution Professional. Thereafter, Mr. Gyaneshwar Sahai has been proposed as Interim Resolution Professional - The Law Research Associate of this Tribunal has checked the credentials of Mr. Gyaneshwar Sahai, and there is nothing adverse against him. The present petition being complete and having established the default in payment of the Financial Debt for the default amount being above the threshold limit, the petition is admitted in terms of Section 7(5) of the IBC. Moreso, the respondent has admitted the claim and expressed its inability to pay back the debt - Petition admitted - moratorium declared. - CP (IB) No.522/Chd/Hry/2019 - - - Dated:- 10-8-2022 - HON BLE MR. HARNAM SINGH THAKUR , MEMBER ( JUDICIAL ) And HON BLE MR. SUBRATA KUMAR DASH , MEMBER ( TECHNICAL ) For the Petitioner / Financial Creditor : Mr. Vaibhav Sahni , A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from pillar to post, the FC was left with no other option but to proceed against the CD accordingly. The FC then issued a recalling notice dated 10.08.2019 to the CD at its registered address which was also received CD on 14.08.2019. The copy of the recalling notice is at Page 50- 94 of the Petition. 3.5 The FC had claimed an amount of Rs. 1.19,65,013/- (Rupees One Crore Nineteen Lakhs Sixty Five Lakhs Thirteen Only) which included the principal amount of Rs. 1,05,80,000/- (Rupees One Crore Five Lakhs Eighty Thousand Only) and due interest of Rs. 13,85,013.70/- (Rupees Thirteen Lakhs Eighty Five Thousand Thirteen Only) which was calculated @ 18% p.a. 3.6 The CD did not reply to the said recalling notice. 4. In Part-III of Form No.1, earlier Mr. Alok Kaushik, Registration No.IBBI/IPA-002/IP-N00253/2017-18/10767 was proposed as Interim Resolution Professional (IRP). Later, Gyaneshwar Sahai, has been proposed as Interim Resolution Professional vide Diary no.00489 dated 05.05.2022 in Form No.2 dated 22.03.2022 along with the Certificate of Registration issued by the Indian Institute of Insolvency Professional of ICAI and the certificate of IBBI has been filed. 5. It is stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her issue for consideration is whether there is default in payment or not. As per Section 7 of IBC which is reproduced below :- Section 7 Initiation of corporate insolvency resolution process by financial creditor. (1) A financial creditor either by itself or jointly with 1[other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government,] may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred. 2[Provided that for the financial creditors, referred to in clauses (a) and (b) of sub-section (6A) of section 21, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such creditors in the same class or not less than ten per cent. of the total number of such creditors in the same class, whichever is less: Provided further that for financial creditors who are allottees under a real estate project, an application for initiating corporate insolvency resolution process against the corporate debtor s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rected to take the steps as mandated under the IBC, specially under Sections 15, 17, 18, 20 and 21 of IBC, 2016. 14. In the given facts and circumstances, the present petition being complete and having established the default in payment of the Financial Debt for the default amount being above the threshold limit, the petition is admitted in terms of Section 7(5) of the IBC. Moreso, the respondent has admitted the claim and expressed its inability to pay back the debt. Accordingly, moratorium is declared in terms of Section 14 of the Code. As a necessary consequence of the moratorium in terms of Section 14, the following prohibitions are imposed, which must be followed by all and sundry: (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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