2017 (6) TMI 1166

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....nkruptcy Code 2016 against the corporate debtor namely M/s. Brys International Pvt. Ltd. 2. The petitioner financial creditor has stated that the corporate debtor was given short term loan in three tranches of Rs. 1 crore 50 lakhs on 9.12.2013, Rs. 50 lakhs on 13.12.2013 and Rs. 25 lakhs on 24.01.2014. It is asserted that loan amount became payable but the corporate debtor requested for more time for repayment. Accordingly, an MoU dated 01.07.2014 was entered into. A copy of this MoU has been filed along with the application. As per this MoU, the loan assistance was allowed upto 30.04.2015 and the loan carried interest at the rate of 10 per cent per annum. It is further stated that cheque dated 30.04.2015 for a sum of Rs. 2.25 Crores, is....

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....that an insolvency petition No. 6/2017 filed by the financial creditor before the NCLT had been rejected vide interim order dated 06.03.2017 stating that the petition was incomplete as no insolvency professional had been nominated. Thus, the present insolvency petition has been filed. However, it is seen that again no insolvency professional had been proposed. 5. The 'corporate debtor' has opposed the instant petition. While acknowledging that an amount of Rs. 2.25 crores was paid to R-1 in December 2013 and January 2014, it is stated by the respondents 1 to 3 in their written submission that the petitioner promoters has further advanced loan Rs. 5 crores to R-1, Director/Promoters in June 2014. It is stated that the payment of t....

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....ollows:- "(2) Where the application for corporate insolvency resolution process is made by a financial creditor or the corporate debtor, as the case may be, the resolution professional as proposed respectively in the application under section 7 or section 10, shall be appointed as the interim resolution professional, if no disciplinary proceedings are pending against him. (3) Where the application for corporate insolvency resolution process is made by an operational creditor and- (a) no proposal for an interim resolution professional is made, the Adjudicating Authority shall make a reference to the Board for the recommendation of an insolvency professional who may act as an interim resolution professional; ....