TaxTMI 
TaxTMI 
2017 (4) TMI 1312
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....lication to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"] seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. 2. M/S. Steel Konnect (India) Private Limited, entered into Master Facility Agreement dated 18.12.2015 with M/s. Hero FinCorp Limited (Applicant) wherein it was specifically agreed that the Applicant would advance loan of Rs. 7,00,00,000 (Seven Crores) as per Sanction Letter dated 16.12.2015. The said Agreement was subject to the creation of a Hypothecation Lien Mark by the Corporate Debtor on the machinery to be funded by the Applicant. As per the said Agreement, the First Charge was created on the machinery. The Corporate Debtor furnished Personal Guarantees dated 18.12.201....
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....s disbursed on 24.12.2015 in the account of the Corporate Debtor. As per the agreed terms, instalments were required to be paid through ECS by way of Equated Monthly Instalments. The loan was granted subject to the Corporate Debtor providing two post- dated cheques for a total amount of Rs. 7,00,00,000. The Corporate Debtor had defaulted in making payment of monthly instalments. From the beginning the Corporate Debtor was irregular in making the monthly instalments. From November 2016 the Corporate Debtor completely stopped making payment of monthly instalments. The instalment for November 2016 towards payment of principal and interest dishonoured due to insufficiency of funds. Corporate Debtor deliberately committed default in repayment of....
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....t (India) Pvt. Ltd., which is a Corporate Debtor. The amount due to the Applicant from the Corporate Debtor is due by virtue of Agreements dated 18.12.2015 and Supplementary Agreements dated 18.12.2015 and 29.12.2015. Therefore, the Applicant is a Financial Creditor. Respondent is a Corporate Debtor. The debt due from the Corporate Debtor to the Financial Creditor is a 'financial debt' within the meaning of Clause (d) of sub-section (8) of Section 5 of the Code. 8. Applicant filed the Petition in Form No. 1 giving all the necessary particulars. Applicant also suggested the name of Interim Resolution Professional. Applicant also filed the written communication given by the Interim Resolution Professional in Form No.2. 9. Although n....
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....committed by the Corporate Debtor in repayment of the loan amount. The Application is complete. There is a declaration by the proposed Insolvency Resolution Professional that no disciplinary proceedings are pending against him. 13. In view of the above discussion, this Adjudicating Authority is admitting the Petition under Section 7(5)(a) of the Code. This Adjudicating Authority is also appointing the Chartered Accountant, Mr. Ritu Rastogi, residing at D-2/71 , 2nd Floor, Janak Puri, Delhi-110058 having Regn. No. IPA- 01 / 2016-17/1P-00151 as "Interim Resolution Professional" under Section 13(I)(b) of the Code. 14. Section 13 of the Code says that after admission of the application under Section 7, the Adjudicating Authority shall pass an....