TaxTMI 
TaxTMI 
2018 (4) TMI 601
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....iled this application under section 7 of the IBC, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 for corporate insolvency resolution process against the respondent Shree Ganesh Jewellery House (I) Ltd. (Respondent/Corporate Debtor). 2. Brief facts of the case, as stated in the application, are that (1) Abshishek Stock Broking Services Pvt. Ltd., (2) Narayan Finvest Pvt. Ltd., (3) Ayush Fiscal Pvt. Ltd. and (4) Multiplus Resources Ltd. are the corporate bodies having its Registered Office at 9, Lal Bazar Street, Block - A, 3rd Floor, Room No.1, Kolkata - 700 001, Identification Nos. are U74140WB1995PTC070469, U65993WB1991PTC051249, U655999WB1992PTC055336 and L67110WB1993PLC058314 ....
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....ual and final realization along with costs and charges along with interest @ 12% p.a. total amounting to Rs. 56,64,439/- as on 31/8/2017. The corporate debtor failed to make timely payment of the instalments citing financial problem. 7. The petitioner further submits that the consent of the Interim Resolution Professional Mr. Manish Jain, (Reg. No: IBBI/IPA-001/IP- P00582/2017-2018/11023) obtained by the applicant and is produced in the petition. The written communication of the same under Form-2 has been duly marked and annexed in Page. 55. 8. The petitioner alleges that at the request of corporate debtor/respondent the applicants lent a cash loan for a total sum of Rs. 85,00,000/- (Eighty-five lakhs). The date of disbursement is (i)....
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....e D-1, D-2, D-3 and D-4. Since the respondent failed to repay the loan amount, the applicants filed the instant petition for initiating corporate insolvency resolution process as against the respondent under section 7 of I & B Code. 13. This petition was filed under sub-rule (1) of rule 4 in Form No 1 of Insolvency and Bankruptcy (Application to adjudication authority) Rules, 2016 along with Exhibits A, B, C, and D and various Annexure for establishing that petitioners are the financial creditors and the amount claimed by the petitioners is a financial debt and therefore the petitioners are entitled to initiate corporate insolvency resolution process as against the respondent. 14. To prove its case, the applicants/financial creditor h....
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....king payment and the respondent-corporate debtor has issued confirmation of accounts thereby admitted the financial debt due and payable to the financial creditor. 19. Heard the ld. Counsel for the petitioners at length as well as the ld. Counsel for the respondent and perused the documents. 20. It is pertinent to note here that issuance of demand notice is not at all a pre-requirement for initiation of corporate insolvency resolution process by a financial creditor under Sec.7 (1) of I & B Code. Truly, if it is a petition filed under Sec.9, Sec.8 (1) requires issuing demand notice prior to the filing of the application. 21. Financial creditors have also filed copy of bank statement in compliance with the provision of Sec.7(3)(c). ....
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....this case none of the objections of the corporate debtor is found sustainable under law. 24. The financial creditors have also proposed the name of Interim Resolution Professional, Shri Manish Jain, who is competent to work as IRP. No disciplinary proceeding is pending against him. Therefore, he also deserves to be appointed as Interim Resolution Professional. 25. In view of the above said discussions, this petition for initiation of Corporate Insolvency Process under section 7 of the Insolvency & Bankruptcy Code, 2016 is liable to be admitted. Accordingly admitted upon the following directions: - ORDER Mr. Manish Jain, Registration No. is IIB/IPA-001/IP-P00582/2017- 18/11023 of No.S-8, Dharmatalla Area, 2, Ganesh Chandra Avenue....