2019 (3) TMI 1519

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....rivate Limited for the reason of default in repaying the loan availed by the corporate debtor to the tune of Rs. 3,62,66,349/- (Rupees three crore Eighty-Nine lakhs Ninety Thousand Five Hundred and Seventy-One). 2. Brief facts for consideration of the application is the following:- The financial creditor has granted a loan of Rs. 3,62,66,349/- (Rupees Three Crore Sixty Two Lakhs Sixty Six Thousand Three Hundred Forty Nine only) to the corporate debtor to meet the working capital requirements for the business needs. Pursuant to the request made by the corporate debtor the cash credit limit of Rs. 3,62,66,349/- (Rupees Three Crore Sixty Two Lakhs Sixty Six Thousand Three Hundred Forty Nine only) was sanctioned at a later date on 30th Novemb....

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....ed 30th November, 2014 marked and annexed as "Annexure-VI" (f) A record of default as available with any credit information company CIBIL report marked and annexed as "Annexure-VII" (g) The applicant also produced Form 2 and written communication proposing the name of the Interim Resolution Professional Mr. Yogesh Gupta having Registration Number. IBBI/IPA-001/IP-P00349/2017-18/10650, Mobile No. 98317 52939 Email - [email protected]. 4. Notice of admission was served upon the corporate debtor. The applicant filed an affidavit of service proving service of notice to the Corporate Debtor as well as delivery of notice by hand on 02/08/2018. So, delivery of notice to Corporate Debtor is declared sufficient. And, that nobody from....

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....with all the requirements to be meted out under Section 7(3) of the I & B Code, 2016. Therefore, the application is liable to be admitted. Accordingly, this application is admitted upon the following orders. ORDERS (i) This application filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, Downtown Temptations Private Limited is hereby admitted. (ii) I hereby declare a moratorium and public announcement in accordance with Sections 13 and 15 of the I & B Code, 2016. (iii) The moratorium is declared for the purposes referred to in Section 14 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Profess....

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....nt in consultation with any financial sector regulator. (vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. (viii) Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. (ix) Necessary public announcement as per Section 15 of the IBC, 2016 may be made. (x) Mr. Yogesh Gupta of 256, Garden Towers, Picnic Garden Road, 8th Floor, Bloc....