TaxTMI 
TaxTMI 
2019 (6) TMI 275
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....nd paid up share capital of Rs. 3,55,00,000/- which is based on the details given in the master data obtained from the official website of Registrar of Companies (at pg. 63). The identification number of the Corporate Debtor is U74899DL1985PTC021686 and its registered office is situated at A-90, Naraina Industrial Area, Phase-I, New Delhi-110028. 4. The Financial Creditor has proposed the name of Resolution Professional, Shri Sunil Prakash, E-25, Lajpat Nagar-3, New Delhi - 110024, email id - [email protected]. He has registration No. IBBI/IPA-002/IP-N00551/2017-18/11726. A written communication dated 06.06.2018 made by Mr. Sunil Prakash in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has also been placed on record (at pg. 55). There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or ICSI Insolvency Professional Agency. In addition, further necessary disclosures have been made by Mr. Sunil Prakash, as per the requirement of the IBBI Regulations. Accordingly, he satisfies the requirement of Section 7(3)(b) of the Code. 5. The ple....
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....acility. Copy of notice dated 22.03.2018 for recall of the loan agreement have been placed on record (Annexure-A/6). 7. Other documents namely statement of accounts, foreclosure statements and notices dated 04.04.2018 & 06.03.2018 (Annexure A-2, A-3, A-7 & A-8) are also placed on record in support of the claim. 8. A record of default is available with the Credit Information Bureau (India) Limited (CIBIL) as per its commercial credit information report of the Corporate Debtor based on report dated 21.05.2018 (Annexure A-5). 9. The precise case of the Petitioner is that the total amount in default and due as on 14.05.2018 is Rs. 39,20,123/- according to the computation of claim prepared and attached (Annexure A-4). 10. Learned counsel for the Corporate Debtor has opposed the admission of the application and has advanced the following arguments :- (i) There cannot be any default in payment of loan after the loan recall notice has been sent by the petitioner. Since the loan recall notice itself was sent by the petitioner on 22.03.2018, the petitioner cannot allege date of default to be on 05.05.2018. As per loan agreement dated 31.07.2017 payments have been made an....
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....07.2018, 05.08.2018, 17.08.2018 & 05.09.2018. 12. We have heard learned counsel for the parties and we deem it appropriate to first deal with the objections raised in the reply by the Corporate Debtor. 13. The first objection raised by the Corporate Debtor is that the petitioner has failed to quantify the exact date of default which as per the petitioner occurred on three tranches that are 05.02.2018, 05.03.2018 & 05.2018 though no default has been committed by the Respondent. In this regard it would be profitable to take notice of para 30 of the judgment of Hon'ble the Supreme Court rendered in the case of Innoventive Industries Ltd. v. ICICI Bank & Anr. Civil Appeal No. 8337-8338 of 2017 decided on 31.08.2017 wherein it has been held that "............ in the case of a corporate debtor who commits a default of a financial debt, the adjudicating authority has merely to see the records of the information utility or other evidence produced by the financial creditor to satisfy itself that a default has occurred. It is of no matter that the debt is disputed so long as the debt is "due" i.e. payable unless interdicted by some law or has not yet become due in the sense that it....
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....ported with documents has been proved which is far beyond Rs. 1 lac. Therefore, dispute concerning the discrepancies in amount claimed cannot sustain. 15. Another objection raised by the Corporate Debtor is that a broad attempt to settle the dispute was made by it which however, could not reach to its fruitful decision. On 16.01.2019, we heard the arguments. During this interregnum period no fruitful result has come forward. The object of the 'Code' is to resolve the insolvency which could not be achieved unless the petition is admitted. The resolution as against liquidation would only be possible if the Corporate Insolvency Resolution Process is triggered and efforts in that direction are made. Even this petition could be withdrawn after admission if requirement of Section 12A of the Code are fulfilled. Even before constitution of CoC the CIR Process the petition can be withdrawn by filing an application under Rule 11 of NCLT Rules, 2016. In that regard the parties have to fulfil the requirements of law as laid down the Supreme Court in Swiss Ribbons Pvt Ltd. And Anr v. Union of India (Writ Petition (Civil) No. 99 of 2018 decided on 25-01.2019.. 16. Another objection....
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....er sub section 2 of Section 7 is complete; and no disciplinary proceedings are pending against the proposed Interim Resolution Professional. Thus, the application warrant admission as it is complete in all respects. 20. As a sequel to the above discussion, this petition is admitted and Shri Sunil Prakash, E-25, Lajpat Nagar-3, New Delhi - 110024, email id - [email protected], Registration No. IBBI/IPA-002/IP-N00551/2017-18/11726 is appointed as an Interim Resolution Professional. 21. In pursuance of Section 13 (2) of the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immediately with regard to admission of this application under Section 7 of the Code. The expression 'immediately' means within three days as clarified by Explanation to Regulation 6 (1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 22. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14(1)(a), (b), (c) & (d) and thus the following prohibitions are imposed which must be followed by all and sundry: "(a) the inst....