2019 (6) TMI 1196

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....e) against Digital Travels Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). 2. The Petitioner is in the business of providing Financial assistance to its borrowers for purchasing or leasing Mercedes-Benz Passenger Cars and Bharat Benz Commercial Vehicles. The Petitioner had extended Rs.45,89,000/- as a loan to the Director of the Corporate Debtor vide Loan-cum-hypothecation Agreement No.10109529 dated 26.3.2014 and thereby made the Corporate Debtor a co-borrower. The said Loan Agreement is annexed to the Petition. 3. It is submitted that as per the terms of the Loan Agreement, the loan amount was to be repaid with 12.66% interest per annum 84 EMIs starting from 26.3.2014 to 26.3.2021. ....

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....y the Petitioner has been returned with remark 'unclaimed'. The Petitioner, as per the Order of this Bench dated 6.3.2018, has published the notice in the newspaper as substituted service of notice to the Corporate Debtor. In our Order dated 4.12.2018 we have held the service of notice to be sufficient. Even after substituted service, the Corporate Debtor chose not to appear and defend, till the last date of hearing. 10. The Petitioner has annexed the Loan-cum-hypothecation Agreement No.10109529 dated 26.3.2014 vide, which the Petitioner had extended Rs.45,89,000/- as a loan to the Corporate Debtor as co-borrower. Further, the Petitioner has also annexed a copy of the Board Resolution passed by the Board of Directors of the Corporate Deb....

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....Resolution Professional, to carry out the functions as mentioned under I&B Code, and given his declaration; no disciplinary proceedings are pending against him. 16. The Application under sub-section (2) of Section 7 of I&B Code, 2016 is complete. The existing financial debt of more than rupees one lakh against the corporate debtor and its default is also proved. Accordingly, the petition filed under section 7 of the I&B Code for initiation of corporate insolvency resolution process against the corporate debtor deserves to be admitted. ORDER This petition filed under Section 7 of I&B Code, 2016, filed by Daimler Financial Services Private Limited, Financial Creditor against Digital Travels Private Limited, Corporate Debtor for initi....