2019 (7) TMI 105

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ion 7 of Insolvency & Bankruptcy Code, 2016 (I&B Code) against Sunshine Housing & Infrastructure Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP) for default in repayment of principal amount of Rs.40,00,00,000/-and interest of Rs.16,99,00,000/-. The Petition is filed on 21.12.2018. The Petitioner has annexed a statement showing the calculation of the amount due and payable as on 21.12.2018. 2. The facts of the case are that the Petitioner invested Rs.40,00,00,000/- by subscribing to 4,000 unlisted, unrated, secured, redeemable non-convertible debentures of the face value of Rs.1,00,000/- each, with a term of 42 months from the First Tranche Closing Date. The terms of the Debentures are provi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....od 1.7.2016 to 25.10.2018 showing the amount invested by the Petitioner and the interim payments made by the Corporate Debtor. 7. The Corporate Debtor has filed its Affidavit in reply on 10.4.2019 admitting the debt and stating its inability to service the debt by way of interest due to financial difficulty. It is stated in the Affidavit that the Corporate Debtor does not have funds to either pay the interest or the principal amount. 8. We have heard arguments for both the sides and perused the records. 9. The Petition is filed by Mr Sunil Munot who is authorised to file the present petition vide board resolution dated 24.7.2018. 10. The Petitioner invested Rs.40,00,00,000/- by subscribing to 4,000 debentures of the face value of Rs....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t and default is reasonably established as even admitted by the Corporate Debtor itself. 15. The Petitioner has proposed the name of Mr Rajendra M. Ganatra, a registered insolvency resolution professional having Registration Number [IBBI/IPA-003/IP-N00049/2017-18/10363 as Interim 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 Insolvency and Bankruptcy Code for initiation....