2017 (6) TMI 1304

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....d Bankruptcy (Applicatlon to Adjudicating Authority) Rules, 2016 with a prayer to initiate corporate insolvency resolution process against respondent'Corporate Debtor'. 2. The facts in brief are that the 'Financial Creditor' advanced unsecured loan of US Dollar 30,000 to the 'Corporate Debtor' on 18.06.2014. In that regard, the parties executed 'Unsecured Loan Agreement' dated 18.06.2014 under clause 4 read With clause 3 of Schedule I appended to the loan agreement. The 'Corporate Debtor' was to pay the borrowed amount within a period of three months alongwith interest @ 15% per annum. The 'Corporate Debtor' was thus obliged to repay the loan by 17.09.2014. The 'Corporate Debtor' fai....

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....unt has been admitted in the email dated 15.09.2014, 19.05.2016, 08.06.2015, 22.11.2015 and 20.01.2016, the amount has not been paid as is evident from various emails and the promises were made for repayment. In pursuance to Order dated 28.04.2017, the petitioner-'Financial Creditor' has filed audited Financial Statement for the year 2012-13, 2013-14 and 2014-15. A copy of the master data has also been filed. The 'Financial Creditor '-petitioner has further filed a copy of proof of service with the tracking report of the courier company. All these documents have been placed on record vide Application dated 04.05.2017 and accordingly the same are taken on record. 5. Despite service, no one has put In appearance on behalf of ....

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.... be moratorium effective under Section 14 of the Code from the date of this order. The respondent- 'Corporate Debtor' is estopped from doing any of the following acts: "(a) the institution of suits or continuation ofpending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securttisation and Reconstruc....