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TaxTMI 
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2019 (10) TMI 543
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....d that while the above stated IRP withdrew his consent to be considered for appointment of IRP in the present case. 4. Thereafter, the name of the new IRP, viz., Ms. Anjali Nirav Choksi (having registration no. IBBI/IPA-001/IP-P00820/2017-2018) has been proposed by the applicant, but such has not been reflected in the Court proceedings dated 26.06.2019 and the name of Mr. Haresh Babulal Shah is still reflecting in such proceedings (dated 26.06.2019), which needs necessary correction and suitable modification in the Court proceedings. Therefore, the present IB Petition is suo motu taken up today for making necessary rectification. Consequently, the paragraph-2 of our order dated 26.06.2019, passed by this Tribunal, is rectified and to be read as under; "The matter is put on board for clarification. The petitioner has submitted the fresh consent letter of the new IRP namely Ms.Anjali Nirav Choksi having registration no. IBBI/IPA-001/IP-P00820/2017-2018/11382, as the name of the IRP whose willingness has been furnished in the application filed under section 7 of the IBC has withdrawn his consent". 5. With the aforesaid rectification and observation, the court proceeding....
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....inancial Creditor has described all the requisite details of loan disbursed to the Corporate Debtor company as per the provisions of I & B Code. In Part-IV of the application in prescribed Proforma under Rule-4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of the Code, which are described as under; Particulars of Financial Debt 1 Total amount of debt granted date(s) of disbursement Rs. 6,55,00,000/- Loan granted on various dates details as per statement attached as Annexure-A. 2 Amount claimed to be in default and the date on which the default occurred. Principle Amount Rs. 6,55,00,000/- Interest Rs. 1,38,79,633/- Total outstanding Rs. 7,93,88,633/- Calculation and details of interest as per statement attached as per Annexure-B. 7. In addition to the above, the petitioner/financial creditor has also placed on record the status of corporate debtor from the website of Ministry of Corporate Affairs. 8. In response to the notice issued to the Respondent-Corporate Debtor company, the corporate debtor company through its director, Mr. Amit Jain, filed an affidavit in reply by accepting loan liability and ....
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....e Insolvency Resolution Process by Financial Creditor. (1) A financial creditor either by itself or jointly with other financial creditors may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred. Explanation.-For the purposes of this sub-section, a default includes a default in respect of a financial debt owed not only to the applicant financial creditor but to any other financial creditor of the corporate debtor. (2) The financial creditor shall make an application under sub-section (1) in such form and manner and accompanied with such fee as may be prescribed. (3) The financial creditor shall, along with the application furnish- (a) record of the default recorded with the information utility or such other record or evidence of default as may be specified; (b) the name of the resolution professional proposed to act as an interim resolution professional; and (c) any other information as may be specified by the Board. (4) The Adjudicating Authority shall, within fourteen days of the receipt of the appl....
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....ince Mr. Haresh Babulal Shah withdrew his consent to act as an Interim Resolution Professional, the petitioner further proposed another name, i.e, Ms. Anjali Nirav Choksi (having address at 4th Floor, Galaxy line, Behind Samartheshwar Mahadev Temple, Law Garden, Ahmedabad-380 006, Registration No. IBBI/IPA-001/IP-P00820/2017-2018/11382). The petitioner further annexed a Written Communication received from the proposed Interim Resolution Professional by giving consent in prescribed Form 2, wherein she also mentioned her Registration No. IBBI/IPA-001/IP-P00820/2017-18/11382. Further stated that there is no disciplinary proceeding pending against her. Thus, it satisfies the requirement of Section 7 (3) (b) of the I & B Code. 13. By perusal of the record, it is well established that there is default of debts which comes to Rs. 7,93,88,633/- [Principle amount Rs. 6,55,00,000 + Interest Rs. 1,38,79,633/-], which is in excess of Rs. 1,00,000/. Hence, the present application is found complete as per the provisions of the I & B Code. 14. It may also be noted that the Hon'ble Supreme Court in the matter of Innoventive Industries Ltd. v. ICICI Bank Ltd. & Anr. [ Civil Appeal Nos. 83....
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....cuments, records and evidence of default in part V. Under Rule 4(3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or speed post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the receipt of the application. It is at the stage of Section 7(5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the "debt", which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. Under sub-section (7), the adjudicating authori....