TaxTMI 
TaxTMI 
2019 (11) TMI 1211
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....) Private Limited (for brevity "Corporate Debtor") under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking initiation of the Corporate Insolvency Resolution Process (CIRP), pursuant to default in repayment of loan amount by the Corporate Debtor to the Applicant. 2. The Applicant is a Banking Company, constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 on 31.03.1970 and the PAN Number of the Applicant Company is AACP0165G. The Registered Office of the Company is at Plot No. 4, Sector 10, Dwarka, New Delhi - 110075. 3. The Respondent is a Private Limited company, incorporated u....
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....te Debtor were classified as NPA on 30.09.2017 and recall notices dated 03.10.2017 were issued to the Corporate Debtor and Guarantors but all went in vain. Thereafter the Applicant has issued Demand Notice dated 26.12.2017 under Section 13 (2) of the SARFAESI Act, 2002 to the Corporate Debtor and Guarantors and demanded an outstanding amount of Rs. 11,25,09,298.94/-but the outstanding amount was not repaid. Copy of Demand Notices were annexed as Annexure-5 with the Application. The Applicant submits that Recovery Suit (OA) before DRT, Jaipur is filed and is pending till the date of filling of the Application before this Tribunal. 6. As a consequence of default, this application was filed. As claimed by the applicant, the Corporate Debtor i....
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.... Tribunal has jurisdiction to entertain and try this Application. The matter is within the purview of Law of Limitation. 9. Hence, this Tribunal is inclined to initiate the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor as envisaged under the provisions of IBC, 2016. 10. The Applicant has named one Mr. Satyendra Prasad Khorania having Registration Number IBBI/IPA-002/IP-N00002/2016-17/10002 (email- [email protected], Mobile No.: 9352132134), duly registered with ICSI Insolvency Professional Agency, to be appointed as the Interim Resolution Professional. The Applicant has filed Consent in Form 2 under Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 stating therei....