2019 (12) TMI 128

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....lvency Resolution Process ("CIRP") against the Corporate Debtor, based on the default committed by the Corporate Debtor in repaying Rs. 32,00,000 along with interest of Rs. 2,23,298 at the rate of 9% per anum as reflected in the letter dated 01.04.2018 by the Corporate Debtor. 2. On perusal of this application, it appears that the Corporate Debtor requested the Applicant for loan, to which, the applicant, basing on the request made by the Corporate Debtor to tide over its financial constraints, advanced a sum of Rs. 32,00,000 as loan repayable at the rate of interest 9% per annum from 01.09.2018, on demand being made, at any point after the expiry of four months from the date on which the last of the instalments of the Principal borrowin....

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....tions of the Corporate Debtor, the Corporate Debtor counsel has admitted the debt and default, whereby looking at the request of the Corporate Debtor for grant of loan, entries of the payments to the Corporate Debtor made by the Applicant through Bank Account on various dates as reflected in the above said table and the Corporate Debtor failing to repay the same, we are of the considered view that this Applicant has proved existence of debt and default with regard to the loan of Rs. 32,00,000 given by the Applicant. 6. In view of the reasons aforementioned, we hereby admit this application by appointing Mr. Porselvam Govindasamy as Interim Resolution Professional looking at the consent given by him with directions as follows: I.....