TaxTMI 
TaxTMI 
2019 (12) TMI 1121
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....and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent PD Advisory Services LLP (for brevity the 'corporate debtor'). 2. The Corporate Debtor - PD Advisory Services LLP was incorporated on 18.12.2014 under the provisions of the Limited Liability Partnership Act, 2008. The identification number of the Corporate Debtor given is AAD-0771. 3. The Petitioner has claimed that it had advanced unsecured loans to the respondent-corporate debtor from 2015 till 2018 to the tune of Rs. 8,02,15,000/- out of which Rs. 5,55,00,000/-was paid back and the remaining amount of Rs. 2,47,15,000/-together with inte....
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.... computation of the amount disbursed along with the dates of default when the amount became due and payable (Annexure C). 6. The Financial Creditor has proposed the name of Ms. Maya Gupta as the Insolvency Professional with the address 701, Vikrant Tower, Rajendra Place, Delhi-110008. Her registration number is IBBI/IPA-002/IP-N00363/2017-18/11061. She has filed her written communication as per the requirement of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with the certificate of registration (Page 233-238). 7. In Part-IV of the Petition, the Financial Creditor has given the details of the total amount of the financial debt along with the dates of disbursement. In Column 2 of Pa....
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....ment on record to support the amount claimed by the respondent-corporate debtor. On the contrary the Balance Sheet for the year ending March 2018 placed on record by the respondent clearly mentions the amount of Rs. 2,41,75,000/- as a liability under the heading 'Loan & Advances' and the same amount has been acknowledged by the respondent-corporate debtor vide letter dated 05.05.2018 (supra). 10. The plea set up in the reply with respect to the relationship between the petitioner-financial creditor and the corporate debtor in another company namely SMC Global Securities Ltd. would have no bearing on the instant petition under Section-7 of the Code as we only have to adjudicate upon the issue whether the petitioner-financial credi....
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....of Section 7 (2) and Section 7 (5) of IBC have been complied with and after a conjoint reading of the aforesaid provisions along with Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, we are satisfied that a default has occurred and the application under sub section 2 of Section 7 is complete. The name of the IRP has been proposed by the petitioner and there are no disciplinary proceedings pending against the proposed Interim Resolution Professional namely Ms. Maya Gupta and she is appointed as the Interim Resolution Professional. 15. In pursuance of Section 13 (2) of the Code, we direct that Interim Insolvency Resolution Professional shall immediately (3 days) make public announcement with ....