2020 (2) TMI 1125

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....y-Resolution-Process ("CIRP" in Short) against the Corporate-Debtor-Company namely, M/s. Jindal Alufoils Private Limited for the default committed by the Corporate Debtor in making repayment of the amount as availed to the Corporate Debtor Company, M/s. Jindal Alufoils Pvt. Ltd. The Applicant Financial-Creditor is a private limited company incorporated under the provisions Companies Act, 1956. The application has been filed by Mr. Anil Jain, the Director of the company duly authorised vide meeting of Board of Directors of the company held on 29.11.2018 (Page 8 of Annexure A). 2. The brief facts of the Financial Creditor Company M/s. Girnar Extrusions Pvt. Ltd. is that the company incorporated on 02.02.1983 with a CIN:U25209GJ1983PTC00587....

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....(Rupees Fifteen Lakhs) was transferred to the bank account on 26.09.2015 through RTGS to the Corporate-Debtor-Company, having its account in Bank of Baroda (A/c. No. 202032100000106). In support of such disbursement of loan, the Petitioner/Financial Creditor has annexed a statement of Bank of India showing appropriate details. (Page 36, Annexure D). 5. As per the Financial-Creditor, the total amount of loan so transferred was required to be re-paid by the Respondent/Corporate-Debtor within two years. However, the said amount was not repaid to the Petitioner/Financial-Creditor as per the agreed date, i.e. on 25.09.2017. Thus, it has committed a default in payment of loan. Thus, the date of default is 26.09.2017, i.e. two years after the d....

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....esolution Professional ("IRP") along with a copy of declaration of IRP, Mr. Gordhanbhai Ratnabhai Godhani expressing his willingness to take charge as an Interim Resolution Professional, in case, the present Petition is admitted. 10. Since, the Corporate Debtor did not file any objection nor any adverse material is available on record that it did not receive the payment of loan amount through the RTGS in its account, which is rupees fifteen lakhs and the same is not refunded/returned by the Corporate Debtor as per the entered MOU, it is established that the Corporate Debtor availed unsecured loan of Rs. 15 Lakhs from the Petitioner/Financial-Creditor and has failed in making repayment of the same. Hence, the default is occurred. Hence, f....

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....ng 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002).  (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. II The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. III. The....