TaxTMI 
TaxTMI 
2019 (5) TMI 1740
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..... as well as others who have been impleaded as such. Since the Corporate Insolvency Resolution Process (CIRP) can be initiated only against the company, we are confining our consideration in relation to the said respondent, however, read in tandem as made against the other respondents as averred in the petition. Perusal of the prescribed application and more particularity Part-II of the said application shows that the company has been incorporated on 27.11.2012 and presently having a nominal share capital of Rs. 26,00,000/- with an equivalent amount shown as the paid-up share capital. 2. Part-IV of the application discloses that the total amount of loan granted to the respondent company is to the extent of Rs. 41,90,000/-. based on the r....
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....mount was repaid nor the interest as well as the guaranteed amount of Rs. 2,00,000/- by the Corporate Debtor. In the circumstances, it is averred that there was a clear intention to play a fraud upon the Financial Creditor and to cheat him. 5. On 09.02.2016, it is averred in the application that an undertaking was signed by the Corporate Debtor and that along with the said undertaking post-dated cheques were also issued by the Corporate Debtor as per the undertaking whereby, the Corporate Debtor agreed to pay a sum of Rs. 1,58,27,634/-from its account maintained at ICICI Bank, Udaipur. However, subsequent to the issue of the said cheque, it came to be dishonoured when presented for payment which forced the Financial Creditor to initiate ....
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....on and the annexures filed therewith shows that the petitioner has been authorised to file this petition before this Tribunal by his wife and his mother who have also advanced a sum of Rs. 8,15,000/-and 6,58,000/- as evidenced from the statement filed as annexure-2 along with the petition and along with the money advanced to the Corporate Debtor by the petitioner individually aggregates to Rs. 41,90,000/-. 8. It is also seen from the Annexure-3 that Fund Transfer Certificate as issued by the bank to the beneficiary named therein being Raj Buildhome Pvt. Ltd., Udaipur has also been annexed as annexure-3. Financial Statements for the year ended 31.03.2014 reflects the name of the petitioner under the column 'unsecured loans' in a s....
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....-11 and annexure-13 respectively and the judgment of the Hon'ble High Court, Bombay has been annexed as Annexure-14, even though, a criminal court proceedings has no bearing in relation to the insolvency of Corporate Debtor/respondent Company. The fact of the matter as seen from the records is that a criminal prosecution has been launched for the cheque which has been issued in relation to the amounts due to the Financial Creditor exceeding a sum of Rs. 1 lakh in relation to the financial debt thereby satisfying the definition of 'Financial Debt' as provided under Section 5(8) of IBC, 2016 as seen from the records of proceedings of this Tribunal. 11. The Corporate Debtor, despite notice has failed to make its appearance befor....
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....also come into vogue from the date of passing of this order. 13. Further in terms of section 17 of IBC, 2016, the powers of the Board of Directors of the Corporate Debtor shall stand suspended and the IRP appointed by this Tribunal will take charge of the affairs and assets of the Company, namely, Corporate Debtor henceforth. 14. 1n terms of section 19 of IBC, 2016, the Board of Directors of the Corporate Debtor whose powers stands suspended as well as all its personnel shall fully co-operate with the IRP appointed herein and due co-operation shall also be extended to the IRP by the employees, associates and professionals rendering their service to the Corporate Debtor. IRP to exercise the powers within the confines of IBC, 2016 and s....