TaxTMI 
TaxTMI 
2020 (3) TMI 91
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....970, duly represented by its Chief Manager Mr. Sanjeev Kumar, through Power of Attorney dated 28.03.2018 (Exhibit 'A' to the petition at pp.24-43), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Tara Hospitality Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a Private Company limited by shares and incorporated on 23.09.2013 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U55101MH2013PTC248461. Its registered office is at A-112, Plot No. 53, Sector-15, CBD Belapur, Navi Mumbai, Thane-400614. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 12.0....
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....- 3,07,834/- 92,644/- 55,38,734/- 2. Term Loan (A/c No. 0116654100000 02) 8,55,96,033.43 1,15,49,375/- 5,70,238/- 9,77,15,646.43 Grand Total 9,07,34,289.43 1,18,57,209/- 6,62,882/- 10,32,54,380.43 5. The Financial Creditor also submitted the particulars of Financial Debt at page 7 of Petition as follows: (i) The Corporate Debtor executed an Equitable Mortgage deed dated 05.07.2016 for creation and extension of equitable mortgage/deposit in respect of the Corporate Debtor's immovable property situated near CBD Belapur, Nerul Node, Kalamboli (Taluka Panvel), Mumbai. (para A page 7 of the Petition). (ii) The Corporate Debtor vide a Supplemental Deed of Hypothecation (....
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....r for recall of loan sanctioned and copy thereof has been placed at pp. 259-261 of Petition. 9. Copy of the Petition has been served on the Corporate Debtor by hand delivery on 11.06.2017 as per original acknowledgment placed at p. 327 of the Petition. Court Notice dated 21.08.2019 has also been served by hand delivery on the Corporate Debtor on 23.08.2019. Necessary affidavits of service filed by the Financial Creditor are placed on record. 10. On 30.08.2019, the Corporate Debtor addressed a letter dated 23.08.2019 to the NCLT Registry, requesting for a new date in the matter on or after 02.09.2019 since the directors of the Corporate Debtor were all proceeding to Mangalore in view of a bereavement in the family of one of the directo....
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....al (IRP) in the matter. 15. This Petition reveals that there is a debt as defined in section 3(11) of IBC; there is a default within the meaning of section 3(12) of IBC; the application of the Financial Creditor is complete; an amount of more than Rupees One Lakh is due and payable and in default and no disciplinary proceedings are pending against the proposed resolution professional. Therefore, this petition deserves to be admitted. 16. The application made by the Financial Creditor is complete in all respects as required by law, and it clearly shows that the Corporate Debtor has not paid the dues, and this has also been confirmed by the Corporate Debtor. 17. It is, accordingly, hereby ordered as follows: - (a) The petiti....
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.... interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Tribunal approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Financial Creditor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvenc....