2020 (3) TMI 703

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s (P) Ltd. (Sudarshan Agencies Private Limited) against LTS Plastics (India) Ltd. (Corporate Debtor) for initiating corporate insolvency resolution process of the corporate debtor alleging that the corporate debtor committed default in repayment of Rs. 25,99,296.85 borrowed by the corporate debtor with interest @ 9% per annum and, therefore, compelled to file this application. 2. It is contended by the financial creditor that corporate debtor has availed loan of Rs. 30 lakhs agreeing to pay interest @ 9% per annum and money receipt was issued evidencing receipt of the amount on 23-11-2019. The loan was initially granted for the period of 120 days, was renewed upon verbal request on the part of the corporate debtor till 31-3-2017. 3. T....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ame of the financial creditor and that it is registered under the provision of the Companies Act and that the certificate of incorporation shows the correct name of the financial creditor and it has got CIN as shown in the application. It reiterates the application is liable to be admitted. 7. Heard Both sides. Perused the records. 8. This is an application filed by one Sydarshan Agencies (P) Ltd. (Sudarshan Agencies Private Limited) having Identification No.U25209WB1997PTC085891 for initiating corporate insolvency resolution process as against the corporate debtor. By filing reply affidavit the corporate debtor admitted the availing the loan from the financial creditor. There is no dispute as to the nature of debt. The financial cred....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....and it is liable to be admitted. Accordingly this application is admitted upon the following orders:- ORDER i. The application filed by the Financial Creditor under section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, LTS Plastics (India) Ltd. is hereby admitted. ii. We declare a moratorium and public announcement in accordance with Sections 13 and 15 of the IBC, 2016. iii. Moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Sec....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ect from the date of admission till the completion of the corporate insolvency resolution process. viii. Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix. Necessary public announcement as per Section 15 of the IBC, 2016 may be made. x. Shri Hrishkesh Dasgupta having Registration No.IBBI/IPA-003/IP-N00082/2017-2018/10705 e-mail id [email protected] is appointed as Interim Resolution Profession....