TaxTMI 
TaxTMI 
2019 (1) TMI 1750
X X X X Extracts X X X X
X X X X Extracts X X X X
....h has been termed as the Corporate Debtor. The transaction leading to filing of the present Application as reflected in the application is stated to be as under: a. That the Corporate Debtor approached the Financial Creditor through its directors during the month of April, 2017. b. That based on the representation made the Financial Creditor disbursed a loan of Rs. 3,00,00,000/- vide RTGS DR-CBIN0283183 dated 02.05.2017 from its bank account maintained with HDFC Bank, Lajpat Nagar- Il. c. That as per the representations made the loan was to be repaid within 30 days from the receipt of the said loan with interest@ 24 % p.a. d. That the Corporate Debtor failed to repay the said short term loan granted by the Financial Creditor within ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Applicant to the Respondent Company is not in dispute by the Respondent in its reply. 5. The Applicant has filled a copy of statement of account of financial Creditor with the HDFC Bank indicating RTGS DR- CBIN0283183-JEEVAN JYOTI VANIJYA LIMITED LAJPAT NAGAR-II dated 02.05.2017 evidencing transfer of an amount of Rs. 3,00,00,000/-. 6. The Respondent Company on the other hand has made a bald submission that there is a compromise agreement and the payment will be made. No serious objections are raised. 7. It is noted that the settlement agreement talks about the debts due to the Financial Creditor were raised but nothing has been placed on record to show that the settlement agreement has been actually executed by the parties. 8. The App....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of India (IBBI) and self attested has also been enclosed along with the Application by the proposed IRP and taking into consideration all the above, this Tribunal finds that this is a fit case to be admitted in terms of Section 7 of the Code and thereby initiate corporate insolvency resolution process as against the Corporate Debtor with the following consequences: a. Mr. Vinod Kumar Chaurasia, having registration no. IBBI/IPA-OOI IP-P00100/2017-18/10200, is appointed as the interim resolution professional and he shall strictly act in accordance with the provisions of the Code and the attendant Rules enjoined upon him; b. In terms of Section 14, as reproduced hereunder, the Corporate Debtor shall be under moratorium on the following te....