2019 (7) TMI 1625

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....16') r/w Rule 4 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/s. M.N. Horological Industries Pvt. Ltd.(hereinafter referred to as 'Corporate Debtor').The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP). 2. Heard the Counsels for the Financial Creditor and Corporate Debtor and perused the pleadings including the documents placed on file. 3. The Financial Creditor has claimed that a sum of Rs. 25,00,000/- and Rs. 5,00,000/was borrowed by the Corporate debtor on 29.07.2015 and 08.09.2015 respectively, totalling a sum of Rs. 30,00,000/-,....

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....wn as borrowing from the Financial Creditor. The copy of which is placed at page 62 of the typed set filed with the Application. 8. The Counsel for the Corporate Debtor made reference to the Promissory notes dated 27.04.2015 and 05.09.2015, wherein the amount of Rs. 25,00,000/- and Rs. 5,00,000/-are mentioned, which were executed by the Corporate Debtor in favour of the Financial Creditor and signed by one Mr. Manish Gandhi. The Counsel for the Corporate Debtor stated that the said person was not been authorized by the Corporate Debtor to sign the promissory notes. Further, it is contended by the Counsel for the Corporate Debtor that the amount of Rs. 30,00,000/- claimed to have been paid by the Financial Creditor to the Corporate Debtor....

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....or are not supported with any documentary evidence and therefore are rejected. 12. The documentary evidence which is placed on the case file is sufficient to ascertain the existence of a default on the part of the Corporate Debtor. The Financial Creditor has fulfilled all the requirements of law including the name of the Resolution Professional for appointment as the IRP. Hence, the Application stands admitted. The commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 13. Mr. L.V. Shyam Sundar, is hereby appointed as IRP as has been proposed by the Financial Creditor. There is no disciplinary proceeding pending against t....

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....sential goods or services of the Corporate Debtor/Guarantor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 16. The IRP shall comply with the provisions of Sections 13(2), 15, 17 & 18 of the I&B Code. The Directors of the Corporate Debtor, its promoters or any person associated with the Management of the Corporate Debtor are/is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19, so that he could discharge his functions under Section 20 of the I&B Code, 2016. 17. The Financial Creditor and the Registry are also directed to send the copy of thi....