2020 (6) TMI 649

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.... 2016 (I&B Code) against Shree Ram Urban Infrastructure Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP) claiming Rs. 327,03,27,748/- (Rupees Three Hundred Twenty Seven Crore Three Lakh Twenty Seven Thousand Seven Hundred and Forty Eight only) as on 07-01-2019, including interest on the principal sum of Rs. 182,87,36,261/- 2. This Application is filed by Mr. Shamik Roy, duly authorised vide "Letter of authorisation' dated 06-11-2017, which is annexed to the Application. 3. The Applicant extended financial assistance to the Corporate Debtor under three Agreements bearing Agreement No. 99684 dated 22-12-2015, Agreement No. 106008 dated 12-04-2016 and Agreement No. 14673 dated 24-11-2017. The f....

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....ith proof of delivery showing that the notice was duly served on the Corporate Debtor on 05-06-2019. The Corporate Debtor has failed to file its Reply/despite sufficient opportunity being provided for the same. 9. We have heard the parties and perused the records. 10. On perusal of the records, it is noted that the Corporate Debtor has received a sum of Rs. 223,10,00,000/- (Rupees Two Hundred Twenty Three Crore Ten Lakh Only) from the Applicant under the Agreements dated No.99684 dated 22-12-2015, Agreement No. 106008 dated 12-04-2016 and Agreement No.14673 dated 24-11-2017. The Corporate Debtor has executed hypothecation Agreements in favour of the Applicant against the facilities availed by it. Further copies of registration of Char....

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....e debt is disputed is not maintainable as the existence of a dispute is of no consequence in an application filed under section 7 of the Code. 13. The Applicant has proposed the name of Mr Srigopal Choudhary, a registered insolvency resolution professional having Registration Number [IBBI/IPA-001/IP- P01238/2018-19/11893] as Interim Resolution Professional, to carry out the functions as mentioned under I&B Code 2016, along with his declaration in Form 2, that no disciplinary proceedings are pending against him. 14. The Application filed under sub-section (2) of section 7 of I&B Code, 2016 is complete. The existing financial debt of more than Rupees One Lakh against the corporate debtor and its default is also proved. Accordingly, the ....

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..... That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. III. That the provisions of sub-section (1) of section 14 of I&B Code shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of I&B Code or passes an order for the liquidation of the corporate debtor under section 33 of I&B Code, as the case may be. ....