TaxTMI 
TaxTMI 
2020 (10) TMI 536
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....tification No. U74899DL1994PLC062407 having its registered office at New Delhi and having one of its branch at C.G. Road, Ahmedabad inter alia engaged in the business of providing various types of financial facilities including business loans, personal loans, consumer loans, loan against property, term loan etc. and it is a non-banking finance company. 3. The respondent/corporate debtor is a company incorporated under the Companies Act, 1956 on 24.05.2007, having identification No. U01111GJ2007PTC050938, having its registered office at Shahibaug, Ahmedabad, Gujarat State. That, Authorised share capital of the respondent company is Rs. 3,50,00,000/- and paid up share capital is Rs. 3,50,00,000/-. 4. That, the applicant has submitted that the respondent company approached the financial creditor for availing loan facilities. Subsequently, after accepting the request of the corporate debtor, loan agreements were executed by and between the corporate debtor and the financial creditor vide loan agreement dated 30.06.2018 for Rs. 35,37,646/-. 5. It is stated by the financial creditor that at the time of availing the said loan, the respondent company assured the petitioner that th....
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....edule 47-49 10 Table containing working for computation of amount and days of default 50 11 CIBIL report 51-99 12 Notice under I & B Code dated 20.02.2019 100-101 13 Loan recall notice dated 30.04.2019 102-103 Findings 8. On perusal of the records it is found that the respondent has not filed reply even after given sufficient opportunities from 11.09.2019. On perusal of the records it is found that on 20.01.2020 the matter was fixed for filing affidavit from the side of the corporate debtor in view of admitting the debt, but, the corporate debtor has failed to file affidavit. However, during the course of hearing, the learned lawyer appearing on behalf of the corporate debtor admitted the debt on receiving instructions from the corporate debtor. 9. On perusal of the records it is found that the letter of authority dated 06.08.2019 issued by Legal head of the applicant company authorising Mr. Kaushik Harjani, is proper and valid. 10. In view of the above discussions, the Adjudicating Authority is of the considered view that there is a debt due to "financial ....
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....rm 1 is a detailed form in 5 parts, which requires particulars of the applicant in part I, particulars of the corporate debtor in part II, particulars of the proposed interim resolution professional in part III, particulars of the financial debt in part IV and documents, records and evidence of default in part V. Under Rule 4(3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or sped post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the receipt of the application. It is at the stage of Section 7 (5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the "debt" which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default....
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....has also been paid. Along with the application, the applicant proposed the name of the Resolution Professional namely Mr. Navin Khandelwal. Therefore, this Adjudicating Authority hereby appoint Mr. Navin Khandelwal, 206, Navneet Plaza, 5/2, Old Palasia, Indore, Madhya Pradesh 452 018 ([email protected]) having registration No. IBBI/IPA-001/IP-P00703/2017-2018/11301 to act as an interim resolution professional under Section 13(1)(c) of the Code. Form 2 of the proposed interim resolution professional has been annexed and placed at page No. 26-28 of the application where declaration is made that no disciplinary proceeding is pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. 17. In the aforesaid background and as also discussed above, the application under Section 7 (2) of the IB Code is complete in all respects and there is debt due to the "financial Creditor" and there is default on the part of the "corporate debtor". Hence, there is no alternative but to admit the application in absence of any infirmity. 18. In view of the above, the petitioner/financial creditor having fulfilled all the requirements of Section 7 of the Code, the inst....