TaxTMI 
TaxTMI 
2019 (7) TMI 1715
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....de, 2016 (for brevity 'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') for initiation of Corporate Insolvency Resolution Process in respect of respondent Company M/s. R. S. Ajit Singh and Co. (Automotives) Private Limited, referred to as the corporate debtor. 2. The Respondent Company M/s. R. S. Ajit Singh and Co. (Automotives) Private Limited (CIN No. U34103 DL 1997 PTC 084491) against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 15.01.1997 having its registered office at C-91/10, Wazirpur Industrial Area, New Delhi - 110052. Since the registered office of the respondent corpor....
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.... financial debt but with the contention that the respondent corporate debtor is facing financial constraints and is not in a position to make payment of the admitted liability of the loan amount with interest. The reply further states that the respondent has an arbitral dispute with a third party and on receiving its claim amount, payment could be made to the applicant. 9. It has been stated in the application that despite raising multiple demands the applicant has not received the outstanding dues. 10. At Part IV of the application it is claimed that Rs. 14,25,666/- is due from the respondent corporate debtor as on 30.05.2019. 11. In support of its contention applicant has relied upon copy of acknowledgement letters dated 01.04.20....
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.... uncertain date will not help. There is thus a clear admission with regard to the loan and its default. 18. It is not disputed that there is a debt which is more than one lakh and the respondent corporate debtor has failed to pay the debt even after the demand. Thus, existence of default is clearly evident. 19. That apart there is no dispute that the applicant comes within the purview of 'Financial creditor'. It is seen that the corporate debtor had availed the loan amount against payment of interest as agreed between the parties. The acknowledgement and the books of account of the respondent itself as well as reply to the demand notice reveals that the loan was disbursed against payment of interest. The loan was taken against....
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....the IBBI Regulations. Accordingly, it is seen that the requirement of Section 7(3) (b) of the Code has also been satisfied. 21. It is also seen that the applicant financial creditor has filed the present application under Section 7 of the Code in the requisite FORM-1 to initiate Corporate Insolvency Resolution Process against the respondent Corporate Debtor. Form-1 filed under Section 7 of the Code read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 shows that the required information and other facts as prescribed have been furnished. The applicant bank has annexed to the application detail particulars of 'financial debt' including documents, records and evidence of default as req....
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....y, in terms of Section 7(5) (a) of the Code, the present application is admitted. 27. Mr. Mohinder Singh having registration number IBBI/IPA-001/IP-P00593/2017-18/11046 resident of 1102, 11th Floor, Padma Tower - 1, Rajendra Place, New Delhi - 110060 with email - id [email protected] is appointed as an Interim Resolution Professional. 28. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of the Insolvency & Bankruptcy Code, 2016. 29. We direct the applicant Financial Creditor to deposit....
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....ny property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor." 31. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply of the essential goods or services to the Corporate Debtor as may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14(3) (b) of the Code. 32. The Interim Resolution Professional....