TaxTMI 
TaxTMI 
2019 (7) TMI 1716
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....t. Ltd. (CIN No. U 85110 DL 1998 PTC 094739) against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 29.06.1998 having its registered office at 1506, Hemkunt Chamber, 89 Nehru Place, New Delhi - 110019. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code. 3. It is appropriate to mention that the applicant financial creditor is a company incorporated on 16th December, 2011 under the Companies Act, 1956 having its Registered Office at 90, Flat No. F-2, First Floor, New Rajdhani Enclave, Delhi - 110092. 4. The present petition has been filed by the applicant financial creditor through its authorized representative duly authorized by the Board of Directors of the applicant company held on 01.04.2019. A copy of the resolution passed in the meeting of Board of Directors of the applicant company held on 01.04.2019 has been placed on reco....
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....018 Rs. 17,00,000/- 077276 31st December, 2018 Rs. 28,00,000/- 077278 31st January, 2019 Rs. 50,00,000/- 077279 31st January, 2019 Rs. 50,00,000/- 12. However, all the cheques for repayment of the loan amount on presentation got dishonored, with the bank memo endorsement 'Fund insufficient'. Applicant has placed on record copy of cheques dishonored along with the bank endorsement. 13. Applicant financial creditor has claimed in the application that an amount of Rs. 1,55,01,006/- is due from the respondent company as on 28th February, 2019. 14. Several opportunities were afforded to the respondent company to file reply. However, on 03.07.2019 it was submitted on behalf of the respondent that no reply is necessary and that the claim amount shall be paid before the next hearing date. 15. On the next date of hearing on 09.07.2019 a cheque amounting to Rs. 1.20 Crores being full and final settlement was handed over to the applicant during hearing. Subsequently on the following date of hearing on 12.07.2019 it was placed before the Tribunal that the said cheque also got dishonoured.....
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....rate debtor has failed to pay the debt. 23. It is appropriate to mention that the present application under Section 7 of the Code for initiation of Corporate Resolution Insolvency Process has been filed by petitioner financial creditor in Form-1 in terms of Rule 4 of Insolvency and Bankruptcy (application to Adjudicating Authority) Rules, 2016 accompanied with required information, documents and records as prescribed under the Rules. 24. The applicant inert-alia has annexed to the application detail particulars of 'financial debt' including documents, records and evidence of default as required under subsection 3 (a) of Section 7 of the Code. It is reiterated that the Form-1 filed in the present case under Section 7 of the Code read with Rule 4 of the Rules, shows that the Form is complete in all respect and there is no infirmity in the same. 25. Sub-section (3) (b) of Section 7 mandates the financial creditor to furnish the name of an Interim Resolution Professional. In compliance thereof the applicant has proposed the name of Mr. Ajay Goyal, for appointment as Interim Resolution Professional having registration number IBBI / IPA-001 / IP-P00382/ 2017-18 / 10639 r....
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....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. 33. We direct the Financial Creditor to deposit a sum of Rs. 1 Lac with the Interim Resolution Professional namely Mr. Ajay Goyal to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the Financial Creditor. The said amount however be subject to adjustment towards Resolution Process cost as per rules and shall be paid back to the Financial Creditor. 34. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: "(a) the in....