TaxTMI 
TaxTMI 
2021 (1) TMI 509
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....d with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating corporate insolvency resolution process of the corporate debtor on account of default in repayment of outstanding dues. The applicant had granted the following financial facilities to the tune of Rs. 129,23,00,000 (rupees one hundred twenty nine crores and twenty three lakhs only) to the corporate debtor : (i) Cash credit of Rs. 40,00,00,000 (rupees forty crores only) (ii) Term loan-I of Rs. 24,23,00,000 (rupees twenty four crores twenty three lakhs only) (iii) Term Loan-II of Rs. 25,00,00,000 (rupees twenty-five crores only) (iv) Term Loan-III of Rs. 40,00,00,000 (rupees forty crores only) ....
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....edit facilities availed. In spite of the above, the corporate debtor has failed to repay the out standing amounts due to the applicant and hence, the applicant is con strained to file the present application for triggering corporate insolvency resolution process of the corporate debtor under the Insolvency and Bankruptcy Code, 2016. Since the registered office of the corporate debtor is situated in Mumbai, this hon'ble Tribunal has territorial jurisdiction to entertain the present application. The corporate debtor has put up appearance through different counsels from time to time without choosing to file any reply. The respective counsels except taking adjournment from time to time on the ground of purported settlement....
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....time, for the reason that the corporate debtor had made a proposal in the open court that in the event they do not settle the matter with the petitioner within a span of 3 weeks from this day, the petition can straight away be admitted without any further arguments. In view of the categorical admission made by the corporate debtor as regards to the debt and the default and further proposal that he made with the petitioner, the petition can be admitted if they do not settle the matter with the bank amicably, time is granted for a period of 3 weeks to afford a last chance to the corporate debtor. It is made very very clear to the corporate debtor that no further adjournments will be granted and if the petitioner does not report to the court t....
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....20 6. This application has already been heard and reserved for orders on August 26, 2019. We are of the opinion that the application needs to be reheard. List this matter on February 18, 2020. Order dated November 18, 2020 7. The matter is taken up through virtual hearing (VC). Both sides are present. Reply was not filed by the respondent in the main company petition despite taking so many adjournments and directions. Mr. Amir Arsiwala, appearing for the respondent, except praying for time for filing reply did not advance any arguments. This Tribunal has already recorded in its order dated August 26, 2019 about the existence of debt and default and the conduct of the corporate debtor. The corporate debtor despite ava....
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....ompany petition, I. A. No. 1631 of 2020 becomes infructuous and accordingly, stands disposed of. Accordingly, we pass the following : ORDER (a) The above Company Petition No. (IB)-297(MB) of 2019 is hereby allowed and initiation of corporate insolvency resolution process (CIRP) is ordered against M/s. Digicable Network (India) Ltd. (b) This Bench hereby appoints Mr. Sunil Kumar Choudhary, Insolvency Professional, Registration No. IBBI/IPA-001/IP-P01243/2018-2019/ 11895 having office at Ernst and Young LLP, 14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar, Mumbai, Maharashtra-400 028, as the interim resolution professional to carry out the functions as mentioned under the Insolvency and Bankruptcy Code. ....