TaxTMI 
TaxTMI 
2021 (4) TMI 217
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....rporate Debtor to initiate Corporate Insolvency Resolution Process ("CIRP") of the Corporate Debtor on the ground that the Corporate Debtor committed default in paying the financial debt of Rs. 5,09,33,204/-. 2. The following facts are not in dispute. 3. On 10.07.2015, the petitioner (the financial creditor) was appointed as the director of the Corporate Debtor on two conditions (i) he would pay a sum of Rs. 1,66,50,000/- towards purchase of 33.33% shares of Corporate Debtor and (ii) he will infuse fund of Rs. 5,75,000/- by way of unsecured loan. It is also not in dispute that the Petitioner approached the Bassein Catholic Bank Limited and took a loan of Rs. 5,00,00,000/- by giving instruction to the bank to transfer the above loan amount....
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....een the partnership firm and the petitioner. It is still pending. Pointing of above dispute in detail, the Corporate Debtor contended that in view of the long standing commercial relations and the dispute in between the Petitioner and Mr. Dahyabhai, the Petitioner cannot be a Financial Creditor of the Corporate Debtor. The Corporate Debtor contends that this application under Section 7 is not maintainable due to that dispute. 8. We heard the Learned Sr. Counsel Mr. Sanjanwala for the Petitioner / Financial Creditor and the Learned Sr. Counsel Mr. Navin Pahwa for the Corporate Debtor at length. We have gone through the evidence and material on record. 9. At the outset, we make it clear that the dispute between petitioner and one Mr. Dahyab....
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....fault in paying the debt in form of un-secured loan by the Petitioner to the Corporate Debtor. That amount is more than rupees one lakh (i.e. the threshold limit of the debt amount stated under Section 4 of the Insolvency and Bankruptcy Code, 2016 to initiate the Corporate Insolvency Resolution Process). From the above facts we hold that the Corporate Debtor has committed a default in paying the debt 12. The Financial Creditor suggested name of one Mr. Sunil Kumar Agarwal, having registration number: IBBI/IPA-001/IP-P01390/2018-2019/12178 for the appointment as the Interim Resolution Professional against whom, no disciplinary proceedings pending. 13. The application is defect free and, hence, we direct the Corporate Debtor to be admitted ....
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....y 86 Bankruptcy Code, 2016, as the case may be. 4. We hereby appoint Mr. Sunil Kumar Agarwal, having Registration No. IBBI/IPA-001 /IP-P01390/ 2018-2019/12178, Office Add: 98, Vardhan Towers, near Vimal House, Lakhudi Circle, Navrangpura, Ahmedabad - 380014, email: [email protected], to act as an Interim Resolution Professional under Section 13 (1) (c) of the Code. He shall conduct the Corporation Insolvency Resolution Process as per the provision of Insolvency and Bankruptcy Code, 2016 r.w. Regulation made thereunder. 5. The IRP shall perform all his functions as contemplated, inter-alia, by Sections 17, 18, 20 & 21 of the Code. It is further made clear that all personnel connected with Corporate Debtor, its Promoter or any other p....