TaxTMI 
TaxTMI 
2021 (7) TMI 240
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....orated under the provisions of Companies Act, 1956 on 12.07.2012 having CIN U74140DL2012PTC238704. The applicant company is engaged in the business of Agro Commodity Broking, having its registered office at 602, Block-A, Naurang House, 21, Kasturba Gandhi Marg, Connaught Place, New Delhi-110001. 3. The Corporate Debtor is a limited company incorporated under the provisions of Companies Act, 1956 on 01.12.2005 having U55101DL2005PLC143141, the corporate debtor company is engaged in the business of hotels and camping sites, having its registered office at 131, 1st Floor, Ansal Chambers- II, 6, Bhikaji Cama Place, New Delhi-110066. 4. The applicant had submitted that, the applicant had given a loan of Rs. 65,00,000/-, to the corporate debtor, as per the arrangement agreed between the parties in the form of Inter Corporate deposits "ICD" on 23.04.2015, for the period of 91 days, from the date of disbursement which is the same date as letter dated 23.04.2018, against which the corporate debtor had issued a letter of undertaking against the 1st ICD is reproduced here under: "Securities provided by the corporate debtor to the applicant in lieu of the 1st ICD: i) Un....
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....etter dated 21.01.2019 requested for an extension for the repayment of the ICD, on the same term and submitted a repayment plan with the proposed dates of payment as 21.01.2019, 22.04.2019, 22.07.2019 and 22.10.2019. The extension for repayment for entire amount as requested by the corporate debtor scheduling with the proposed payment dates was accepted by the applicant with the security, given by corporate debtor. 9. Thereafter, on the expiry of last repayment date being 22.10.2019, the corporate debtor had requested for further extension of 213 days for repayment of entire amount. The applicant did not consent to any further extension/rollover. However, even after repeated requests by the applicant to the corporate debtor, for the repayment of the debt amount i.e. Rs. 1,34,30,497/-, no repayment was made by the corporate debtor. Therefore, the applicant filed the present application under section 7 of the Code. 10. The Corporate debtor filed its reply and raised following contentions, objecting the admission of the application as follows: a) That, the applicant had filled the impugned application without proposing the name of the Interim Resolution Professional und....
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....ebt covered under the definition of financial debt as per section 5(8) of the Code. iii) The applicant had denied any further extension for repayment of the debt vide its letter dated 21.10.2019. Hence, the corporate debtor is in default for the repayment of the interest and principal amount of the ICD i.e. for the sum of Rs. 1,34,17,781/- as on 30.04.2020 and the said amount has increased to Rs. 1,55,36,959/- as on 15.04.2021. iv) That, mere sending of the post-dated cheques to the financial creditor does not amount to, deemed acceptance by the applicant. Further, even if the aforesaid argument is taken to be correct, then also the corporate debtor is in default as the last payment received by the corporate debtor was in Feb 2020, that also being the interest amount. There is still a clear default by the corporate debtor for both interest and the principal amount. v) That the applicant has proposed the name of IRP along with the application itself and form-2 is also annexed. vi) That, the scope of the Adjudicating Authority is confined to determining the existence of the debt and default. In this regards the applicant has relied upon the Judgmen....
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....2016 read with Section 7 of the Code. This bench is satisfied that a default has occurred, and debt has remained unpaid. Thus, the application warrants admission as it is complete in all aspects and is admitted initiating CIRP as prescribed under the Code. 17. The Applicant has proposed the name of Insolvency Resolution Professional, Ms. Minni Katariya, having registration No. IBBI/IPA-003/IP-N00273/2020-21/13097, and email id [email protected]. A written communication sent by her in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has also been placed on record. There is a declaration made by her that no disciplinary proceedings are pending against her in the Insolvency and Bankruptcy Board of India or ICSI. In addition, further necessary disclosures have been made by Ms. Minni Katariya as per the requirement of the IBBI Regulations. Accordingly, she satisfies the requirement of Section 7(3)(b) of the Code. Hence, we appoint Ms. Minni Katariya as the IRP of the Corporate Debtor. 18. In pursuance of Section 13(2) of the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immedi....