2021 (7) TMI 1014

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....cy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, M/s. Dhiraj Enterprises Private Limited, a corporate entity, bearing CIN: U51109WB1997PTC082999 and having its registered office at 16A, Everest House, 46C, J.L. Nehru Road, Kolkata-700071, West Bengal (hereinafter referred as Financial Creditor), through one of its Directors Mr. Arnab Dasgupta, seeks initiation of Corporate Insolvency Resolution Process in respect of M/s. Janpragti Commodities Private Limited, another corporate entity having CIN: U51109WB1995PTC068406 and having its registered office at 235/2A A.J.C. Bose Road, Kolkata-700020, West Bengal (hereinafter referred as the Corporate Debtor). 3. The application ....

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....ober, 2019, submitted that the allegations in the said application are incorrect, denied and disputed. It is further submitted by the deponent that the loan availed by the Corporate Debtor was deployed and invested in its business activities and due to economic recession and losses in the investment made, the said loan could not be repaid. He submitted that the condition of the economy has deteriorated for past several years, which have halted and hampered the progress of the business of the Corporate Debtor and the companies, in which Corporate Debtor had made investments, unfortunately the Corporate Debtor has not been able to meet its commitments and liabilities. It is submitted that the Corporate Debtor is not a willful defaulter but vi....

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.... its confirmation letter duly signed and sealed mentioned above, and since the admitted default of non payment of the outstanding amount is proved on the basis of documents placed on record by the Financial Creditor including various notices and reminders recalling the outstanding debt, the application of the Financial Creditor deserves to be admitted. 10. The Financial Creditor has proposed the name of Mr. Kailash Kumar Rathi, Insolvency Resolution Professional, who has filed Form-2, whereby he has agreed to act as the Insolvency Resolution Professional in case CIRP is initiated in respect of the Corporate Debtor. He has further submitted that he is qualified to practise as Insolvency Professional and is serving as the IRP in one procee....

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....) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: a) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest....