TaxTMI 
TaxTMI 
2021 (8) TMI 14
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Bankruptcy Code, 2016 (IBC) by Indiabulls Consumer Finance Limited ("the Financial Creditor"), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Apollo Soyuz Electricals Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a Private company limited by shares and incorporated on 10.03.1997 under the Companies Act, 1956, with the Registrar of Companies, Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U31100MH1997PTC106456. Its registered office is at EL - 74/75, Electronic Zone Mahape Navi Mumbai 400701. Therefore, this Bench has jurisdiction to deal with this petition. Submissions made by Financial Creditor by way of Application/Petition: 3. The Corporate Debtor approached the Fi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....om the Corporate Debtor accepts the liability further submits that they are not in position to repay as company is not carrying on any business operation. 8. We have heard the arguments of Financial creditor and Corporate Debtor and perused the records. 9. It is noted from the submissions from counsel dated 02.07.2021 that the Corporate Debtor has admitted the liability. The Corporate Debtor further submits that it is not in a position to repay the debt. These submissions establish the existence of debt and default. 10. Upon perusal of records, this Bench is of the considered opinion that there is no dispute regarding the Corporate Debtor having availed the Loan facility from the Financial Creditor. 11. The Financial Creditor ha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....llowing: (i) 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; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) 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 (Sarfaesi) Act, 2002; (iv) The recovery of any property by an owner or l....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he IBC. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions issued/as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. ....