2019 (5) TMI 1890

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....orporate Debtor committed default in repayment of a loan facility granted to the Corporate Debtor to the extent of Rs. 48,82,000/-, under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Petition reveals that Petitioner had sanctioned a loan of Rs. 50,00,000/- on 05.02.2018 for the purpose of business expansion to the Corporate Debtor. A sum of Rs. 48,82,000/- was disbursed to the Corporate Debtor on 07.02.2018 after adjustment of the processing fee of Rs. 1,18,000/-. The Petitioner enclosed the Welcome Letter dated 06.12.2017 issued by the Petitioner, which shows that a business loan of Rs. 50,00,000....

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....at the debt and default is established in this case. 7. The counsel for the Petitioner submitted that the Petition was served on the Corporate Debtor and proof of service was filed to that effect. Subsequently, the counsel for the Petitioner intimated the date of hearing to the Corporate Debtor but there was no representation from the Corporate Debtor's side. 8. This Adjudicating Authority, on perusal of the documents filed by the Creditor, is of the view that the Corporate Debtor defaulted in repaying the loan availed and also placed the name of the Insolvency Resolution Professional to act as Interim Resolution Professional and there being no disciplinary proceedings pending against the proposed resolution professional, therefore the Ap....