2021 (8) TMI 1197

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.... & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/s. Jai India Weaving Mills Private Limited (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional. 2. Part-I of the Application sets out about the Financial Creditor from which, it is evident that the Financial Creditors are Individual. Part-II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN:U17115TZ2003PTC010472 was incorporated on 05.02.2003 and the Registered ....

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....s against the amount availed, the Corporate Debtor have been paying the required interest on time, however for the months between July 2019 to December 2019 have defaulted in making the payment of interest despite number of reminders from the Financial Creditor. 5. The Learned Counsel for the Financial Creditor submitted that the Corporate Debtor had also been paying the TDS towards the interest amount paid by them till date and has also placed on record the TDS certificate in this regard. Further, it was submitted that the Financial Creditor has sent a Legal Notice dated 27.11.2019 and 16.12.2019 to the Corporate Debtor to repay the outstanding principal plus interest payments; however the Corporate Debtor paid some interest, but declin....

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....ersons') Regulations, 2016. In this context, it is relevant to refer to the attendant Regulation 8 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 8. Claims by financial creditors. (1) A person claiming to be a financial creditor, other than a financial creditor belonging to a class of creditors, shall submit claim with proof to the interim resolution professional in electronic form in Form C of the Schedule: Provided that such person may submit supplementary documents or clarifications in support of the claim before the constitution of the committee. (2) The existence of debt due to the financial creditor may be proved on the basis of- (a) the records available ....