TaxTMI 
TaxTMI 
2021 (10) TMI 592
X X X X Extracts X X X X
X X X X Extracts X X X X
....ion Process ("CIRP") against 'M/s. Prudential Hotels Pvt. Ltd'., under Section 7 of the Insolvency and Bankruptcy Code 2016 ("the Code") for the alleged default on the part of the Respondent, in settling an amount of Rs. 3,87,67,780/- (Rupees Three crores Eighty Seven Lakhs Sixty Seven Thousand Seven Hundred Eight only) comprising of Rs. 2,95,00,000/- as the Principal Amount along with the Penal Interest amounting to Rs. 92,67,780/- @ 12% per month due from 01.01.2020 payable to the Applicant. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: a. The Applicant submitted that on 20.12.2016 the Respondent requested for granting of Loan of Rs. 3,00,00,000/- for its....
X X X X Extracts X X X X
X X X X Extracts X X X X
....formed of its inability to pay the amount of Rs. 2,95,00,000/- (Rupees two crores and ninety-five lakhs only) with interest to the Applicant and requested the Applicant not to present the postdated cheque. Further, the Respondent assured that they would pay the outstanding loan amount with interest. A Copy of letter dated 03.01.2020 is also annexed with the application. g. The Applicant submitted that the Respondent has committed default in the repayment of loan of Rs. 2,95,00,000/- (Rupees Two Crores Ninety Five Lakhs only) along with interest @ 12% per annum. The date of default in the repayment of the loan is 01.01.2020 as the Respondent failed to repay the above-mentioned loan along with interest at the time of maturity i.e. 31....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ng that Applicant has ever tried to obtain from its banker. 3. That the Ld. Counsels for both the parties while appearing before the Tribunal on 02.03.2021 jointly submitted that their clients are in the process to settle the matter amicably outside the Tribunal. Whereas, on next date of Hearing on 30.03.2021 the Ld. Counsels submitted before the Tribunal that the Settlement talks between the parties have failed. It is pertinent to mention that on 28.07.2021, both the parties were directed to file two pages written submission by the Tribunal, whereas, both the parties have failed to file the same till date. 4. We have gone through the documents filed by both the parties and heard the arguments made by the counsels. The applicant has c....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nd that the Corporate Debtor vide letter dated 20.12.2016 requested for grant of Loan and the Business Loan Agreement was duly executed between the parties on 01.03.2017 for an amount of Rs. 2,95,00,000/- repayable with 12% interest whereas, no documentary evidence has been produced by the Corporate Debtor to substantiate that the Loan amount was not defaulted. The documents submitted by the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment of loan amount. 7. It is pertinent to mention here that, the Code requires the Adjudicating Authority to only ascertain and record satisfaction in a summary adjudication, as to the occurrence of defa....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ution professional and has signed a communication in Form 2 in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In addition, further necessary disclosures have been made by Mr. Rahul Jain as per the requirement of the IBBI Regulations. Accordingly, it is seen that the requirement of Section 7 (3) (b) of the Code has been satisfied. 11. Mr. Rahul Jain, having registration number IBBI/IPA-001/IP-P02078/2020-21/13219 with email - id [email protected] is appointed as the Interim Resolution Professional. 12. In pursuance of Sec....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ntral Government or the supply of the essential goods or services to the Corporate Debtor as may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14 (3) (b) of the Code. 15. The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, Rules and Regu....