TaxTMI 
TaxTMI 
2021 (10) TMI 593
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....Code 2016 ("the Code"), for the alleged default on the part of the Respondent, in settling an amount of Rs. 5,59,41,232/- (Rupees Five Crore Fifty Nine Lakhs Forty One Thousand Two Hundred Thirty Two only) comprising of Rs. 3,85,00,000/- as the Principal Amount, along with the Interest amounting to Rs. 1,74,41,232/- @ 12% per month due from 31.01.2020 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 01.03.2016 the Respondent requested for granting of Loan of Rs. 4,00,00,000/- for its daily operation needs and requested the Loans to be disbursed and further agreed to pay the loan with interest rate mutually agreed b....
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.... and Interest amount of Rs. 1,74,41,232/- to the Applicant. g. The Applicant submitted that the Respondent has committed default in the repayment of loan of 5,59,41,232/- (Rupees Five Crore Fifty Nine Lakhs Forty One Thousand Two Hundred Thirty Two only) comprising of Rs. 3,85,00,000/- as the Principal Amount along with the Interest amounting to Rs. 1,74,41,232/-. h. It was further submitted by the Applicant that the Default falls within the definition of default in terms of Section 3(12) of the IBC, 2016 and the claim of the Applicant is not hit by the Insolvency and Bankruptcy Code Amendment Ordinance, 2020 dated 05.06.2020 issued by the Government of India. 2. Consequent to the notice issued by this Tribunal, the Respondent failed t....
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....the Tribunal also 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 clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment of loan amount. 6. 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 default before admitting the application. The material on record clearly goes to show that respondent had availed the credit facilities and has committed default in repayment of the outstanding loan amount. 7. We are satisfied that the present applicatio....
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....d of India or elsewhere. In addition, further necessary disclosures have been made by Mr. Naresh Munjal 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. 10. Mr. Naresh Munjal, having registration number IBBI/IPA-01/IP-P00362/2017-18/10620 with email - id. [email protected] is appointed as an Interim Resolution Professional. 11. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of the Insolvency & Bankr....
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....f 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. 14. 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 Regulations. It is further made clear that all the personnel, connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional, as may be req....