TaxTMI 
TaxTMI 
2021 (10) TMI 1080
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.... 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. 1,13,35,203/- (Rupees One Crore Thirteen Lakh Thirty Five Thousand Two hundred Three only) including interest as on 14.05.2021. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: i. That the Applicant i.e., M/s. Gogia Leasing Limited is a private limited company carrying on the business of leasing, lending etc., and is registered as a NBFC within the provisions of Reserve Bank of India Act, 1934. The Respondent Company i.e., M/s. Xion Gems and Jewellers Pvt. Ltd. is engaged in the business of gems and jewellers, a....
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.... not a financial debt and the said application has not been presented by the proper authorized representative. Another contention raised by the respondent in its reply is that due to Pandemic crisis, the financial viability of the Respondent went low as the respondent could not run its business in view of the pandemic. 3. We have gone through the documents filed by both the parties and heard the arguments made by the counsels. The Financial Creditor has claimed the default on part of the Corporate Debtor for the Loan amount of Rs. 1,13,35,203/- (Rupees One Crore Thirteen Lakh Thirty Five Thousand Two hundred Three only) including interest as on 14.05.2021. 4. The Corporate Debtor in its reply raised contention regarding debt not being fin....
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....herefore the present matter will not be barred by the provisions of Section 10A of IBC 2016. 6. In the light of the aforesaid facts, we find that 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 the debt amount, also as the Corporate Debtor himself submitted that due to financial strain they are unable to pay the amount. 7. In light of the above said facts and after giving careful consideration to the entire matter, hearing the arguments of the parties and upon appreciation of the documents placed on record to substantiate the claim, this Adjudicating Authority admits this petition and initiates CIRP on....
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....redit facilities and has committed default in repayment of the outstanding loan amount. 11. Mr. Deepak Kumar Garg, having registration number IBBI/IPA-002/IP-N00796/2020-21/12560, with address at Shanti Niketan, Street No. 4, Tibra Road, Modinagar- 201204 is appointed as the Interim Resolution Professional. 12. 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 & Bankruptcy Code, 2016. 13. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of im....
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....permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period. 15. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central 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. 16. The Interim Resolution Professional shall pe....