TaxTMI 
TaxTMI 
2021 (10) TMI 1184
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....udicating Authority) Rules, 2016 by Sh. Shankar Khandelwal, through his attorney holder Mr. Tikam Khandelwal (for brevity 'Financial Creditor'/'Petitioner'), with a prayer to initiate Corporate Insolvency Process against A. Gangwal Real Estate LLP (for brevity 'Corporate Debtor'). Sh. Shankar Khandelwal (Petitioner-Financial Creditor) has executed a special power of attorney dated 21.01.2016 authorising Mr. Tikam Khandelwal to sign, and verify and to do all acts related to filing of present petition. There is an affidavit of Mr. Tikam Khandelwal in support of the contents of the application at page Nos. 16 to 18 of the petition. 2. The Corporate Debtor namely, A. Gangwal Real Estate LLP, is a Limited Liability Partn....
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....ays of default in tabular form is attached as Annexure-4. 5. In Part-III of Form No. 1, Mr. Prashant Sharma, Registration No. IBBI/IPA-001/IP-P00290/2017-18/10534 has been proposed as Interim Resolution Professional (IRP). Form No. 2 dated 31.10.2019 submitted by the proposed IRP is found at Page Nos. 28-31 of the petition. 6. The corporate debtor has filed reply vide Diary No. 218 dated 29.01.2020 in which the corporate debtor has submitted that financial creditor has not furnished any proof related to sum advanced. Moreover, no notice of demand has been raised by the financial creditor to the corporate debtor for the said amount. It is further submitted that as per balance sheet of Financial Year 2015-16 (Annexure-8 of application) the ....
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.... of the same is attached as Annexure-1 of the aforesaid affidavit. The financial creditor has also denied the amount given by the corporate debtor. It has been submitted that a payment of Rs. 30 crores has been made to the Guman Builders & Developers Pvt. Ltd. Since the financial creditor has given the loan in his individual capacity to the corporate debtor and it must be repaid back to him and it cannot be set off against the distinct transactions. 8. It is the case of the respondent-corporate debtor that as per its balance sheet of the Financial Year 2015-16 the balance due and payable to the applicant was only Rs. 5,16,55,842/-. It is the further case of the respondent-corporate debtor that the same was repaid to M/s. Guman Builders and....
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....g established the default in payment of the financial Debt for the default amount being above Rs. 1,00,000/-, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. As a necessary consequence of the moratorium in terms of Section 14, the following prohibitions are imposed, which must be followed by all and sundry: "(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right ....