TaxTMI 
TaxTMI 
2021 (11) TMI 469
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....ess (CIRP) against Shaila Clubs & Resorts Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a Public company limited by shares and incorporated on 02.05.2005 under the Companies Act, 1956, with the Registrar of Companies, Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U55101PN2005PTC020668. Its registered office is at Kore Plaza, Behind Hotel Pia Prakash, Vishrambaug, Sangli-416 416. Therefore, this Bench has jurisdiction to deal with this petition. Submissions made by Financial Creditor by way of Application/Petition: 3. The Petitioners are the legal heirs of late Shri. Rajeev Ramling Kore who was founder member, promoter and Director of the Corporate Debtor. 4. The Corporate Debtor had borrowed ....
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.... as "non-payment of debt when whole or any part of instalment of the amount of debt has become due and payable and is not repaid by the debtor or the corporate debtor, as the case may be". The Corporate Debtor submits that the Financial Creditor have failed to prove that the Principal Loan Amount has become due and payable as on the date of this Company petition Loan Amount has become due and payable as on the date of this Company Petition and the terms of repayment of the Principal Loan Amount. The Financial Creditor has also not proved that was any agreements for any levy of interest applicable to repayment of the Principal Loan Amount. 9. The Corporate Debtor states that the Deceased had provide the Principal Loan Amount to the Corpor....
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....loan acknowledged by the Corporate Debtor in various financial statements. The contention of the Corporate Debtor that there was understanding that money will be paid after sale of asset only has no substance in it. 13. We also consider the facts of the case in the lights of the Hon'ble Supreme Court in Swiss Ribbons Pvt. Ltd. & Ors. Vs. Union of India & Ors. [Writ Petition (Civil) No. 99 of 2018] upholding the Constitutional validity of IBC, the position is very clear that unlike Section 9, there is no scope of raising a 'dispute' as far as Section 7 petition is concerned. As soon as a 'debt' and 'default' is proved, the adjudicating authority is bound to admit the petition. 14. The Financial Creditor has ....
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....n 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; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupie....
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....RP shall be compliant with such Regulations, Circulars and Directions issued/as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h) The Financial Creditor shall deposit a sum of R....