2021 (11) TMI 603

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....Insolvency Resolution Process (CIRP) against Poets Lovers and Lunatics Motion Pictures Private Limited (hereinafter called "Corporate Debtor") by invoking the provisions of Section 7 Insolvency and bankruptcy code (hereinafter called "Code") read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for a Resolution of Financial Debt of Rs. 2,20,01,345/- (Principal amount of Rs. 1,38,50,00/- + Interest of Rs. 81,51,345/-). BRIEF FACTS OF THE CASE 2. The Financial Creditor and Corporate Debtor entered into an agreement as on 01.04.2017. The Financial Creditor disbursed amount of Rs. 1,43,00,000/- as per bank statement. The Financial Creditor further submits that till date of this petition one instal....

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.... The Bench further notes that the matter was again listed on Board on 27.07.2021 for ex-parte hearing. On that day Mr. Swapnil Balajiwal was present and this bench passed the order directing the respondent to file Vakalatnama and reply within one week and the matter was posted on 10.08.2021. 3. The Bench further notes that on that day the Corporate Debtor did not choose to file any reply contesting above Company Petition and also did not comply the conditional order dated 27.07.2021 wherein he was directed to file reply. Therefore, the Corporate Debtor's right to file reply was forfeited. 4. Heard the counsel appearing for the Financial Creditor. The counsel appearing for the Financial Creditor invited the attention of....

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..... The Financial Creditor shall deposit an amount of Rs. 5 Lakh towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. d. That this Bench hereby prohibits 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; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the corporate debtor....