TaxTMI 
TaxTMI 
2021 (12) TMI 8
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....olution Process (CIRP) against the Corporate Debtor. 2. The transaction leading to filing of application under consideration is as follows: a. The Financial Creditor is the director of Corporate Debtor since 15.12.2010. The Corporate Debtor is engaged in the business of manufacturing and repairs of and retail dealers in all types of footwear and accessories of footwear. b. It is submitted that a loan agreement was entered between the financial creditor and corporate debtor on 03.04.2017 which, inter-alia, contained the detailed terms and conditions of the loan granted including but not limited to repayment with interest @ 8% p.a. Pursuant to that Financial creditor paid to Corporate Debtor an amount of Rs. 13,04,983/- (Rupees Thirteen ....
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....vidence along with an affidavit in support of his client's claim i.e. "he is a financial creditor as per the books of accounts of the corporate debtor herein" within a period of 10 days. In addition, he is directed to get an affidavit filed from his client that he is not/he has never been a shareholder in the corporate debtor company within 10 days from today. He is also directed to file the authorization for assignment (AFA) for the proposed IRP along an affidavit within the said period. ..." 5. In compliance of the order dated 27.10.2021, the financial creditor has filed a supplementary affidavit and stated that he is not the shareholder of the corporate debtor and also annexed the AFA with the supplementary affidavit as per the ....
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.... Supplementary Affidavit, the corporate debtor has given declaration regarding the loan from Mr. Vikash Kumar, Director (Financial Creditor). It is, also important to take note that the notification regarding the enhancement of minimum amount of default to Rs. One crore for the purpose of section 4 was issued by the Ministry of Corporate Affairs on 24th March, 2020 and the amount defaulted by the corporate debtor as well as filing of captioned petition is much before the coming into effect of notification dated 24th March, 2020. Since any notification issued by the Government is generally prospective in nature unless specifically expressed, hence, the said notification is not applicable to the present matter. The evidence placed by the fina....
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.... of claim in the manner as prescribed. 9. The moratorium is declared which shall have effect from the date of this order till the completion of CIRP, for the purposes referred to in section 14 of the IBC, 2016. It is ordered to prohibit all of the following, namely: 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's assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the corporate debtor in ....