TaxTMI 
TaxTMI 
2021 (12) TMI 1017
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....kruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. 2. The transaction leading to filing of application under consideration is as follows: a. It is submitted that the Corporate Debtor approached the Financial Creditor from time to time with a request to provide to them loan at the simple rate of interest of 9% per annum with further representations, assurances, promises by the Corporate Debtor that they shall return/refund the said loan in parts/whole to the Applicant as and when required by the Financial Creditor and the corporate debtor shall also settle the payment of the interest at the time of full and final repayment of the said loan to t....
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....f any/all of the said cheques so that the Corporate Debtor is in a position to arrange the funds in its Bank Account. It is further stated that the Corporate Debtor had also agreed and confirmed to the financial creditor that not only the Corporate Debtor but all the Directors of the Corporate Debtor shall be personally liable and responsible for the repayment of the aforesaid net loan of Rs. 15,50,00,000/- along with due interest. d. It is further averred that the financial creditor vide letter dated 05th February, 2019 served a notice, to the Corporate Debtor, demanding for the repayment of the loan amount of Rs. 32,61,86,762/- comprising of Principal Amount i.e., Rs. 15,50,00,000/- along with Interest up to 04.02.2019 i.e. Rs. 17,11,86....
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.... present and in compliance with the directions dated 31.07.2019, a notice of the proceedings with speed post has been duly served on the Corporate Debtor and that an affidavit of compliance has been filed on 19.08.2019 as well as the speed post tracking report annexed, and that the delivery to the Corporate Debtor has been confirmed. However, despite service of notice of the proceedings, none appeared for the corporate debtor in person or through Counsel, in the circumstances we are constrained to set the corporate debtor ex-parte. Post the matter on 21.10.2019." 4. The Financial Creditor during the final argument has extensively argued and submitted that the Loan confirmation agreement dated 10.11.2017 has been annexed as Annexure-A-12, w....
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....due and payable and the application is complete and no disciplinary proceedings is pending against the proposed RP then the adjudicating authority has no option but to admit the application. The Financial Creditor has fulfilled all the requirements of law. Accordingly, this Adjudicating Authority is inclined to admit this application and initiate the process of CIRP of the Corporate Debtor. The financial Creditor has also proposed the name of the Resolution Professional for appointment of IRP. 6. Mr. Pawan Kumar Goyal Regn. No.-IBBI/IPA-001/IP-P00875/2017-18/11473 (Email ID: [email protected]) is hereby appointed as IRP as has been proposed by the Financial Creditor. There is no disciplinary proceeding pending against the IRP as evid....