2021 (12) TMI 1236

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t the M/s. Shri Govind Reality Private Limited-the Corporate Debtor for initiating the Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") of the Corporate Debtor on the ground that the Corporate Debtor committed the default in paying the financial debt of Rs. 2,90,00,000/- (Rupees Two Crore Ninety Lakh) approximately. The date of default is stated to be 05.03.2018. 2. The Financial Creditor stated that it is a Non-Banking Finance Company (in short "NBFC"). It has granted and disbursed the term loan of Rs. 3,00,00,000/- (Rupees Three Crore Only) in favor of the Corporate Debtor on 16.03.2015. The Corporate Debtor was to repay the loan in sixty equitable monthly installments of Rs. 7,61,803/- (Rupees Seven Lakh Six....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rder dated 19.04.2021, restrained the Financial Creditor from proceeding with that matter pending before the Tehsildar & Executive Magistrate, Tehsil-Kolar, Bhopal and further directed the Corporate Debtor to file a reply. 5. In spite of the opportunities given, the Corporate Debtor did not file affidavit in reply. However, the Corporate Debtor again filed another IA, bearing no. IA/106(MP)2021 online only requesting this Adjudicating Authority to further restrain the Financial Creditor from proceeding with the application filed under Section 13 of the SARFAESI Act, 2002. IA/106(MP)2021 has not been filed physically but it has been presented online. Notice has not been served to the other side. 6. On 02.12.2021, we called upon the Lea....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....is defect-free. The Financial Creditor has suggested the name of Insolvency Professional Ms. Teena Saraswat Pandey, having Registration No. IBBI/IPA-001/IP-P00652/2017-2018/11126 for appointment as an Interim Resolution Professional (in short "IRP") against whom no disciplinary proceedings are pending, hence, we pass the following orders: ORDER I. The Corporate Debtor M/s. Shri Govind Reality Pvt. Ltd. is admitted in the Corporate Insolvency Resolution Process under Section 7 of Insolvency and Bankruptcy Code, 2016. II. We appoint Ms. Teena Saraswat Pandey, having Registration No. IBBI/IPA-001/IP-P00652/2017-2018/11126, E-mail id: teenasaraswatfayahoo.co.in, and having address at 378F 114 Scheme Part-1, Behind Dik....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e., Section 14 and Section 238 of the Insolvency & Bankruptcy Code, 2016. VI. The supply of essential goods or services to Corporate Debtor, if continuing, shall not be terminated or suspended, or interrupted during the Moratorium, period. The Corporate Debtor to provide effective assistance to the IRP as and when he takes charge of assets and management of the Corporate Debtor. VII. The IRP so appointed shall make a Public announcement of the Corporate Insolvency Resolution Process (CIRP) immediately as specified under Section 13 of the Code and by calling for submissions of the claim under Section 15 of the Code. VIII. The IRP shall perform all his functions as contemplated, inter-alia, by Sections 17, 18, 20 & ....