2022 (2) TMI 834

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....er Corporate Insolvency Resolution Process in respect of respondent Company M/s. Evo Green Trading Pvt. Ltd., referred to as the corporate debtor. 2. The applicant company Volkswagen Finance Pvt. Ltd., is a company registered under the Companies Act, 1956 on 16.01.2009 with the registered office situated at 3rd floor, Wing-A, Silver Utopia Cardinal Gracious Road, Chakala, Andheri Mumbai-400099. Mr. Abhishek Chauhan, duly authorized on behalf of applicant vide Board Resolution dated 29.05.2019, has preferred the present application on behalf of the applicant for initiation of insolvency resolution process against the respondent under the Code. A copy of the Board Resolution dated 29.05.2019 has been placed on record. 3. The Respondent Comp....

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....ebt is proved to be due and there has been occurrence or existence of default. What is material is that the default is for at least Rs. 1 Lakh. In view of Section 4 of the Code, the moment default is of Rupees one lakh or more, the application to trigger Corporate Insolvency Resolution Process under the Code is maintainable. The corporate debtor has failed to show that there is no debt or default in existence so as to avoid the provisions of the Code. 7. In the facts it is seen that the applicant clearly comes within the definition of Financial Creditor. The material placed on record further confirms that respondent has committed default in repayment of the outstanding financial debt. On a bare perusal of Form - I filed under Section 7 of ....

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....BI Regulations. It is also seen that there is no disciplinary proceeding pending against the proposed Interim Resolution Professional. Accordingly, it is seen that the requirement of Section 7(3)(b) of the Code has been satisfied. 11. Consequently, Mr. Kamal Agarwal, having registration number IBBI/IPA-001/P00868/2017-18/11466 having email - id advocate. [email protected] is appointed as an Interim Resolution Professional for corporate debtor. 12. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of....

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....t, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor." 15. However, It is made clear that the provisions of moratorium shall not apply to transactions, which might be notified by the Central Government or the supply of the essential goods or services to the Corporate Debtor as may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14(3)(b) of the Code. 16....