2022 (4) TMI 569

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....ty) Rules, 2016 by Mr. Amitabh Singh R/o House No. 87/3, Balaji Nagar, Extension, Bhagwanpur Lanka, Varanasi, U.P. 221005 (hereinafter referred as the Financial Creditor) through its counsel seeking initiation of Corporate Insolvency Resolution Process in respect of the M/s. VAISHALI REAL ESTATE PRIVATE LIMITED, CIN U45201UP2005PTC030699, having its Registered office at Plot No. 69 Lane No. 3 Nandnagar Colony, Karaundi, Varanasi, U.P. 221005 (hereinafter referred as the Corporate Debtor). FACTS OF THE CASE 2. The facts, in brief, are that the Financial Creditor in pursuance of its agreement dated 25.05.2015 gave a sum of Rs. 40,00,000/- (Rupees Forty Lakhs) to the Corporate Debtor for sale of certain plots to the Corporate Debtor by s....

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.... the reply, it was claimed that the Corporate Debtor was a going concern and had also executed sale deed of various plots to other customers, hence this application was a pressure tactic adopted by the Financial Creditor to extract maximum amount from them. It was also claimed that in addition to Rs. 25,00,000/- (Rupees Twenty Five Lakhs), another sum of Rs. 10,00,000/- (Rupees Ten Lakhs) in cash in different transactions had been paid, which had not been acknowledged by the Financial Creditor. REJOINDER ON BEHALF OF FINANCIAL CREDITOR 6. In the rejoinder affidavit, it has specifically been pointed out that the Director of the company made a statement that the amount due from the Corporate Debtor will not be returned. It has also been....

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....ency of the Corporate Debtor or pressure tactic adopted by the Financial Creditor to extract maximum money, which, in our view are not relevant considerations as an application filed U/s. 7 of IBC, 2016 can be admitted once there is a debt which is due and payable and there occurred a default in repayment thereof. These conditions are satisfied in the present case. 9. Further, the name of IRP has been proposed by the Financial Creditor whose consent has been placed on record. There exists no material to show that any disciplinary proceedings are pending against such proposed IRP or such IRP is otherwise not ineligible to be appointed. Hence we appoint Mr. Rajeev Ranjan Singh being Registration No. IBBI/IPA-002/IPN-00707/2018-2019/12418 a....

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....osing of by the Corporate Debtor any of its 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 respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 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. v) The supply of essential goods or services rendered to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during the moratorium period. vi) The provisions of su....