TaxTMI 
TaxTMI 
2022 (5) TMI 801
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....ruptcy (Application to Adjudicating Authority) Rules, 2016 by Mr. Raj Kumar Singla (hereinafter referred to as 'Petitioner/Financial Creditor') to initiate the Corporate Insolvency Resolution Process ('CIRP') against Amarprakash Rice Exports Pvt. Ltd. (hereinafter referred to as 'Respondent/Corporate Debtor'). The petition is signed by Mr. Raj Kumar Singla, Authorized Representative of guarantors of the Corporate Debtor and the affidavit verifying the contents of the application is on page 21 of the petition. The Authorisation by the Guarantors in favour of applicant is attached as Annexure-2 of the petition. 2. The master data of the corporate debtor is stated to be filed as Annexure-4 of the petition. The Corpor....
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.... towards the Principal Lender." 3.4 It is averred that Applicant-Guarantors were apprehensive of the coercive action of SBI. Thus, Applicant-Financial Creditors mutually agreed to settle the loan account on behalf of the CD with SBI and in this regard also met the officials of SBI at different intervals of time and offered settlement proposals. 3.5 In reference to above communications, the Applicant wrote a letter dated 17.03.2018 to SBI, whereby he offered an amount of Rs. 7.35 crores as full and final settlement of Corporate Debtor loan account (Annexure-9 of the petition). Accordingly, Guarantors of Corporate Debtor unanimously authorized the Applicant as their representative vide a Letter of Undertaking/Authorisation L....
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.... Annexure-5 of the petition. 5. It is stated in Part-IV of Form No. 1 that the petitioner has provided loan settlement amount of Rs. 6,11,45,000/- (principal). The total amount claimed to be in default is Rs. 7,33,85,264/- as on 01.03.2020. A table showing the computation of amount in default, including interest is attached as Annexure-16 of the petition. 6. The notice of this petition was accepted by learned counsel for respondent-corporate debtor as per order dated 01.12.2021 as to why this petition be not admitted. A reply on behalf of respondent-corporate debtor is submitted vide Diary No. 00617/01 Dated 21.12.2021 by Mr. Rupinder Pal and Narinder Kumar Director. The Directors are duly authorized by the Board to act on behalf of t....
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....ent or not. As per Section 7 of IBC which is reproduced below:- "Section 7 Initiation of corporate insolvency resolution process by financial creditor. (1) A financial creditor either by itself or jointly with [other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government,] may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred. [Provided that for the financial creditors, referred to in clauses (a) and (b) of sub-section (6A) of section 21, an application for initiating corporate insolvency resolution process against the corporate debtor....
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....me of the Applicant is also being reflected in the latest Balance Sheet of the Corporate Debtor for the year ending on 31.03.2019 under the head of Secured Loans i.e. at page 190 of the petition. Also, the Index of charges available on the MCA portal reflects the name of the Applicant as the charge holder which is at page 210 of the petition. The respondent-corporate debtor has also filed a reply wherein it has been admitted that the default mentioned in the petition is due towards the petitioner due to its incapacity to pay the liability. The application filed in the prescribed Form No. 1 is found to be complete. Another condition is that there are no disciplinary proceedings pending against proposed Resolution Professional. In the present....
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....cumbering, alienating or disposing 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; (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. (e) It is further directed that the supply of essential goods or services to the corporate debtor as may be specified, shall not be terminated or suspended or interrupted during the moratorium ....