2022 (6) TMI 50

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....he Insolvency and Bankruptcy Code, 2016 (IBC), r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP), against the Respondent/Corporate Debtor namely, M/s. RHC Holding Private Limited. 2. The Corporate Debtor ('CD'] is a Private Limited Company, incorporated on 19.04.2007, having Company Identification Number ('CIN') U67190DL2007PTC162322 and is situated at G-16, Marina Arcade, Connaught Circus, New Delhi-110001. 3. It is further submitted that the Petitioner had disbursed the loan amount of Rs. 99,00,00,000/- (Ninety-Nine Crores) to the Corporate Debtor, by way of executing a Memorandum of Understanding ('MO....

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....in continuation of the subsequent orders dated 08.03.2021, 27.04.2021 and 23.09.2021, it is directed that the period from 15.03.2020 till 28.02.2022 shall stand excluded for the purposes of limitation as may he prescribed under any general or special laws in respect of all judicial or quasi judicial proceedings. II. Consequently, the balance period of limitation remaining as on 03.10.2021 if any, shall become available with effect from 01.03.2022 III. In cases where the limitation would have expired during the period between 15.03.2020 till 28.02.2022, notwithstanding the actual balance period of limitation remaining, all persons shall have a limitation period of 90 days from 01.03.2022. In the event the actual balance per....

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....or to satisfy itself that a default has occurred. It is of no matter that the debt is disputed so, long as the debt is "due" i.e., payable unless interdicted by some law, or has not yet become due in the sense that it is payable at some future date. It is only when this is proved to the satisfaction of the adjudicating authority it may reject an application and not otherwise." 11. Therefore, we are satisfied that in the present petition financial debt is due and payable. Petitioner has approached this Tribunal, within the period of limitation as extended by Hon'ble Supreme Court in suo motu W.P. (C) 3 of 2020. 12. The Petition is filed in the proforma prescribed under Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adj....

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....orium as envisaged under the provisions of Section 14(1) shall follow. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(3) of the Code shall come in force. 16. We direct the Petitioner/Financial Creditor to deposit a sum of Rs. 2 lacs with the IRP Mr. Gautam Singhal to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of IBBI (Insolvency Resolution Process for Corporate Person] Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the applicants. The amount however be subject to adjustment by the Committee of Creditors as accounted for by IRP and shall be paid back to the applicant. 17. The registry is dir....