2022 (6) TMI 50

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....BC), 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 ('MOU') dated 29.03.2017, as a short-term loan....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....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 period of limitation remaining, with effect from 01.03.2022 is greater than 90....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 Adjudicating Authority) Rules, 2016 read with Section 7 of the Code and is complete. We are satisfied ....