2022 (6) TMI 988

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....solvency and Bankruptcy Code, 2016 read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by M/s. Pallia Transport Company (hereinafter referred as the Financial Creditor), seeking initiation of Corporate Insolvency Resolution Process (CIRP) in respect of RNV Hospitality Services Private Limited (hereinafter referred as the Corporate Debtor). The amount of default has been stated at Rs. 32,10,267/- and there are different dates of default which have been mentioned in Part-IV at page no. 19 & 20 of Form 1 with the present application. The first date of default started on 10.10.2016 and the last date of default is 13.02.2017. Facts of the case: 2. The facts, in brief, are that the financial....

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....thin the meaning of provisions of section 7 of IBC, 2016. Hence, the application was liable to be admitted. 5. As regard to the name of the Interim Resolution Professional (IRP), the Ld. Counsel said that the AFA of present IRP had expired; hence, separate application would be filed proposing the name of new IRP having valid AFA. Arguments on behalf of corporate debtor 6. In the reply, it has been admitted that the corporate debtor took a financial assistance for a period of six months for business expansion. The corporate debtor admits this. However, it seeks to argue that there was no agreement in writing and that the financial creditor was not having business of advancing money as the financial creditor did not have any licence ....

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....cial creditor as well as corporate debtor are having a business relationship for some time. The only plea which has been taken by the corporate debtor is that the amount has been paid partly through cheques and partly in cash. As regard to payment made in cash, except making oral submissions, no documentary evidence such as receipt or voucher duly acknowledged by the financial creditor has been brought on record. The claim of repayment of loan remains unsubstantiated by any evidence. 11. It is also not explained as to why the financial creditor having long business relationship would deny the fact of receipt of amount of loan back in cash. We further note that the financial creditor has written letters on 09.06.2019, 27.07.2019 and 09.09....

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....till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. (d) Public announcement of the CIRP shall be made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (e) Mr. Anurag Nirbhaya [Reg. No. IBBI/IPA-001/IP-P00870/2017-2018/11468], having address at 204, Sagar Plaza, Plot No. 19, District Centre, Laxmi Nagar, New Delhi 110092 [AFA No. AA1/11468/02/131222/103436] to act as the IRP under secti....