TaxTMI 
TaxTMI 
2022 (7) TMI 611
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....th Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has been filed by H.B. Traders Private Limited (hereinafter referred to as the Financial Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shree Bhagirathi Agro Private Limited (hereinafter referred to as the Corporate Debtor). 3. Submissions on behalf of the Financial Creditor: 3.1 The case of the Financial Creditor is that the Corporate Debtor approached the Financial Creditor in or around April 2018 seeking financial assistance of Rs. 20,00,000/- (Rupees Twenty Lakhs Only) to tide over its unseen financial difficulties. Upon deliberations, it was decided that the Corporate Debtor would pay interes....
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....from 1st September 2018 to 30th April 2019) is due and payable by the Corporate Debtor. 3.8 Despite issuance of demand notice dated 30th April, 2019 by the Financial Creditor through advocates, the Corporate Debtor failed to make any payment. A copy of the demand notice along with the postal receipt and the acknowledgment evidencing the receipt of the said notice by the Corporate Debtor has been annexed to petition as Annexures 'D' & 'E' respectively. 4. Part I of the petition contains the details of the applicant. 5. Part II of the petition contains the details of the Corporate Debtor. 6. In Part III of the petition, no name for the Interim resolution Professional has been proposed by the Financial Credito....
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....tion professional proposed to act as an Interim Resolution Professional has also not been submitted by the Financial Creditor. 10. Rejoinder on behalf of the Financial Creditor: It has been submitted that no grounds have been made in the reply-Affidavit for the rejection of the petition under section 7. All the allegations mentioned in the said reply Affidavit have been denied by the Financial Creditor. 11. Analysis and Findings 11.1 Heard the Ld. Counsel for the Financial Creditor and the Ld. Counsel for the Corporate Debtor and perused the records. 11.2 Section 186 of the Companies Act, 2013 provides for the loans and investments that can be made by a company. According to section 186(2), no company shall direct....
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.... 11.6 Further, the Financial Creditor, vide Supplementary Affidavit dated 13th February 2020 has proposed the name of the Interim Resolution Professional in Form No. 2. As such to that extent, the instant petition is complete. 11.7 Further, the loan was granted on 23rd April 2018 and the instant petition has been filed on 31st May 2019. The petition, therefore, is well within the petition of limitation. 11.8 Keeping in view that a default in the payment of a financial debt has occurred by the Corporate Debtor, and there is an acknowledgment of Financial Debt and also that the said application is not barred by limitation, we are of the view that the instant application under section 7 of the Code is complete in all ....
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....) Regulations, 2016. The fee payable to IRP or the RP, as the case may be, shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the Code. f) During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or the RP, as the case may be, in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within one week from the date of receipt of this Order, in default of which coercive steps will follow. ....