TaxTMI 
TaxTMI 
2022 (7) TMI 1187
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....on dated 01.09.2021 to initiate Corporate Insolvency Resolution Process ("CIRP") against M/s. Reliable Finance Corpn Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code 2016 ("the Code") for the alleged default on the part of the Respondent for an amount of Rs. 1,32,91,986 (Rupees One Crore Thirty Two Lakhs Ninety One Thousand Nine Hundred and Eighty Six) to be paid to the Applicant. The date of Default as per the applicant is 26.04.2021 The details of transactions leading to the filing of this application as averred by the Applicant are as follows: * That, the Applicant/Financial Creditor M/s. Sital Leasing Finance Limited, is a company incorporated and registered under the Companies Act, 1956 having its registered off....
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....ate Debtor is making arrangements to make payments within reasonable time. * That, if the present petition is allowed it would defeat the ends of justice. * That, the Corporate Debtor is ready and willing to make payment of the amount demanded by the Corporate Debtor. * That, the Corporate Debtor has already repaid Rs. 19,55,32,000 (Rupees Nineteen Crore Fifty Five Lakhs Thirty Two Thousand) and the Corporate Debtor has full intention to repay the Loan facility availed from the applicant. * That, due to bad shape of Economy, Demonetization, Poor Market conditions, the Corporate Debtor is unable to repay the loan amount. * That, in light of abovementioned facts and circumstances the Corporate Debt....
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....n the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment which is duly admitted by Corporate Debtor. 7. In the interest of justice, this Tribunal has granted ample opportunities to both the parties to explore the possibilities of an amicable resolution of the matter, however, the parties have failed to arrive at settlement. 8. In light of the above discussion, after giving careful consideration to the entire matter, hearing the arguments of the parties and upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect. ....
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....l creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt. 13. As a sequel to the above discussion and in terms of Section 7(5)(a) of the Code, the present application is admitted. 14. Mr. Mohd. Nazim Khan, having registration number IBBI/IPA-002/IPN00076/2017-18/10207, with email - id. [email protected] is appointed as the Interim Resolution Professional. 15. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application u....