TaxTMI 
TaxTMI 
2022 (8) TMI 504
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....r brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Company M/s. Intense Fitness and Spa Private Limited, referred to as the corporate debtor. 2. It is appropriate to mention that the applicant M/s. CVR Holdings Private Limited is a company registered under the provisions of the Companies Act, 1956 on 13.03.2006 having its registered office situated at 6/1, Druvatara Buildings, Somajiguda, Hyderabad-500092. Mr. Navin Chandra Joshi, duly authorized on behalf of applicant vide Resolution dated 02.03.2022, has preferred the present application on behalf of the applicant for initiation of insolvency resolution process against the respondent corporate debtor. 3. The Respo....
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....e application it is claimed that as on 01.03.2022 a sum of Rs. 11,08,94,834/- is due and payable by the respondent company. 5. The Corporate Debtor has filed its reply which are listed here:- a. In light of the National Lockdown imposed due to the Coronavirus outbreak in the country, the Respondent sent a Letter on 06.04.2020 requesting the Applicant to come to an arrangement for repayment of the amount due in terms of the Agreement. b. On 4 May 2020, the Applicant wrote to the Corporate Debtor, stating that the Corporate Debtor can repay the entire amount of Rs. 11.08 crores by 31 December 2020, failing which interest with effect from 1 January 2021 would be levied and was admittedly accepted and countersigned by the a....
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....ith email-id. [email protected]. Mr. Jagdish Singh Nain has agreed to accept the appointment as the interim resolution professional and has signed a communication in Form 2 in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is a declaration made by him that no disciplinary-proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In addition, further necessary disclosures have been made by Mr. Jagdish Singh Nain as per the requirement of the IBBI Regulations. Accordingly, it is seen that the requirement of Section 7(3)(b) of the Code has been satisfied. 7. The applicant has placed following documents on record to prove its claim: i.....
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....mmitting default in repayment of loan and admitting its liability towards the applicant herein. 9. Needless to say, that an application under Section 7 of the Code is maintainable if the debt is proved to be due and there is default. In view of the Section 4 of the Code, the moment default is of Rupees one hundred lakhs or more, an application to trigger Corporate Insolvency Resolution Process under the Code is maintainable. 10. The applicant clearly comes within the definition of Financial Creditor. The material placed on record as stated in the paras above further confirms that respondent has debt due and has committed default in repayment of the outstanding financial debt. On a perusal of Form-I filed under Section 7 of the Code re....
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....ts or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor." (e) The IB Code 2016 also prohibits Suspension or termination of any license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority c....
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.... 18. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply of the essential goods or services to the Corporate Debtor as may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14(3)(b) of the Code. 19. The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code and transa....