TaxTMI 
TaxTMI 
2022 (8) TMI 651
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....ruptcy Code, 2016 (hereinafter referred to as 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Sentinel Consultants Pvt. Ltd. (hereinafter referred to as 'Petitioner/Financial Creditor') to initiate the Corporate Insolvency Resolution Process ('CIRP') against Hyper Nucleus Solutions Pvt. Ltd. (hereinafter referred to as 'Respondent/Corporate Debtor'). The petition is signed by Mr. Subhash Chander Bhatia and the affidavit verifying the contents of the application is on page 16-18 of the petition. 2. The master data of the corporate debtor is stated to be filed as Annexure P-8 (pages 104-104A) of the petition. The Corporate Debtor is stated to be incorporated on 11.01.2005. The ....
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....dingly. The FC then issued a recalling notice dated 10.08.2019 to the CD at its registered address which was also received CD on 14.08.2019. The copy of the recalling notice is at Page 50- 94 of the Petition. 3.5 The FC had claimed an amount of Rs. 1.19,65,013/- (Rupees One Crore Nineteen Lakhs Sixty Five Lakhs Thirteen Only) which included the principal amount of Rs. 1,05,80,000/- (Rupees One Crore Five Lakhs Eighty Thousand Only) and due interest of Rs. 13,85,013.70/- (Rupees Thirteen Lakhs Eighty Five Thousand Thirteen Only) which was calculated @ 18% p.a. 3.6 The CD did not reply to the said recalling notice. 4. In Part-III of Form No.1, earlier Mr. Alok Kaushik, Registration No.IBBI/IPA-002/IP-N00253/2017-18/10767 was proposed as In....
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....ng the remaining debt of Rs.1,05,80,000/- to the financial creditor and had all the intentions to settle the matter as an amount of Rs.30,50,000/- has already been paid to the financial creditor. The corporate debtor only craves the indulgence of this Bench for the grant of time to the corporate debtor in order to settle the debt amount to the tune of rs.1,05,80,000/- with the financial creditor. 8. We have heard the learned counsels for the petitioner and the respondent-corporate debtor and have also perused the record carefully. 9. Section 7(5)(a) of the Code is as follows:- "5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disci....
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....or financial creditors who are allottees under a real estate project, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such allottees under the same real estate project or not less than ten per cent. of the total number of such allottees under the same real estate project, whichever is less: Provided also that where an application for initiating the corporate insolvency resolution process against a corporate debtor has been filed by a financial creditor referred to in the first and second provisos and has not been admitted by the Adjudicating Authority before the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2020....
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....re is nothing adverse against him. In view of the above, we appoint Gyaneshwar Sahai, Registration No.IBBI/IPA-002/IP-N00130/2017-2018/10546, OS-2, 2nd Floor, The Next Door, Faridabad, Haryana - 121004 Email: [email protected], Mobile No.9953541408, the Interim Resolution Professional. The IRP is directed to take the steps as mandated under the IBC, specially under Sections 15, 17, 18, 20 and 21 of IBC, 2016. 14. In the given facts and circumstances, the present petition being complete and having established the default in payment of the Financial Debt for the default amount being above the threshold limit, the petition is admitted in terms of Section 7(5) of the IBC. Moreso, the respondent has admitted the claim and expressed its....
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.... (g) The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33 as the case may be." 15. The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the financial position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying the constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene the first meeting of th....