TaxTMI 
TaxTMI 
2022 (9) TMI 135
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....vency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by 4 Financial Creditors collectively, Rajul Mehta being the Financial Creditor No. 1 along with Sunayana Padwal, Sandhya Singh and Kedar Mulmule as Financial Creditor No. 2, Financial Creditor No. 3 and Financial Creditor No. 4 respectively (for brevity 'Financial Creditors') through its Authorised representative, Rajul Mehta, who has been duly authorised vide Authority Letter dated 30.09.2021 for initiating Insolvency Resolution Process (CIRP) against Richfeel Health & Beauty Private Limited (for brevity 'Corporate Debtor') for default in repaying an amoun....
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.... 22.01.2020 Rs.9,86,109 Total Rs.34,73,040.18 Financial Creditor No. 3 26.12.2019 Rs.13,00,000 31.12.2019 Rs.5,00,000 01.01.2020 Rs.9,00,000 02.01.2020 Rs.5,00,000 02.01.2020 Rs.2,40,000 Total Rs.34,40,000 Financial Creditor No. 4 21.01.2020 Rs.1,10,000 22.01.2020 Rs.1,30,000 23.01.2020 Rs.5,90,000 24.01.2020 Rs.3,15,000 28.01.2020 Rs.1,89,885 Total Rs.13,34,885 Total Amount Rs.1,24,02,925 In addition to this Loan Agreement dated 18.02.2020, these Financial Creditors have filed true Copies of the Bank statement of all the four ....
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....e Corporate Debtor and submitted that the Corporate Debtor took loans from the Financial Creditors to revive its business operations and the Financial creditors being the bonafide salaried employees of the Corporate Debtor with good intentions provided the said loans to the Corporate Debtor for revival of its business. But to great shock, the Corporate Debtor has failed and defaulted to repay the agreed loan amounts. Further submitted that the account of the Corporate Debtor has been declared NPA and the Corporate Debtor in its reply has duly acknowledged its inability to repay the loan amounts and undergoing huge financial crunch. 5. On having seen the loan disbursement and documents supporting agreement between the parties conferring o....
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.... this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority, transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover 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; the recovery of any property by an owner or lessor where such property is occupied by or in the....