2022 (10) TMI 430

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....by M/s Siri In Fin Lease Private Limited (hereinafter referred to as 'Petitioner/Financial Creditor') through its Director Pradeep Kumar Jain under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to initiate the Corporate Insolvency Resolution Process ('CIRP') against M/s Arkin Creations Private Limited (hereinafter referred to as 'Respondent/Corporate Debtor'). The petition is signed by Mr. Pradeep Kumar Jain with the affidavit verifying the contents of the application appended thereto. 2. The Corporate Debtor is stated to be incorporated on 29.05.2009. The company having its registered address at....

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....e of interest are mentioned. In Part-III of Form No.1, Mr. Satyendra Sharma, Registration No.IBBI/IPA-002/IP-N00737/2018-19/12260 has been proposed as Interim Resolution Professional (IRP). Form No.2 dated 28.01.2020 along with the the certificate of IBBI issued in favour of proposed Interim Resolution Professional i.e. Mr. Satyendra Sharma is attached at Annexure-XVI of the petition. 5. It is stated in Part-IV of Form No.1 that the petitioner has provided loan amount of Rs.15,00,000/- (principal). The total amount claimed to be in default is Rs.19,21,500/-/- (including interest) and date of default is 03.05.2019 when all three cheques issued by Corporate Debtor towards refund of principal amount and interest were dishonoured by the bank. ....

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.... and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application." 9. The issue for consideration is whether the present application is filed within limitation. It can be seen from the records that the date of default is 03.05.2019 and the present petition is filed vide Diary No. 93 dated 06.01.2020. Therefore, the present petition is filed within limitation. 10. Another issue for consideration is whether there is default in payment or not. It is observed from the record that in the present case, the default is evidenced by the copy of the loan agreement (Annexure-VI), promissory note (Annexure-VIII), three cheques issued by CD (Annexure-X), Cheque returning memo (An....

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....ons are imposed, which must be followed by all and sundry: "(a) 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; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets 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....