TaxTMI 
TaxTMI 
2022 (11) TMI 402
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....ail unsecured loan upto maximum amount of Rs. 2,50,00,000/- at a rate of interest not higher than 21% per annum from A.S. Infradevelopers Pvt. Ltd. (Lender). * That the Lender and the Corporate Debtor executed Memorandum of Understanding wherein the Lender agreed a sanction a loan of Rs. 2,50,00,000/- to the Corporate Debtor with interest of 18% per annum for 18 months from the date of disbursal of loan amount. * That the Lender disbursed the Loan amount of Rs. 28,50,000/-, Rs. 25,00,000/- and 25,00,000/-, Rs. 1,50,00,000/- to the Corporate Debtor in terms of the MoU. Ramprastha Developers and Properties Private Limited on behalf of Corporate Debtor partially repaid the loan amount of Rs. 29,99,634/- and Rs. 1,02,69,100/- to the Lender and reduced the outstanding liability of the Corporate Debtor. * That the Lender assigned the remaining debt due and owed by the Corporate Debtor to the Applicant/Financial Creditor with all its rights arising out of the MoU. * That the Applicant/Financial Creditor vide its letter intimated the Corporate Debtor regarding the assignment of debt of Rs. 95,81,266 (alongwith interest) with all rights, benefits, obligat....
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....ender, was primarily done for providing financial assistance for the working capital of the respondent company on account of imposition of nationwide lockdown a huge impact was witnessed in trade and commerce throughout the Country and the business of the Respondent. * That the Original Lender in 4 tranches disbursed an unsecured loan amounting to Rs. 2,28,50,000/- 18% per annum for a period of 18 months. The Respondent meanwhile was engaged in business relations with M/s. Ramprastha Promoters & developers Private Limited and therefore, the M/s. Ramprastha Promoters 85 developers Private Limited had partially paid loan amount on behalf of Respondent amounting to Rs. 1,32,68,734/- within a period of one year. * That meanwhile M/s. Ramprastha Promoters 8B developers Private Limited, A.S. Infradevelopers Private Limited (original lender) and Achiever Infratech Limited (applicant) entered into deed of assignment dated 30.09.2021 for assigning loan amount entered by way MoU dated 22.06.2020 thereby assigning all rights in the favour of present Applicant. The Respondent was not made party to the said deed of assignment but the Respondent came to know about such assignme....
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....r the instructions of his client, has admitted the debt and default. 7. In the light of the aforesaid facts, we find that the documents submitted by the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has indebted and defaulted the repayment of loan amount. 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. 9. Sub-section (3)(b) of Section 7 mandates the financial creditor to furnish the name of an Interim Resolution Professional. In compliance thereof the Applicant has proposed the name of Mr. Devendra Umrao for appointment as Interim Resolution Professional having registration number IBBI/IPA-003/IP-N-00223/2019-2020/12640. Mr. Devendra Umrao 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 Adjudica....
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....onal immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of the Insolvency & Bankruptcy Code, 2016. 17. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14(1)(a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: "(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 owner or lessor where such pro....