TaxTMI 
TaxTMI 
2020 (1) TMI 1615
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....ection 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code'). with a prayer to trigger the Corporate Insolvency Resolution Process in the matter of CLC Industries Limited (for brevity 'the Corporate Debtor'). 2. The 'Corporate Debtor-CLC Industries Limited was incorporated on 25.11.1991. The identification number of the Corporate Debtor is L74899DL1991PLC138153 and its registered office is situated at A-60, Okhla Industrial Area, Phase II, New Delhi- 110020. 3. The 'Financial Creditor'-Petitioner has proposed the name of Interim Resolution Professional, Mr. Subhash Kumar Kundra with the address C-4-E/135, Janak Puri, New Delhi-110058, email id [email protected]. His Registration number is IBBI/IPA- 002/IP-NO0399/20....
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....stated in the petition itself. 5. In column 2 of part IV the amount claimed to be in default and the date on which the default had occurred, have been mentioned. According to the averments made by the Financial Creditor- Edelweiss Asset Reconstruction Company Limited the aforesaid facilities availed by the Corporate Debtor are overdue and total amount in default as on 15.03.2019 is Rs. 1,04,39,98,947.78/- (Rupees One Hundred Four Crore Thirty-Nine Lakhs Ninety Eight Thousand Nine Hundred Forty Seven and Seventy Eight Paisa). 6. The details of the security held by, or created for the benefit of 'financial creditor-Edelweiss Asset Reconstruction Company Limited along with the certificate of registration of charge issued by the Registrar....
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....he Financial Creditor in its computer. 9. The Financial Creditor also placed on record a list of all the financial facilities granted by the Financial Creditor to the Corporate Debtor along with the copies of the said Financial Contracts. 10. In response to the notice of the petition the respondent has filed reply. Except other pleadings, in point Nos. 3 to 6 of the preliminary objections the assertions made are set out below for facility of reference:- "It may be pointed out that after the filing of the aforesaid O.A., the Respondent Company entered into an amicable settlement with the Petitioner with reschedulement of the loan as per document No. Reference No. Edel ARC/3682/2016-2017 namely 'Restructuring of Financial Assis....
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....ructuring and consequently the Petitioner revoked the restructuring vide letter dated 06.10.2017 (Annexure-B). 12. At this stage it would be profitable to read the relevant para of the said letter of revocation of restructuring which are set out below: "EARC vide letter no. EdelARC/3682/2016-17 dated February 13, 2017 ("Restructuring Letter") entered into restructuring for the Existing Liability, which was duly accepted by SIL. Table given below shows details of the instalments paid/overdue: Sr No. Amount Due Date Paid / Overdue 1 Rs. 10,00,000/- On approval Paid on 09-Feb-2017 2 Rs. 11,00,000/- 25-Mar-2017 Paid on 24-Mar-2017 3 Rs. 62,67,085/- 15-Jun-2017 Overdue 4 Rs. 75,86....
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....e further find that the provisions of Section 7 (2) and Section 7 (5) of IBC have been complied with as discussed in detail in our order dated 27.11.2018 rendered in the case of ECL Finance Limited vs. Digamber Buildcon Pvt. Ltd. (IB-1039(PB)/2018). 16. After a reading of Section 7 of the Code along with Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, we are satisfied that a default has occurred and the application under sub section 2 of Section 7 is complete. The IRP proposed does not have any disciplinary proceedings pending against him. 17. As a sequel to the above discussion, this petition is admitted and Mr. Subhash Kumar Kundra is appointed as an Interim Resolution Professional. ....