Page 746 - IBC Orders us 7-CA Mukesh Mohan

Order Passed under Sec 7
By Hon’ble NCLT Mumbai Bench
criminal action under Negotiable Instruments Act, which is pending. In the course of default, a

notice was issued on 14th December 2015 as well calling upon the guarantors to make the
payment of the said outstanding amount. Despite several notices and other efforts, it is alleged
that the borrower had neither properly responded nor made payment of the outstanding amount.

7. FINDINGS :-

In the light of the above discussion and on due perusal of the documents annexed, the Debt is to be
qualified as "Financial Debt" defined under section 5(8)(a) of IB Code 2016. As a result, the Financial

Creditor has filed this application for initiating Corporate Insolvency Resolution Process against the
Corporate Debtor.

8. Since this is a Petition of "Financial Creditor", therefore, the Insolvency Process shall commence
as prescribed under Section 7 of IBC 2016, The occurrence of "default" is established. Even on

service of notices, the amount in question remained unpaid by the "Financial Debtor". The
Petition under consideration deserves to be "Admitted".

9. The Petitioner has proposed a name of an "Interim Resolution Professional" Mr. Rajeev
Mannadiar, Registration No. IBBI/IPA-01/IP-00320/2016-17/1904, 33, Kamer Building,5th
Floor, 38, Cawasji Pael Street, Fort, Mumbai-400 001, email id: rajeev@integroip.com. The so

appointed IRP shall furnish the requisite certificate and letter of acceptance immediately
hereafter. The appointed IRP shall perform the duties as defined under section 18 of The Code.
He shall submit the Resolution Plan for approval as prescribed under section 31 of the Code.

10. The Petition is hereby "Admitted" hence the "Moratorium" shall commence as prescribed under
section 14 of the 1B Code henceforth restraining from selling, transferring, alienating, assigning,
conveying and disposing of its assets or any part thereof and/or creating any third party rights

and/or encumbrances therein in any manner whatsoever.
11. The commencement of the Corporate Insolvency Resolution Process is hereby pronounced. The

commencement shall be from the date of this Order.

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