In the matter of Vijaygroup Realty LLP

2. The present petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 1,00,00,000/- (One Crore only) along with interest @ 18% as agreed between the parties outstanding as on 28.08.2019. The total outstanding amount along with the interest thereon as on 30.11.2019 is Rs. 1,59,49,940/- (Rupees One Crore Fifty-Nine Lakh Forty Nine Thousand Nine Hundred and Forty only).

3. M/s Vijay Group Realty LLP is a Corporate Debtor with CIN aab-7602, incorporated on 11.09.2013 and having registered office at 205, Marine Chambers, 2nd Floor 43, New Marine Lines, Churchgate, Mumbai.

4. The outstanding amount of Deb is Rs. 1,00,00,000/- (one crore only) along with interest @ 18% as agreed between the parties.

C.P. No. 4359/IBC/MB/2021

5. The debt is on the account of Loan given to Vijay Group Realty LLP on execution of Promissory Note dated 16.10.2014 vide RTGS UTR No. SBINR52014101604931600.

6. Promissory Note was executed between the parties on 16.10.2014 and 01.02.2017 acknowledging the debt and liability. Promissory Note is payable on-Demand. Legal notice dated 13.08.2019 and a notice demanding payment dated 23.11.2019 was sent demanding payment.

7. Hence, the liability is admitted and is outstanding and payable on account of the above-mentioned facts and circumstances.

FINDINGS 1. The Corporate Debtor did not choose to file any reply contesting above Company Petition despite taking so many adjournments and also not complied the conditional order dated 16.03.2021 before which date he was directed to file reply. Therefore, the Corporate Debtor’s right to file reply was forfeited. 2. Heard the counsel appearing for the Financial Creditor. The counsel appearing for the Financial Creditor invited the attention of this Tribunal to the relevant documents filed in proof of debt and default in support of above company petition. The counsel appearing for the Financial Creditor also invited the attention of this tribunal to the letter dated 01.04.2016 addressed by the Corporate Debtor to the Financial Creditor confirming the outstanding debt payable to the Financial Creditor for the financial year ending from 01.04.2015 to 31.03.2016 in their books of accounts.

C.P. No. 4359/IBC/MB/2021

3. Even though, Mr. Pradip Patil, Advocate appeared through virtual hearing on behalf of Corporate Debtor on 26.07.2021 on which date the matter is listed for final hearing, he did not choose to make any submissions perhaps due to non-filing of reply by Corporate Debtor. 4. Since the Respondent/Corporate Debtor did not file any reply the claim of the Financial Creditor remains unchallenged. 5. In the light of the above, there are no valid grounds warranting the rejection of the above Company Petition as the debt and default are clearly established and the debt is also within limitation. The Financial Creditor has also suggested the name of proposed Interim Resolution Professional in part-3 of the Petition along with his consent letter in Form-2. Thus, the present Company Petition satisfies all the necessary requirement for admission. 6. Under these circumstances, this tribunal is of the considered opinion that the above company petition is liable to be admitted and accordingly the same is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -4359(MB)/2029 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against M/s Vijay Group Realty LLP. b. This Bench hereby appoints Mr. Anish Gupta Insolvency Professional, Registration No: IBBI/IPA- 002/IP-N00285/2017-18/10843 as the Interim Resolution Professional to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016.

C.P. No. 4359/IBC/MB/2021 c. The Financial Creditor shall deposit an amount of Rs.5 Lakh towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. d. That 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 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; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. e. That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. f. That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. g. That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-

C.P. No. 4359/IBC/MB/2021 section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. i. During the CIRP period, the management of the corporate debtor will vest in the IRP/RP. The suspended directors and employees of the corporate debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP/RP. j. Registry shall send a copy of this order to the Registrar of Companies, Mumbai, for updating the Master Data of the Corporate Debtor.

Accordingly, this Petition is admitted. The Registry is hereby directed to communicate this order to both the parties and to IRP immediately.

Sd/- Sd/- CHANDRA BHAN SINGH H.V. SUBBA RAO MEMBER (TECHNICAL) MEMBER (JUDICIAL)