Ch Mohd Sharief Tariq, Member - (1.) Under adjudication is an Application that has been filed by Mr. A. Pandian (hereinafter referred to as financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code 2016 r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/s. Kothari Industrial Corporation Limited (hereinafter referred to as 'Corporate Debtor5) . The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code) .
(2.) Heard the Counsels for Financial Creditor and the Corporate Debtor and perused the record.
(3.) The case of the Financial Creditor is that the Corporate Debtor had approached the Financial Creditor for short term advances for the purpose of trading in rock and phosphate. Based on the assurances and representations of the Corporate Debtor, the Financial Creditor had advanced money during the period from 04.01.2013 to 19.06.2014.;