Mohd Sharief Tariq, Member - (1.) Under adjudication is an Application that has been filed by Union Bank of India Limited (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. Star Agro Marine Exports Private Limited (hereinafter referred to as 'Corporate Debtor') . 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.) No representation for Corporate Debtor. As seen from the Order dated 04.01.2018, the Corporate Debtor was proceeded ex parte after service effected by substituted service by way of newspaper publication one in English and another in ver nacular language, the same find placed on record. Heard the Counsel for the Financial Creditor and perused the record.
(3.) The Financial Creditor is claiming outstanding debt to the tune of Rs. 1,74,02,16,235.70p as on 24.08.2017. The case of the Financial Creditor is that it has provided the loan facilities to the Corporate Debtor. The details of account numbers, the amount of disbursement and the date of disbursement are provided under annexure 4 at page 6 of volume-I filed with the Application. The details regarding the running ledger outstanding, interest due, date of default and days of default are provided under annexure 5 at page 7 of the volume-I filed with the Application.;