ORDER

[PER: SANJIV DUTT, MEMBER (TECHNICAL)]

1. BACKGROUND

1.1 This is an Application bearing C.P. (IB) No. 102/MB/2022 (Main Application) filed by Vijaypath Management Private Limited, the Financial Creditor on 16.12.2021 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 through Mr. Namit Jain, duly authorised vide Board Resolution dated 12.08.2021 for initiating Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) in respect of JLS Realty Private Limited, the Corporate Debtor.

1.2 The Corporate Debtor approached the Financial Creditor to provide financial assistance. The Financial Creditor sanctioned two credit facilities vide its disbursement letter dated 04.04.2013 for an amount of Rs.35,00,000/- (Thirty- Five Lakh Rupees) and another disbursement letter dated 29.10.2013 for an amount of Rs.65,00,000/- (Sixty-Five Lakh Rupees), both for a period of 120 days. Both the credit facil