ORDER

1. This application is filed under Section 7 of Insolvency and Bankruptcy Code (hereinafter to be referred as “Code”), read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking admission of the application for initiation of Corporate Insolvency Resolution Process (CIRP), against Respondent i.e Compar Estates and Agencies Private Limited under the Insolvency and Bankruptcy Code, 2016

2. Averments made by the financial creditor in brief:

a. The financial creditor had extended the financial assistance to M/s.Karvy Stock Broking Limited (Principal Borrower) KSBL (herein) by way of Master facility agreement executed on 04.07.2019. The facilities were secured by an unconditional and irrevocable corporate guarantee in the form of a deed of guarantee dated 01.10.2019 executed by the corporate debtor in favour of the financial creditor.

b. One of the conditions for availing the facilities was creation of charge by way of hypothecation over principal borrowers’ current assets, account assets, receivables of the hypothecated assets, and other pari passu charges, in favour of the financial creditor. For the purpose of creation of aforesaid cha