2017 (4) TMI 1272

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....ed to repay the same, the present petition has been filed u/s 7 of the Insolvency &Bankruptcy Code, 2016 (hereinafter referred to as the 'IBC') for initiation of the Insolvency Resolution Process. The petition has been jointly filed by Dr. Shilpa Gupta and by a financial firm, Prag Gupta Associates, in which her husband Mr. Parag Gupta, is a partner. 2. The Corporate Debtor has one asset, being an immovable property no. HS-34A, Sector-Pi-0l, Greater Noida allotted by the GNIDA. As huge amounts had to be paid to the GNIDA towards the plot allotted, it is averred that the petitioners were induced into giving loans which were to be repaid along with 12% interest. The same was required to salvage the Corporate Debtor from financial c....

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....he filing of statutory records of the Corporate Debtor and therefore cannot be relied upon. 6. The Respondents dispute the alleged debt or the factum of the payments made by the Petitioners for and on behalf of the Corporate Debtor to GNIDA. It is their case that various criminal proceedings have been initiated against the petitioners and/or their relatives. Further, the amounts claimed are patently time barred. 7. A perusal of the averments made in the petition support the submissions of the Ld. Counsel in respect of the debt claimed in Para no.8 of the petition by Petitioner no.2. Having been paid between the period 01.10.2012 and 05.02.2013, we find nothing on record that would extend the limitation to recover the same. The petitio....