TaxTMI 
TaxTMI 
2017 (12) TMI 1148
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....red office at M-62 & 63, First Floor, Connaught Place, New Delhi-110001. 2. Mr. Devbrat Mitra has been authorized by the Board Resolution dated 07.07.2017 (Annexure A-l) to sign and submit the petition. 3. The Corporate Debtor-Deltronix India Limited was incorporated on 26.07.1984. The identification number of the Corporate Debtor is CIN-U51909DL1984PLC018787 and its registered office is situated at A-323, Sarita Vihar, New Delhi - 110076. Its authorised share capital is Rs. 40,00,00,000/- (Rupees Forty Crores) and the paid-up share capital is Rs. 33,93,41,500/- (Rupees Thirty three Crores Ninety Three Lacs Forty One Thousand Five Hundred and Four) as per the master data available on the website of Ministry of Corporate Affairs as well as Memorandum of Association of the Corporate Debtor. A copy of the master data and the Memorandum of Association along with certificate of incorporation relating to Corporate Debtor has been placed on record (Annexure A-3(Colly). 4. The Financial Creditor has proposed the name of Shri Sajeve Bhushan Deora, EC 13, Inderpuri, Delhi -110002, email id [email protected]. His registration number is IBBI/IPA-001/IP-00317/2017-18/10581. A writ....
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....n agreements including the details concerning dates of disbursement have been annexed (Annexure A-4, A-5, A-6, A-7 & A-8) respectively. 6. As per the averments of the 'Financial Creditor', the principal amount in default under aforesaid five loan agreements as on 21.07.2017 is claimed to be Rs. 13,01,14,268 (Rupees Thirteen Crore One Lakh Fourteen Thousand Two Hundred Sixty Eight) and the particular date of default for each loan agreement is 27.07.2017. A copy of computation of amount of default and days of default has been placed on record (Annexure A-9). 7. The 'financial creditor' has placed on record an overwhelming evidence to prove the default. The details of the security held by, or created for the benefit of 'financial creditor'-Indiabulls Housing Finance Limited have been given in Part V which are set out below:- (i) Deed of Mortgage (without possession) dated 6.12.2010 over property bearing Farm House, M 66-67 Block, Jonapur Village, Plot No Opp Neem Karoli, Ashram Mandi Road, Jonapur Delhi - 110047 annexed and marked as Annexure A-10, (ii) Share Pledge Agreement - pledging 2,00,000 shares held in Sonia & Co Private Limited annexed and marked as An....
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....inancial Creditor as on 21.07.2017 is over Rs. 13 crores as is evident from column II of part IV of the pro forma application and the date of default for each loan is 27.07.2017. The computation is also available (Annexure A-9). The present application was filed on 01.08.2017 by asserting that the default has occurred on 27.07.2017 and the days of default was only one day. Learned counsel has also pointed out that the loan agreements were executed and loan amount was disbursed on 21.07.2015 which were payable by 21.07.2017 through EMI. On account of default legal notice dated 21.07.2017 was issued recalling the loan facility sanctioned to the Financial Debtor. He has drawn our attention to paras 6 & 8 of the notice dated 21.07.2017 where the event of default and the letters written by the Financial Creditor on 13.02.2017 and 10.03.2017 have been mentioned. Those two paras 6 & 8 reads as under:- "6. That, you have been irregular in your payment of EMI's, and you have lastly made the part payment on 30.06.2017 and you have failed to repay instalments as per terms of the loan agreement. IHFL vide its letters dated 13.02.2017 & 10.03.2017 had called upon the Addresses No. 1 to....
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....g relationship existing for more than seven years. According to the learned counsel the 'Financial Debtor' has been paying in bona fide manner all the instalments and as the petition has been filed on the basis of delay of one day the same is premature and is liable to be dismissed. This is all evident from the letter dated 27.07.2017 for foreclosure of loan account sent by the Financial Creditor. Learned counsel has also referred to clause 6.2 of the loan agreement and claimed that the same shall be read with clause 2.1 which would mean that adequate notice has to be issued and no CIRP be triggered without first exhausting the possibility of settlement particularly when the Financial Debtor is a solvent entity. Learned counsel has also referred to the affidavit dated 05.10.2017 to bank upon exchange of e-mails dated 06.09.2017 (Annexure-G), 24.09.2017 & 26.09.2017 and argue that the parties had resolved their dispute. The Financial Debtor accordingly was to pay a sum of Rs. 1.40 crore towards foreclosure to show their bona fide. It was also agreed that as part of the same arrangement, Financial Debtor was to begin making payment of Rs. 35 lakhs w.e.f. November, 2017 till the compl....
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.... petition is premature. 15. It is also pertinent to mention that while the petition was pending we granted numerous opportunities to the Financial Debtor for settlement with the Financial Creditor. In that regard reference may be made to the interlocutory order dated 23.08.2017. According to the aforesaid order the parties were given opportunity to reconcile all the loan accounts with each other and explore the possibility of settlement of the accounts and the matter was to be disposed of on merits if such a settlement is not reached. On 07.09.2017 the hearing was deferred to facilitate the settlement. Even we delayed the dictation of this order as the Financial Debtor has been asking for time up to 15.10.2017 and the order was reserved on 09.10.2017. There is no settlement insight despite the expiry of about six weeks, therefore, the efforts of the Financial Debtor to enter into a settlement has not born any fruit and we are not in a position to further delay the admission of the present petition. All this has been done in order to avoid the triggering of Insolvency process so that the Financial Debtor may continue with his enterprise and there is no demoralising effect. Alas! ....