TaxTMI 
TaxTMI 
2018 (1) TMI 6
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.... for brevity called as IBC, 2016). The background of the claim as made before this Tribunal from the synopsis discloses that a loan amount of Rs. 50.00 lakhs based on the contract entered into between the Financial Creditor and the Corporate Debtor dated 1-1-2015 was made available to the Corporate Debtor, repayable within a period of 30 days i.e. on or before 31-1-2015 alongwith interest in a sum of Rs. 2,50,000/-, The Financial Creditor, it is stated has made available the funds of Rs. 50.00 lakhs by way of loan vide cheque No. 058170 dated 1-1-2015 drawn in favour of the Corporate Debtor. It is further averred that the said sum of Rs. 50.00 lakhs has also been transferred to the account of the Corporate Debtor, as evident from the statem....
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.... was replaced with another cheque but due to repeated requests on the part of the Corporate Debtor it was not presented. However, contrary to the promises made by the Corporate Debtor, funds were not arranged and in the circumstances Financial Creditor was forced to a issue legal notice dated 6-7-2017 under the hand of its counsel demanding a sum of Rs. 73,85,959/- which also included the interest amount for the delayed payment calculated @18% per annum for the period from 1-4-2015 to 4-7-2017 amounting to Rs. 21,35,959/- in addition to the Principal sum of loan and interest of Rs. 2,50,000 agreed and in all aggregating to a of Rs. 52,50,000/- as explained. Despite receipt of the said notice, Financial Creditor avers that the Corporate Debt....
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....excess of Rs. 1.00 lakh and as the territorial jurisdiction to entertain this Application is also available to this Tribunal, as the registered office of the Corporate Debtor it is averred by the Petitioner is located at LU-75, DDA Shopping Complex, Pitampura, Delhi -110034. In addition to the above compliances, Annexure-II of the Application also discloses that the Financial Creditor has proposed the name of Interim Resolution Professional (IRP) as set out in Form-2 under the provisions of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 as one Mr. Umesh Garg who has also given his consent to Act as such, if appointed as the IRP, in relation to the CIRP of the Corporate Debtor. Further it has been disclosed....
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.... at p.4 of the affidavit. Company's master data as maintained by the MCA in its website and the print out thereof dated 16.8.2017 discloses that the registered office address is the one stated as above namely LU-75, DDA Shopping Complex, Pitampura, Delhi -110034. The affidavit filed on behalf of the Petitioner also contains a certificate of registration of the IRP namely Mr. Umesh Garg annexed, perusal of which discloses that the certificate is valid from 30.5.2017 as issued by IBBI 4. When the matter was listed on 28.8.2017 the Petitioner was directed to furnish further proof in relation to the loan granted to the Corporate Debtor by way of production of Resolution and in response to the same, Petitioner produced a certified true copy o....
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....ihar. Further, in the said letter dated 1.1.2015 an assurance has also been made that the sum of loan would be paid within a period of 30 days along with profits of R.2.50 lakhs and the Corporate Debtor has also sought remittance of the amount through RTGS to the current account maintained with the Oriental Bank of Commerce by it and the details of the account No. has also been provided thereunder. It is further seen that as averred by the Financial Creditor, the Corporate Debtor had also issued a cheque along with the covering letter also dated 1.1.2015 for a sum of Rs. 52,50,000/-. Further, vide letter dated 31.3.2015 as averred by the Financial Creditor, it is seen that the Corporate Debtor has sought for replacement of the cheque ear....
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.... (1) This Tribunal, being the Adjudicating Authority declares a moratorium for prohibiting all of the following in relation to 'Corporate Debtor', namely: - (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconst....