2018 (10) TMI 231
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....g its registered office at 105, 1st floor, 389-A, South Ex-Plaza, Masjid Moth, South Extension, Part-II, New Delhi - 110049. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code. 3. It is appropriate to mention that the applicant is a company incorporated in Singapore, having Company No. 200914325W, incorporated on 05.08.2009 vide certificate dated 18.01.2010 issued by Accounting And Corporate Regulatory Authority, Singapore. 4. Mr. Pang Kee Chai, authorised representative of the applicant has been duly authorised vide Board Resolution dated 26.03.2018 to do and transact the matters mentioned therein for and on behalf of the applicant. Accordingly, Mr. Pang Kee Chai on the strength of the authority has filed the present application on behalf of the applicant for initiation of corporate insolvency resolution process in terms of the provisions of the Code. 5. The applicant has proposed t....
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.... on record. 10. It is also the case of applicant that on 30.06.2016 the respondent company requested applicant to waive of the interest from the loan amount and the applicant on such request agreed to claim only the principle amount and reversed the interest charged. 11. Subsequently, the applicant demanded back the repayment of ECB of USD 1,02,50,000 vide its email dated 18.4.2018 sent to the Corporate Debtor. The respondent company had failed to clear its dues. Copy of e-mail dated 18.04.2018 has been placed on record. 12. It is contended that all loans given by the Financial Creditor are duly reflected and accounted for by the Corporate Debtor in its Audited Financial Statements for the financial year 2016-2017. Copy of the financial statement for the year 2016-2017 has been placed on record. 13. Respondent corporate debtor has filed reply on 10.08.2018. The respondent has admitted that an email dated 18.04.2018 was received by the Respondent Company from the Applicant wherein there was a demand for repayment of the ECB loan advanced by the Applicant. However, the Respondent Company denied that it is in default of payment of the same. It is stated that the Respondent Company....
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....iation of Corporate Insolvency resolution Process under the Code. 16. It is pertinent to mention here that the scheme of the Code provides for triggering the insolvency resolution process by three categories of persons namely, (a) Financial creditor (b) Operational creditor, and (c) Corporate debtor itself. 17. The procedure in relation to the Initiation of Corporate Insolvency Resolution Process by the "Financial Creditor" is delineated under Section 7 of the Code, wherein only "Financial Creditor"/"Financial Creditors" can file an application. As per Section 7(1) of the Code an application could be maintained by a Financial Creditor either by itself or jointly with other Financial Creditors. 18. The expressions "Financial Creditor" and "Financial debt" have been defined in Section 5(7) and 5(8) of the Code and precisely "Financial debt" is a debt along with interest, if any, which is disbursed against the consideration for time value of money. In the present case applicant had sanctioned and disbursed various loan amounts recoverable with applicable interest by entering in to loan agreements with the corporate debtor. The corporate debtor had borrowed the credit faciliti....
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....pport of the contention that loan was duly disbursed to the respondent company. Respondent has also admitted the fact of receipt of loan. Respondent has only contended that it shall repay the loan in future. The materials on record and the loan documents clearly depict that that the loan was sanctioned, loan agreements were executed. Respondent company utilised and enjoyed the loan facility. Additionally, the applicant has also furnished a copy of the Balance sheet and financial statements for the financial year 2016-2017 of the corporate debtor, which inter alia reveals that the company has defaulted in repayment of the loan to the applicant and that huge debts are outstanding as reflected in the statement of accounts of the company. 23. It is thus seen that the applicant 'financial creditor' has placed on record voluminous and overwhelming evidence in support of the claim as well as to prove the default. 24. It is pertinent to mention here that the Code requires the adjudicating authority to only ascertain and record satisfaction in a summary adjudication as to the occurrence of default before admitting the application. What is material is that the default is at least 1 Lakh. O....