TaxTMI 
TaxTMI 
2018 (11) TMI 893
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....Street, 1st Floor, Banstalla, Kolkata-700007 and Branch office at Cabin No. 3, 3rd Floor, Millennium Business Centre, 34, Corner Market, Malviya Nagar, New Delhi-17. 2. The petition has been duly verified, signed and filed by Mr. Ramesh Kumar Somani, one of the Director of the Financial Creditor by virtue of the Board Resolution dated 05.04.2018 passed in his favour (at pg. 10). 3. The Corporate Debtor - Pack Tech Systems Private Limited was incorporated on 10.06.1998 with authorized share capital of Rs. 1,25,00,000/- and paid up share capital of Rs. 1,15,53,000/-. The identification number of the Corporate Debtor is U21012DL1998PTC094374 and its registered office is situated at F-102, First Floor, MCD No. 779/VI, Raghunath Complex, Main Bazar, Mehrauli, New Delhi-110030. 4. The 'Financial Creditor' has proposed the name of Shri Tarun Jain, 805, Padma Tower-1, Rajendra Place, New Delhi-110008, email id - [email protected]. He has registration No. IBBI/IPA-002/IP-N00187/2017-18/10504. A written communication dated 23.04.2018 made by Mr. Jain in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has also bee....
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....the alleged loan was disbursed by the applicant on 20.02.2008, however, the applicant has filed the instant application on 09.05.2018 i.e. admittedly after the lapse of three years of lending the alleged loan. The applicant was not vigilant of its rights and has not filed the application or any proceedings for recovery in a timely manner. (iii) The computation of the defaulted accounts as well as the Board Resolution dated 05.04.2018 is denied as wrong and incorrect. (iv) It is denied that the Corporate Debtor owes the applicant the alleged amount of default totalling to Rs. 3,76,33,150/-. 8. A rejoinder to the reply has been filed by the Financial Creditor reiterating the submissions made in the application and controverting the assertions in the reply. 9. Having heard learned counsel for the parties we are of the considered view that the Financial Creditor has succeed to make out a case for triggering the Corporate Insolvency Resolution Process. To succeed a Financial Creditor must satisfy the requirements of Section 7(2) and Section 7(5) of the Code and the Adjudicating Authority-NCLT has to record a finding to that effect. It would be imperative to exami....
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....imposed which must be followed by all and sundry: "(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 Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor." 14. It is made clear that the provisions of moratorium shall not apply to (a) such transactions which might be notified by the Central Government in consultation with any financial regulator; (b) a surety in a contract of guarantor to a Corporate Debtor. Additionally, the supply of essential goods or services to the Corporate Debt....
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....t disputed the veracity and sanctity of the said letters by producing any evidence to prove to the contrary. To put an end to the aforesaid controversy raised by the learned counsel for the Corporate Debtor it would be profitable to read the provisions of Section 18 of the Limitation Act, 1963 which reads as under:- "Section 18. Effect of acknowledgement in writing.- (1) Where, before the expiration of the prescribed period for a suit of application in respect of any property or right, an acknowledgement of liability in respect of such property or right has been made in writing signed by the party against whom such property or right is claimed, or by any person through whom he derives his title or liability, a fresh period of limitation shall be computed from the time when the acknowledgement was so signed. (2).................. Explanation.-For the purposes of this section,- (a) an acknowledgement may be sufficient though it omits to specify the exact nature of the property or right, or avers that the time for payment, delivery, performance or enjoyment has not yet come or is accompanied by a refusal to pay, deliver, perform or permi....