TaxTMI 
TaxTMI 
2019 (1) TMI 787
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....The Respondent Company M/s Affinity Beauty Salon Private Limited. (CIN No. U93020 DL2001 PTC 112227) against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 29th August, 2001 having its registered office at C-25 Green Park Ext. New Delhi - 110016. 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 submitted in the application that the applicant on behalf of two partnership firms namely M/s ACPC Enterprises and M/s ACDC Enterprises, had advanced an amount of Rs. 2,50,00,000/- (Rupees Two Crores Fifty Lakhs Only) and Rs. 5,00,00,000/- (Rupees Five Crores Only) respectively to the Corporate Debtor towards issuance of cumulative convertible redeemable preference shares by executing separate Share Subscription Agreements dated 30.05.2016 and 04.06.2016 with the Corporate Debtor. Copies of the said Share Subscription Agreements ....
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....t make the monthly payment of loan amount from 1st April, 2018 to 31st May, 2018, except the payment of Rs. 5,00,000/- (Rupees Five Lakhs Only). As there was a default, applicant served a notice dated 07.06.2018 upon the Corporate Debtor to make payment of all the outstanding amounts along with interest in terms of the Loan Agreement within 15 days of the receipt of the notice. Despite receipt of notice on 12.06.2018, neither any reply was received nor has any payment been made in terms of the Loan Agreement. A copy of the demand notice dated 12.06.2018 along with its dispatch receipt and tracking report have been placed on record. 7. It is the case of the applicant that the Corporate Debtor has committed default in repayment of the principal debt amount along with interest and has failed to make monthly payment as per the terms of the aforesaid Loan Agreement. 8. It is stated in the application that as on 13.05.2018 the total outstanding amount including interest due from the respondent corporate debtor comes to Rs. 11,31,50,794/-. The details of amount due as on 13.05.2018 as detailed in part IV of the application are as follows: Total amount of debt granted Rs. 10,46....
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....had accepted before the Hon'ble NCLAT that the dispute has been settled and the said loan agreement has been executed between the parties. 13. The order dated 06.04.2018 passed by Hon'ble NCLAT in ACPC Enterprises (supra) is reproduced below: "NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI Company Appeal (AT) (Insolvency) No. 323 of 2017 IN THE MATTER OF: M/s. ACPC Enterprises ...Appellant Versus Affinity Beauty Salons Pvt. Ltd. ...Respondent Present: For Appellant: Mr. Krishnendu Datta and Ms. Preeti Johri, Advocates For Respondent:Mr. Rahul Mukherjee, Advocate ORDER 06.04.2018 This appeal has been preferred by the appellant - 'M/s. ACPC Enterprises' against judgment dated 10th November, 2017 passed by the Adjudicating Authority (National Company Law Tribunal) Principal Bench, New Delhi in petition No. (IB)-352)PB)/2017 whereby and whereunder the application preferred by the appellant under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'I&B Code') has been rejected on the ground that the appellant is no....
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.... regard it is reiterated that the applicant and the respondent have settled their dispute before Hon'ble NCLAT and on independent loan agreement dated 30.03.2018 was executed between the parties including the said two partnership firms. In terms of the loan agreement the applicant has now acquired the status of financial creditor as the respondent itself has agreed to convert the amount earlier disbursed towards share subscription money into a loan and to pay interest on it. As per clause 3.1 of the agreement Rs. 10,46,00,000/- due from corporate debtor as on 31.03.2018 shall be considered as principle debt. As per clause 3.2 respondent corporate debtor agreed inter alia to pay the principle debt alongwith compound interest @ 2% per month calculated on the principle debt from 01.04.2018. More over the appellate court has directed the parties to treat the terms and settlement as direction of the appellate tribunal. Parties are therefore, bound to discharge their contractual obligations. 17. Needless to say that the intervener creditors of the corporate debtor would be entitled to raise their claims before the resolution professional/ committee of creditors, which shall be con....
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....oes not require any further interpretation. 22. As a sequel to the aforesaid discussion it is seen that the applicant clearly comes within the definition of Financial Creditor. On a bare perusal of Form - I filed under Section 7 of the Code read with Rule 4 of the Rules shows that the form is complete and there is no infirmity in the same. It is also seen that there is no disciplinary proceeding pending against the proposed IRP. We are satisfied that the present application is complete in all respect and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt. 23. As a sequel to the above discussion and in terms of Section 7(5)(a) of the Code, the present petition is admitted. 24. Mr. Arunava Sikdar, having registration number IBBI/IPA-001/ IP-P00022/ 2016-17 / 10047 resident of D-3, LGF, Lajpat Nagar Part-I, New Delhi-110024 with email-id asikdar1990gmail.com., is appointed as an Interim Resolution Professional. 25. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immedi....