2019 (4) TMI 1273

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....d to as "the Code") read with Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") seeking reliefs under Section 7(5)(a) and Section 13(l)(a)(b)(c) of the Code. 2. That the applicant M/s. Reliance Commercial Finance Ltd. is a limited company, incorporated under the Companies Act, 1956 on 17.08.2000, having its registered office at Reliance Centre, Santacruz (East), Mumbai 400 055, having identification No. U66010MH2000PLC128301, is in the business of providing various types of financial facilities including business loans, personal loans, consumer loans, loan against property, home equity loans, term loan etc. and it is a non-banking finance company. 3. M/....

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..../s. Hi Tech Engineers for its business. 6. That Reliance Capital Limited sanctioned the term loan facility of Rs. 62,10,362/- (Rupees sixty-two lacs ten thousand three hundred sixty-two only) to the respondent company as per the proforma invoice issued by M/s. Hi Tech Engineers in terms of sanction letter dated 25.04.2015 and upon execution of the various security documents viz. facility cum hypothecation agreement, demand promissory note, power of attorney etc. in favour of Reliance Capital Limited by the respondent company for security of repayment of the said facility, Reliance Capital Limited disbursed the amount of the said facility. That copy of sanction letters, facility cum hypothecation agreement, promissory note and other docum....

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....onduct on part of the respondent clearly suggest inability to repay the outstanding dues of the company which is public money. 10. That Reliance Capital Limited and thereafter the petitioner has regularly maintained the account of the respondent company. That since the respondent company failed to pay the overdue instalments, the petitioner company has right to foreclose the loan account and as per the foreclosure statement an amount of Rs. 67,36,328/- is due and payable to the petitioner as on 30.05.2018 including the principal amount, interest and other charges, more particularly mentioned in the said statement annexed with the ledger account. That the amount due from the respondent herein upon default made by the respondent in repayme....

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....of Bombay approving the scheme of demerger, sanction letter, facility cum hypothecation agreement, promissory note and other documents executed by the respondent company, ledger account of the respondent and foreclosure statement for the period from 29.04.2015 to 30.05.2018. 14. There is no dispute in the case that the petitioner is the financial creditor. More so when the corporate debtor has admitted the debt by way of an affidavit in reply. The application is also furnished in the prescribed form - I of the Rules and the prescribed fee has also been paid. Along with the application, the applicant proposed the name of the Resolution Professional namely Shri Bhavi Shreyans Shah, CA to act as an interim resolution professional. Form 2 al....