TaxTMI 
TaxTMI 
2019 (11) TMI 1394
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....ity 'the Code') with a prayer to trigger the Corporate Insolvency Resolution Process in the matter of Durha Vitrak Private Limited-Corporate Debtor. 2. The Corporate Debtor-Durha Vitrak Private Limited is a company registered under the provisions of the Companies Act, 1956 and was incorporated on 1-8-1986. The identification number of the Corporate Debtor is U74140DL1986PTC024992 and its registered office is situated at Plot No. 20, Sector A-7, Narela, Delhi, North West DL-110040. 3. The Financial Creditor had initially proposed the name of Resolution Professional, Mr. Ashok Kumar Juneja to act as Interim Resolution Professional (for brevity 'IRP'). On account of his inability to act as IRP, the Financial Creditor file....
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....ault as on January 31, 2019 are attached herewith as Annexure 39 and Annexure 40. 5. The Respondent executed several documents for availing the aforesaid financial assistance from the Petitioner. True Copies of each one of those documents namely, Loan Agreement dated 7-3-2016, Undertaking Cum Indemnity, Demand Promissory Note, Letter of Continuity for Demand Promissory Note dated 7-3-2016 and Deed of Hypothecation dated 9-3-2016, Deeds of Guarantee dated 12-3-2016 have been placed on record [Annexure-3 to 5 (colly]. 6. The details of the security held by, or created for the benefit of 'financial creditor'-LIC Housing Finance Limited along with copies of declaration cum confirmation for creation of equitable mortgage dated 30-4....
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.... (One Crore four lacs) On 24th January 2019 Feb. 19 10/18+11/18+12/18 1,04,00,000 (One Crore four lacs) On 24th February 2019 March 19 01/19+02/19+03/19 1,04,00,000 (One Crore four lacs) On 24th March 2019 In the wake of aforesaid settlement three post-dated cheques (Annexure-28) as a security for the payment of the outstanding amount were given by the Corporate Debtor to the Petitioner. As per the settlement, the Respondent was required to make the first installment of Rs. 50,00,000/- on July 24, 2018 but no amount was credited on the aforesaid due dates. Afterwards on 6-8-2018 a sum of Rs. 34,00,000/- was received by the Petitioner through RTGS mode but did not receive the entire amount as per the settlement ....
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....Rules but the petitioner has failed to comply with said requirement and therefore the petition is defective. 3. The petitioner is alleged to have made the payment without there being any proof or supporting document in support of the same. 4. The parties have dispute and there exist a pre-existing dispute between them. The petitioner has initiated proceedings before the various courts and forums which are pending adjudication. 5. The calculations are wrong and false and the same has been done with the sole intention to create fictitious entries without the consent of the Respondent. 11. Having heard learned counsels for the parties at considerable length we find that settlement proposal dated 9-7-2018 (Annexure....
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....ade by the Respondent in light of the settlement proposal coupled with other documents more particularly 'Charges Registered' obtained from the website of Registrar of Companies confirming creation of mortgage over the properties in order to secure the loan, execution of the loan agreement and further giving the demand promissory notes and issuance of cheques, it stands established that the amount claimed is due and payable. 13. We further find that the provisions of section 7 (2) and section 7 (5) of IBC have been complied with as discussed in detail in our order rendered in the case of ECL Finance Ltd. v. Digamber Buildcon (P.) Ltd. (IB- 1039(PB)/2018), dated 27-11-2018. 14. After a reading of section 7 of the Code along wit....
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....Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the Financial Creditor. The amount however be subject to adjustment by the Committee of Creditors. The amount must be accounted for by Interim Resolution Professional and shall be paid back to the Financial Creditor. 19. Directions are also issued to the Ex-Management/Auditors etc. to provide all the documents in their possession and furnish every information in their knowledge as required under section 19 of the Code to the Interim Resolution Professional within a period of one week from today otherwise coercive steps to follow. 20. Before parting we must notice t....