TaxTMI 
TaxTMI 
2020 (4) TMI 510
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....ed by the Financial Creditor vide notice dated 27-4-2019. The Corporate Debtor has neither liquidated this outstanding liability nor reduced the same, constraining the Financial Creditor to seek initiation of their Corporate Insolvency Resolution Process vide the present petition. 2. The Financial Creditor has submitted that they disbursed the following amounts to the Corporate Debtor in various tranches as per table detailed below: - DATE MODE AMOUNT (INR) 16-2-2017 Vide RTGS from the Bank A/c of our Client maintained with the HDFC Bank Branch Old Rajinder Nagar Market, Delhi. 90,00,000 17-2-2017 Vide RTGS from the Bank A/c of our Client maintained with the State Bank of India of Bikaner & Jaipur Branch Faiz Road, Delhi. 90,00,00....
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....gument, ld. counsel has relied upon the decision of the coordinate Bench of the NCLT in the matter of Prayag Polytech (P.) Ltd. v. Good Marketing and Sales (P.) Ltd. [2019] 110 taxmann.com 466 (NCLT - New Delhi). 5. Per contra, ld. Company Secretary in practice appearing for the Financial Creditor has relied upon the decision of this Bench in the matter of Mrs. Tripat Kaur v. Kaliber Associates (P.) Ltd. [Company Petition No. (IB)-51(ND)/2017, dated 26-4-2017] and in the matter of Neelkanth Township and Construction (P.) Ltd. v. Urban Infrastructures Trustees Ltd. [Company Appeal (AT) (Insolvency) No. 44 of 2017, dated 11-8-2017]. In support of their claim, the Financial Creditor has relied upon the bank statement evidencing that the total....
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.... mere denial by the Corporate Debtor cannot demolish their claim. 7. From the facts of the case, the constitution of Financial Creditor as an NBFC is evidenced by the certificate of registration issued by the RBI. The grant of financial assistance is evidenced by the banking transactions. The accepted liability to pay interest thereon finds corroboration by tender of interest and deduction of TDS duly deposited with the Income-tax Authority and substantiated by Form 26AS of the Financial Creditor. The resistance raised by the Corporate Debtor that the same was not a loan, finds no merit with this Bench. It is the business of an NBFC to grant financial assistance on interest. The Corporate Debtor is at a loss to explain the nature of the tr....
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....e Debtor that the transaction is not a financial debt is inexplicable. The Act does require that a financial obligation shall only arise upon the terms being reduced into writing. Ld. PCS has cogently explained that the transaction does not get vitiated for want of an agreement in terms of section 186(11) of the Companies Act, 2013. 11. The resistance of the prayer by the Corporate Debtor has no legs to stand upon. The defence is frivolous raised in a desperate attempt to resist initiation of the CIR process. This Bench is therefore of the opinion that Operational Creditor is entitled to seek initiation of the CIR process of the Corporate Debtor for its inability to liquidate its dues. Accordingly, this petition is Admitted. A moratorium i....