TaxTMI 
TaxTMI 
TaxTMI 
2018 (1) TMI 1587
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....editor under Section 7 of the Insolvency and Bankruptcy Code 2016 (in short, the Code) alleging that the respondent/ Corporate Debtor has defaulted the loan in terms of the loan agreement and in spite of demand the respondent did not pay the default amount of Rs. 25,00,000/- (Rupees Twenty five lakh). 2. The brief facts of the case, as stated in the application, are that the applicant/financial creditor is a corporate body having its Registered Office at SIKKIM HOUSE, 4th Floor, 1, Middleton Street, Kolkata 700 071. The Identification No. is No.U65921WB1991PTC052054. Mr. Sanjay Kumar Gupta, Director of the Applicant/financial creditor has filed this application on behalf of Olympia Creditors & Mercantile Pvt. Ltd. who has been authorised t....
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....t/financial creditor has also submitted that the liability of the corporate debtor has been duly admitted by signing the loan confirmation statement from time to time. Copies of the loan confirmation statement from the financial year 2014-15 to 2016-17 are collectively annexed with the application and marked as Annexure E. 7. Applicant/financial creditor had presented the aforesaid cheque with its banker which was returned unpaid with the remarks "Funds Insufficient". It appears from the record that in consideration of the sanction of the said loan, the corporate debtor executed various documents in favour of the applicant/financial creditor as follows:- a) Board Resolution in favour of Sanjay Kumar Gupta authorizing to sign on behalf of....
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....did not pay and hence the applicant filed this application for corporate insolvency resolution process. The respondent contends that this petition is not maintainable since this application has been filed in violation of terms of mutual understanding and because of suppression of material facts regarding the Loan availed by the respondent. The respondent admitted the receipt of Rs. 25,00000 (Twenty Five Lakh) as a loan from the applicant and its liability to pay interest at 9% pa. The respondent contends that the application is premature since there is no default. According to the respondent the loan amount has not become payable or due as the tenure for the said loan has not expired as on the date of filing this application. The respondent....
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....an was given to the respondent, bank statement proving the amount given to the respondent, copy of letter issued to the respondent to prove that loan has defaulted by the respondent and that the proposed resolution professional has given written communication that there is no disciplinary proceedings pending against him. So no doubt this application is liable to be admitted. 15. However, respondent being raised contentions that this application is premature and there is suppression of material facts regarding extension of period of loan to March,2018 and that the applicant has no authority to institute an application of this nature let us see whether the said contention raised by the respondent is probable or believable. 16. The applicant....
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....ount has been confirmed by the respondent. 18. Annexure G the dishonour memo proves the default of the loan amount. The applicant has proposed the name of Mr. Rajesh Kumar Kejriwal by producing Form 2 as per Rule 9 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,2016. The written communication annexed to it proves that no disciplinary proceedings pending against him. 19. The above said discussions leads to a further conclusion that none of the contentions of the respondent are sustainable under law. The applicant being succeeded in proving all the ingredients to be satisfied in an application of this nature this application is liable to be admitted as held in the above cited decision under section 7(5) (....