TaxTMI 
TaxTMI 
2020 (6) TMI 250
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.... Ltd. for initiation of Corporate Insolvency Resolution Process against the Respondent/Corporate debtor company M/s Emm Vee Infrastructured (India) Private Limited. 2. The Applicant ''Indiabulls Housing Finance Limited" is a company incorporated under the Companies Act, 1956; Incorporated on 10-5-2005; (Having its Registered Office at, M-62 & 63; CIN L65922DL2005PLC136029). Mr. Dinesh Chandra Pandey, Chief Manager, has been authorised to file this application on behalf of Financial Creditor. (The Board Resolution dated 10-1-2018 is annexed A-l of the application). 3. The Respondent M/s EMM VEE Infrastructures (India) Pvt. Ltd., incorporated on 16/08/1999 (Having its Registered Office at, OPPOSITE Appex College, VedVyasPuri, Meerut....
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.... is not maintainable against the respondent as the alleged loan has been taken by the M/s Sarvhit Trust being the borrower and the amount has been disbursed by the financial creditor in the account of the M/s Sravhit Trust and the corporate debtor being the owner of the property has only executed the loan documents with the financial creditor and not a single penny has been utilized by the Corporate Debtor against the amount disbursed by the financial creditor. v. Further stated that as per Sec 13 (2) notice the account was declared NPA on 11-11-2016 but as per the records of the financial creditor, the account of the Corporate Debtor defaulted on the loan account on 13-12-2016. vi. Further stated that the financial creditor has also fi....
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....s on 17-09- 2018. viii. Further stated that the corporate Debtor has kept clear and transparent accounts and consequently his account was declared NPA on 11-11-2016. Accordingly, mentioned in recall notice dated 5-12-2016 as to pay the outstanding loan amount of Rs. 5,97,10,307 as on 11-11-2016 along with future interest @ 15% from 12-11-2016 till date of payment so there is no relevancy about the computation. It is also submitted that the corporate Debtor sent a representation dated 5-02-2017 accepting the debt and stating that in absence of documents they were unable to calculate the correct liability. Further stated Section 138 of NI Act relates to dishonouring of cheques of Corporate Debtor, and corporate Debtor is free to contest pro....