AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2019 (9) TMI 1359
X X X X Extracts X X X X
X X X X Extracts X X X X
....prayed for, was incorporated on 17-6-2011 having its registered office at A-213, 2nd Floor, Shanti Gopal Chamber, Vikas Marg, Shakarpur, Delhi - 110092. Since the registered office of the respondent corporate debtor is in Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of section 60 of the Code. 3. It is the case of the applicant that respondent Corporate Debtor through its director had approached him in March, 2018 for arranging financial assistance for the corporate debtor to a tune of Rs. 6,00,00,000/- (Rupees Six Crore) from private sources, with an understanding to pay Rs. 11,00,000/- to the applicant as service charge. Thereafter, due to further requirement the Corporate Debtor requested the applicant for a short-term investment. Accordingly, applicant transferred Rs. 20,00,000/- through RTGS to the corporate debtor as a short-term financial assistance on 21 August, 2018. In order to assure due repayment, the Corporate Debtor had issued a cheque dated 27-8-2018 for Rs. 31,0....
X X X X Extracts X X X X
X X X X Extracts X X X X
....erms and condition mutually agreed with them and agreed to pay a fee of Rs. 11,00,000/- towards this service. After availing the investment from the private financiers, the Company also requested the Investor for an investment of Rs. 20,00,000/-in the Company for one week and issued a cheque for Rs. 31,00,000/- dated 27-8-2018 after receipt of the Investment of Rs. 20,00,000/- on 21-8-2018 which covers repayment of investment of Rs. 20,00,000/-and payment fee of Rs. 11,00,000/-. The said cheque of Rs. 31,00,000/- got dishonoured by the bank of the Company on presentation of the same by the Investor. Thereafter with the mutual discussion, investor and company have agreed to convert the entire amount of Rs. 31,00,000/- into a new investment on the terms conditions as stated/contained in this Agreement." 10. In the present case the claim consists of two separate transactions, one for 11 lacs towards initial service charges for arranging investment and the other for an actual cash investment disbursed to corporate debtor for 20 lakhs. Both parties agreed to term the entire outstanding amount as an investment to the corporate debtor and the applicant was styled as 'Investor' in....
X X X X Extracts X X X X
X X X X Extracts X X X X
....mutual agreement to pay interest on the investment amount. The corporate debtor had availed the investment amount against payment of interest as agreed between the parties. The amount was disbursed against the consideration for time value of money with a clear commercial effect of borrowing. In that view of the matter not only the investment comes within the purview of 'Financial Debt but also the applicant can clearly be termed as 'Financial Credit of of the respondent corporate debtor so as to prefer the present application under section 7 of the Code. 17. It is no longer res integra that if there is a debt and default of rupees one lakh or more and the application under section 7 of the Code is complete, Adjudicating Authority is bound to admit the application. 18. In support of claim of default applicant has placed on record Investment Agreement Cum Memorandum of Understanding dated 30-10-2018, where in respondent has acknowledged that Rs. 31 lakhs are due to the applicant, which is payable with interest as per agreed terms. Besides as per the agreement the investment was for 3 months from 21-8-2018 and the default occurred long before in the year 2018 itself. 19. In....
X X X X Extracts X X X X
X X X X Extracts X X X X
....iculars of 'financial debt' including documents, records and evidence of default as required under sub-section 3 (a) of section 7 of the Code. It is reiterated that the Form-1 filed in the present case under section 7 of the Code read with rule 4 of the Rules, shows that the Form is complete in all respect and there is no infirmity in the same. 27. Sub-section (3) (b) of section 7 mandates the financial creditor to furnish the name of an Interim Resolution Professional. In compliance thereof the applicant has proposed the name of Mr. Ajay Goyal, for appointment as Interim Resolution Professional having registration number IBBI/IPA-001/IP-P00382/2017-18/10639 resident of 49, DDA Site No. 1, M Block, New Rajendra Nagar, Delhi - 110008 with email - id [email protected]. Sh. Ajay Goyal has agreed to accept the appointment as the interim resolution professional and has signed a communication dated 19-11-2018 in Form 2 in terms of rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy 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 said amount however be subject to adjustment towards Resolution Process cost as per rules and shall be paid back to the Financial Creditor. 36. We also declare moratorium in terms of section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of section 14 (1) (a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: "(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any act....