TaxTMI 
TaxTMI 
2020 (10) TMI 488
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....s of financial facilities including business loans, personal loans, consumer loans, loan against property, home equity loans, term loan etc. 3. M/s. R.K. Infratel Limited is a company incorporated under the Companies Act, 1956 on 8th December, 2011, having identification No. U74999GJ20000PLC038720 and having its registered office at Rander Road, Surat, Gujarat State. That Authorised share capital of the respondent company is Rs. 20,00,00,000.00 and paid up share capital is Rs. 9,12,00,000.00. 4. That, the applicant/financial creditor has submitted that the respondent has defaulted in payment towards principal and interest against the working capital, letter of credit, term loan etc., sanctioned/disbursed to the respondent as per the details annexed to the application at page 3. 5. The applicant has submitted copy of the following documents in support of their claim: - Sl. No. Particulars Page Nos. 1 Application by financial creditor for initiation of corporate insolvency against respondent company under Section 7 of IBC and general affidavit 1-9 2 Power of attorney of authorised signatory of the applicant 10-14 3 For....
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....Registrar, Surat City dated 17.01.2012 163-192 28 Instrument of extension of deposit of the title deeds dated 06.03.2013 193-225 29 Valuation report obtained in 2017 226-333 30 CIBIL report dated 28.12.2018 obtained by applicant 334-360 31 Recall notice dated 01.10.2014 issued by the applicant 361-362 32 Statement of accounts in respect of loan account 363-637 33 Company's master data of corporate debtor 638 34 Corporate debtor's letter dated 09.12.2011 showing change of name 639-652 35 Account-wise simple debit balance confirmation dated 07.04.2016 signed by the corporate debtor 653-657 6. That, the petitioner being financial creditor has to recover an amount of Rs. 24,62,98,391/- (Rupees twenty-four crores sixty-two lacs ninety-eight thousand three hundred ninety-one only) as on 31.03.2019. That, the above amount include principal amount of loans sanctioned under different schemes, accrued interest and penal interest as applicable as per the calculation in tabular form annexed to the application at page No. 3. 7. That, the respondent filed affid....
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....orate debtor are subject to the broad terms and conditions laid down in the sanction advice issued from time to time. 11. On perusal of the records it is found that the first and foremost objection raised by the respondent is that the application is barred by limitation. On perusal of the records it is found that the applicant bank has placed on record simple debit balance confirmation letter dated 07.04.2016 (Annexure A/34 of petition at page No. 653-657) issued by the respondent and addressed to the applicant acknowledging the debt. Moreover, the account statements show that there are regular credit entries after 7th April, 2016 till May, 2018. The corporate debtor by its letter dated 17.11.2018 has also given the details of amount repaid till 30.09.2018 and also acknowledged the amount outstanding in the respective account as on 30.09.2018. Moreover, the corporate debtor in para 29(a) of its reply, has admitted that it has paid Rs. 16.17 lacs during the financial year 2019-20. Further, the records reveal that from time to time the respondent has executed/entered into various documents acknowledging the debt. This itself shows that the respondent company has acknowledged the d....
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....efore, the amount due to the Financial Creditor from the Corporate Debtor is a financial debt. In view of the Judgment of the Hon'ble Supreme Court, in case of M/s. Innoventive Industries Ltd. Vs. ICICI Bank & Anr., in Company Appeal (AT)(Insolvency) No. 1 & 2 of 2017, this Adjudicating Authority has to satisfy whether a default has occurred; whether the Application is complete; and whether any disciplinary proceeding is pending against the proposed Insolvency Resolution Professional. 16. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant. On perusal of record and as also discussed above, it is held that there is existence of default and that the application under Section 7(2) of the Code is also complete in all respect. 17. In the instant case, the documents produced by the Financial Creditor clearly establish the 'debt'. Section 13(2) Notice issued by the Financial Creditor clearly indicates that entire debt was recalled. There is a default on the part of the Corporate Debtor in payment of the 'financial debt'....