TaxTMI 
TaxTMI 
2019 (11) TMI 1525
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....on 30.11.2010 having its registered office at 307-308, roots tower, Laxmi Nagar, New Delhi-110092. Since the registered office of the respondent corporate debtor is in New 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 subsection (1) of Section 60 of the Code. 3. The applicant has proposed the name of Mr. Abhishek Anand, for appointment as Interim Resolution Professional having registration number IBBI/IPA-002/IP-N00038/2016-17/10077 resident of E-103, Greater Kailash Enclave-1, New Delhi-110048. Mr. Abhishek Anand has agreed to accept appointment as the interim resolution professional and has signed a communication dated 09.04.2019 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. 4. The case of the Financial Creditor is as under: a) That on 14.07.2011 Sh. Ajit Sinh....
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....esignated Partners with 37 other General Partners on e-stamp paper dated 5.6.2013 and petitioner's contribution of Rs. 40,00,000/- in loan agreement 9.7.2013 transferred in it as equity capital, in violation to clause 6C of LLP: dated 13.04.2013, despite petitioner's objection, the amount was not returned/paid back, to raise Rs. 19,00,50,000/- and after selective payment, reduced to Rs. 16,90,00,000/-. Particularly when no LLP dated 13.4.2013 exists. i) The applicant filed certificate by HDFC bank regarding issue of cheque's No. 's 687468 and 687469 dated 9.7.2013 for Rs. 10,00,000/- and Rs. 40,00,000/- by Mrs. Rita Kapur favouring Invest Care Real Estate LLP. j) Thereafter the applicant sent a Legal notice seeking specific information, in terms of loan agreement dated 9.7.2013 and the management of LLP dated 13.4.2013. k) The Petitioner through its counsel again issued legal notice to respondents to account for the interest along with the principal of Rs. 50,00,000/- (Rupees Fifty Lakh Only), and sought reply to specific points, raised earlier in letters dated 3.9.2017 and 6.3.2018, to which no reply is given. l) The applicant ha....
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....tioner, the Respondent/Corporate debtor has appeared through its counsel and has filed a detailed reply in the matter. Gist of the Contentions of the Corporate Debtor/Respondent are as under: a. It is stated by the respondent that the applicant is a general partner of LLP and hence, cannot be termed as a financial creditor. It is alleged that the claimed amount is not a loan but capital contribution of the applicant for being a general partner in the LLP. b. The respondent has pointed out various technical defects in the petition. The respondent has challenged the authority of the advocate filing present petition on behalf of the applicant apart from other points. c. the respondent also contended that all the documents and supplementary agreements were duly signed and executed by the applicant in capacity of general partner of the LLP. d. The respondent has also pointed out that this present application is filed by power of attorney holder of Financial Creditor Mr. Ranvir Singh, Advocate, based on authority letter of Ms. Rita Kapoor. Based on the said authority letter the legal counsel, Mr. Ranvir Singh, Advocate, filed the pleadings in his own n....
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....ore rupees. 35. In a case where it is noticed that the Insolvency Resolution proceeding has been initiated by a person fraudulently or with malicious intention for personal act on the part of an individual, can a Power of Attorney Holder be punished? This is one of the reasons we have noticed to hold that a Power of Attorney holder' cannot file any application under Section 7 or Section 9 or Section 10 of 'I&B Code". *Through mere perusal of the above referred judgment it can be concluded that the present application is not maintainable due to noncompliance of mandatory statutory requirements. 6. We have heard the arguments advanced by the counsels of both the parties and perused the other documents filed by them. 7. The respondent in its reply has contended that the loan given by the applicant was converted into a capital contribution and the applicant was made general partner of the LLP and therefore, the applicant cannot be termed as a financial creditor. 8. It is seen from the records that the applicant had given loan to the respondent company and that loan was converted into capital contribution of the applicant and the applicant was made gen....