2020 (12) TMI 432

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....ited ("the Corporate Debtor"). 2. The Corporate Debtor is an unlisted public company limited by shares and incorporated on 12.06.2008 under the Companies Act, 1956, with the Registrar of Companies, Goa, Panaji. Its Corporate Identity Number (CIN) is U70200GA2008PLC005799. Its registered office is at Office No. 402, Sai Complex (4th Floor), Opp. Gomantak Times, Panjim 403 001, within the State of Goa. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 23.07.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 12,37,500.00 (Rupees twelve lakh thirty-seven thousand five hundred only) as principal and Rs. 25,69,800.00 (Ru....

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....ial Creditors is Rs. 38,07,300.00 (Rupees thirty-eight lakh seven thousand three hundred only), as mentioned at page 73 of the Petition. 6. The Financial Creditors have proposed the name of Mr. Rohit Sehgal [Reg. No. IBBI/IPA-001/IP-P00528/2017-18/10953] as the Interim Resolution Professional of the Corporate Debtor. He has filed his written communication in Form 2 as required under rule 9(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with a copy of his Certificate of Registration. 7. The Corporate Debtor has not submitted any reply in the matter. 8. We have heard the arguments of Mr. Amit Tungare, learned Counsel for the Financial Creditors, and perused the records. 9. Mr. Amit Tung....

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....r orders in this regard are awaited. 10. Upon perusal of the Rule Book, Application Form, certificates and receipts issued by the Corporate Debtor under its CIS, we are satisfied that this is a case of assured return or interest, which is a 'financial debt' within the meaning of section 5(8) of the IBC. It may be usefully noted that in the case of Nikhil Mehta & Sons HUF & others v AMR Infrastructures Limited, Order dated 21.07.2017 in Company Appeal (AT) (Insolvency) No. 07/2017 the Hon'ble NCLAT has held that those who have commitment to pay 'assured return,' 'interest,' etc. are covered by the expression "financial creditor." 11. We also understand from the various e-auction notices issued by SEBI that t....