TaxTMI 
TaxTMI 
2020 (2) TMI 1474
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.... with the interest at the rate of 18% per annum as soon as financial crisis is over within reasonable time i.e., 6 months to 12 months. The Corporate Debtor acknowledged the debt vide balance confirmation letters at the end of every financial year i.e., on 31 .03.2003 to 31.03.2006 and 01.04.2007. The Financial Creditor wrote a letter dated 17.09.2007 by registered post demanding loan amount but the Corporate Debtor failed to repay the loan amount with interest. Thereafter, financial creditor served a legal notice dated 23.10.2007 but the corporate debtor neither paid the loan nor replied the notice. Therefore, the Financial Creditor filed winding up Petition No. 25/2009 before the Bombay High Court, Bench at Goa. The Hon'ble High Court disposed of the Petition in view of the agreed terms between the parties directing inter alia that the Financial Creditor shall file a Civil Suit for recovery of amount claimed before Civil Court. Thereafter, the Financial Creditor filed a Civil suit No. 165/2010 before the Civil Court of Junior Division at Punji, Seeking recovery of loan amount along-with interest. Civil Court vide order dated 05.10.2018 rejected plaint under Order 11 Rule 7(d) of ....
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....he Corporate Debtor therefore, the application ought to be filed within 3 years from 01.04.2007 i.e., till 31.03.2010. However, the Application has been filed on 17.04.18 therefore, claim is time barred. 8. Having heard learned counsel for the parties, we have gone through the record. 9. Firstly, we would like to refer the judgement of the Hon'ble Supreme Court in the case of Innovative Industries Ltd. (Supra): "(27) The Scheme of the Code is to ensure that when a default takes place, in the sense that a debt becomes due and is not paid, the insolvency resolution process begins. Default is defined in Section 3(12) in very wide terms as meaning non-payment of a debt once it becomes due and payable, which includes non-payment of even part thereof or an instalment amount. For the meaning of "debt" we have to go to Section 3(11), which in turn tells us that a debt means a liability of obligation in respect of a "claim" and for the meaning of "Claim" we have to go b ack to Section 3(6) which defines "Claim" to mean a right to payment even if it is disputed. The code gets triggered the moment default is of rupees one lakh or more (Section 4). The corporate insolvency resolution proce....
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....le in law or in fact. The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. under sub-section (7), the adjudicating authority shall then communicate the order passed to the financial creditor and corporate debtor within 7 days of admission or rejection of such application, as the case may be." 10. In the said case, the Hon'ble Supreme Court, held that when the Adjudicating Authority is satisfied on the basis of record that the debt is payable in law or in fact and there is default, the Adjudicating Authority is required to admit the application. Thus, in the present case, we have to consider that when the debt is payable in law or in fact and when default is occurred. In the application under Section 7 of I&B Code, it is pleaded that Rs. 10 laks of loan as temporary assistance was granted on interest at the rate of 18% Per annum on dated 12.08.2002 and the loan was to be repaid as soon as Financial Crisis is over within reasonable time i.e. 6 to 12 months. It....
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....; this tribunal in the case of Karan Goyal (Supra) held as under: "from the aforesaid finding of the Hon'ble Supreme Court, it is clear that once the Adjudicating Authority is satisfied on the basis of records that the debt is payable and there is default, the Adjudicating Authority is required to admit the application. The Respondent - M/s Pashupati Jewellers having enclosed the copy of the 'Corporate Guarantee and Undertaking' Agreement dated 07. 04.2017 instituted on e-Stamp, issued by Government of National Capital Territory of Delhi, it was not open to the Adjudicating Authority to deliberate on the issue whether e-Stamp is a forged document or not. Merely because a suit has been filed by the Appellant and pending, cannot be a ground to reject the application under Section 7 of the I&B Code. Pre-existing dispute cannot be a subject matter of Section 7, though it may be relevant under Section 9 of the I&B Code" 14. This Tribunal in the case of Neeraj Jain (Supra) held as under: "Having heard Mr. Darpan Wadhawa, learned Senior Counsel for the Appellant and Mr. Anant A. Pavgi, learned counsel for the 'Interim Resolution Professional', we are of the view that an application u....