2021 (6) TMI 21

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....ces Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code 2016 ("the Code") for the alleged default on the part of the Respondent in settling an amount of Rs. 16,39,808/- (Sixteen Lakh Thirty-Nine Thousand Eight Hundred Eight Rupees only) paid to the Applicant. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: a. That the applicant i.e., Dewdrops Mercantile Pvt. Ltd. Entered into a loan agreement on 25.07.2019 wherein, the applicant agreed to lend a sum of Rs. 15,00,000/- to the Respondent. The applicant further states that the Respondent was required to repay the Loan amount by 31.07.2020. That the Respondent was required to pay interest @18% P.A. on the Loa....

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....r the debt under the purview of section 7 of IBC, 2016. ii. The Respondent stated that there has been no occurrence of "default" on the part of the Respondent till date. That any limited inconsistencies in the payment schedule as agreed by the Parties to the agreement should not be constituted as an "default" as the dispute is under constant negotiations and discussions between the parties. The Respondent further submitted that it is trying its best to settle the account and repay the due amount as per the settlement negotiations. That in the light of the present pandemic situation where the entire economy of the country is in doldrums, this Hon'ble Tribunal should consider the pleas of the Respondent and decide in the interest....

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....019. The Respondent submits that the applicant agreed to the request of the Respondent. vii. The Respondent further submits that due to the continued financial difficulties and unforeseen circumstances, the Respondent was not able to pay the arrears as had been assured. That the Respondent again approached and requested the Applicant to consider the situation of the Respondent on sympathetic grounds as the Respondent was constantly attempting to make best efforts to repay the due amount. 3. We have gone through the documents filed by both the parties and heard the arguments made by the counsels. The applicant has claimed the default on part of the Respondent for the Loan amount of Rs. 16,39,808/- (Sixteen Lakh Thirty-Nine Thousa....

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....btor due to unforeseen circumstances. 7. In the light of the aforesaid facts, we find that the documents submitted by the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment of loan amount. 8. That this tribunal after giving careful consideration to the entire matter, hearing the arguments of the parties and upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect. 9. A moratorium in terms of Section 14 of the Code is imposed forthwith in following terms: "(a) the institution of suits or continuation of ....