TaxTMI 
TaxTMI 
TaxTMI 
2021 (6) TMI 276
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....ion to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by Suraj Holdings Limited through its Employee, Mr. Deepak Raturi, who has been duly appointed vide Board Resolution dated 06.06.2019 (for brevity 'Applicant') with a prayer to initiate the Corporate Insolvency process against BNB Investment and Properties Limited (for brevity 'Corporate Debtor'). 2. The Applicant is a limited company incorporated under the provisions of Companies Act, 1956 on 20.04.1992, having CIN U74899DL1992PLC048383. The applicant is having its registered office at A-92C, Taimoor Nagar New Friends Colony New Delhi-110025. 3. The Corporate Debtor is a limited company incorporated under the provisions of Companies Act, 1956 on ....
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....and the collateral security was rendered meaningless. 6. The applicant submits that the Corporate Debtor did not make any payment of the outstanding to and despite several follow-ups and reminders. The applicant sent a legal notice dated 09.09.2019 to the corporate debtor calling to upon to repay the amount of Rs. 25,00,000/- along with interest @10.00% totaling to an amount of Rs. 34,67,009.19/-, however, no reply was received nor the outstanding was repaid by the corporate debtor. Hence, application under section 7 under I & B code was filed. 7. The Corporate Debtor has filed their reply to the application controverting the averments made in the application and has asserted as follows: i. That the corporate debtor was not intimated ab....
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....ount vide notice dated 09.09.2019 i.e. after a period of three years. Hence, the three years' limitation time from the date of disbursement of the alleged loan amount has lapsed, rendering the present Application time-barred. 8. The applicant has filed rejoinder and has asserted as follows: i. That the corporate debtor who proposed to transfer 75000 shares of C&C Constructions Ltd. and not the Applicant. Further the corporate debtor was duly aware that the share value of C&C Construction would decrease thereby lending the collateral security redundant and the Applicant being unable to claim the loan amount. The Applicant could not have sold the shares as they were held as collateral and if the corporate debtor wanted the applicant to....
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.... applicant under the heading current liabilities, shown as advance as received from the applicant. Therefore, the application is filed within the period of three years from the date of the said admission of liabilities and the debt is not time barred. iv. That an interest of 10% p.a. is debited each year into the account statement of the corporate debtor and is clearly reflected in the statement of account, which is confirmed by the corporate debtor. Thus, the loan was given without interest is incorrect. Further even if the component of interest is not to be considered, the principal amount is still due and outstanding. 9. The corporate debtor has filed the written submissions and retreated same arguments which are the averments made in....
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.... years from 31.03.2018. We are satisfied that the financial debt has become due and default has occurred and application being complete needs to be admitted. 12. As per Part IV Form 1 it is submitted that the date default is 09.09.2019 and the application is filed on 21.11.2019, which is well within the period of limitation and not barred by law. 13. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 14. In the present application, the Applicant is entitled to claim its dues, establishing the default in payment of the financial debt beyond doubt. In the light of above facts and records the present application is admitted. 15. The Applicant ha....