2021 (6) TMI 484

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.... its Director, Mr. Pravesh Dhandhania, authorised by an undated Board Resolution annexed with the Application at page 35, seeking to initiate Corporate Insolvency Resolution Process (hereinafter, CIRP) against Kohinoor Sarees Pvt. Ltd. (hereinafter, the Corporate Debtor). 2. The Corporate Debtor is a company limited by shares incorporated on 23.03.2006, having CIN: U17299WB2006PTC108666, under the Companies Act, 1956, with the Registrar of Companies, West Bengal, Kolkata. Its registered office is at Village Kalachara PO & PS Chanditala, Hoogly, West Bengal-712702. Therefore, this Bench has jurisdiction to deal with this Application. 3. The present Application has been affirmed on 07.11.2019 and thereafter filed before this Adjudicatin....

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....of the aforementioned amount at page 47. e. Copy of ledger of Financial Creditor for the financial years 2015-2016 and 2016-2017 and copy of confirmation of account for the financial years 2017-2018 and 2018-2019, are annexed with the Application and marked as Annexure A-09 at pages 32-35. f. Copy of Form 26 AS for the Financial Year 2018-2019 showing deduction of TDS at pages 58 and 59. g. Copy of relevant pages of bank statement where payments from the Corporate Debtor were received at pages 62 and 63. 6. Notice of the Application was served upon the Corporate Debtor. The Corporate Debtor appeared and filed its reply affidavit. However, when the matter was listed on 08.01.2021 after the lockdown, nobody appea....

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.... tax deducted at source at a regular interval, which establishes its readiness to pay. There has not been any default committed by the Corporate Debtor as there is no provision for the same. From the pleadings contained in the said application itself, it will be clear that the Corporate Debtor is still making payments of the amounts due and payable. 7. Heard the learned Counsel appearing for the Financial Creditor and perused the record. Though some of the documents are on record, material documents have not been filed by the Financial Creditor. 8. There is no loan agreement between the Financial Creditor and the Corporate Debtor. Neither is there any other document/letter that proves that the loan was requested by the Corporate Debto....

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.... default thereof. 13. The Application made by the Financial Creditor is not complete in all respects as required by law. From the Application and the documents annexed thereto, it cannot be ascertained whether the Corporate Debtor is in default of a debt due and payable, or that the default is in excess of the minimum amount of one lakh rupees as stipulated under section 4(1) of the Code at the relevant time. 14. Apart from the legal requirements as envisaged under section 7 of the Code, there are several clerical mistakes in the Application, e.g., in the cause title at the first page of the Application, the words "Operational Creditor" has been mentioned instead of "Financial Creditor", the CINs of the Financial Creditor as well as t....