TaxTMI 
TaxTMI 
2021 (7) TMI 240
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....2016 (for brevity 'the Rules') by Citron Strategies Private Limited through its Director, Mr. Yogi Bhartari, who has been duly authorised vide Board Resolution dated 27.02.2020 (for brevity 'Applicant') with a prayer to initiate the Corporate Insolvency process against Leading Hotels Limited (for brevity 'Corporate Debtor'). 2. The Applicant is a private limited company incorporated under the provisions of Companies Act, 1956 on 12.07.2012 having CIN U74140DL2012PTC238704. The applicant company is engaged in the business of Agro Commodity Broking, having its registered office at 602, Block-A, Naurang House, 21, Kasturba Gandhi Marg, Connaught Place, New Delhi-110001. 3. The Corporate Debtor is a limited company inc....
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....r letter of undertaking for the ICD is reproduced as under: Securities provided by the corporate debtor to the applicant in lieu of the 2nd ICD: i) Undertaking alongwith two post-dated cheques of Rs. 65,00,000 (Principal) and Rs. 2,61,567 (interest) ii) Demand Promissory Note towards repayment of inter corporate deposit." The copies of the said Letter, Undertaking for Inter Corporate Deposit, Money Receipt and Demand Promissory Note all dated 18.07.2018 are annexed. 6. Thereafter, as per the request of the corporate debtor vide its letter dated 23.07.2018 for the extension of 1st ICD on the aforementioned terms, the applicant agreed to grant the extension for the period of 90 days to the corporate debtor. The corporate debtor had fu....
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....r repayment of entire amount. The applicant did not consent to any further extension/rollover. However, even after repeated requests by the applicant to the corporate debtor, for the repayment of the debt amount i.e. Rs. 1,34,30,497/-, no repayment was made by the corporate debtor. Therefore, the applicant filed the present application under section 7 of the Code. 10. The Corporate debtor filed its reply and raised following contentions, objecting the admission of the application as follows: a) That, the applicant had filled the impugned application without proposing the name of the Interim Resolution Professional under Part -III of Form 1. b) That no debt is due and payable to the applicant, as the corporate debtor had duly paid the i....
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....D dated 22.10.2018 but thereafter the applicant duly received the interest for the same and never objected to the renewal of the ICD dated 22.10.2018. That, after receiving the interest amount in the bank account of the applicant, the rollover of the ICD dated 21.10.2019 is denied. 11. The rejoinder was not filed, written submissions of the applicant states as under: i) All the contentions of the corporate debtor are denied. That there is no denial/dispute by corporate debtor, with respect to the debt amount of Rs. 1,34,17,781/- (as on 30.04.2020) disbursed in the account of the corporate debtor as per ICD dated 22.07.2019. ii) There is also no denial/dispute by the corporate debtor, to the nature of the debt covered under the definiti....
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....idence produced by the corporate debtor with respect to the payment made to the applicant of its debt. Further, there is no document placed on record to substantiate the defense of the corporate debtor, that the default has not occurred. As long as the extension was granted by the applicant, debt was allowed to be restructured, but after the 21.10.2019 there is no document produced to show that the debt is not due and payable. 13. We are supported by the judgment of the Hon'ble Supreme Court in the Innoventive Industries Ltd. Vs. ICICI Bank and Anr. (2018) 1 SCC 407. which clearly held that: "The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in wh....
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....escribed under the Code. 17. The Applicant has proposed the name of Insolvency Resolution Professional, Ms. Minni Katariya, having registration No. IBBI/IPA-003/IP-N00273/2020-21/13097, and email id [email protected]. A written communication sent by her in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has also been placed on record. There is a declaration made by her that no disciplinary proceedings are pending against her in the Insolvency and Bankruptcy Board of India or ICSI. In addition, further necessary disclosures have been made by Ms. Minni Katariya as per the requirement of the IBBI Regulations. Accordingly, she satisfies the requirement of Section 7(3)(b) of the Code.....