2021 (8) TMI 109

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cy process against M/s. IDzire Hospitality Private Limited ('Corporate Debtor'). 2. The Corporate Debtor M/s. IDzire Hospitality Private Limited is a Company incorporated with CIN No. U93000 DL 2014PTC265146 on 20.02.2014 under the provisions of the erstwhile Companies Act 1956, having its registered office at 145A/9, Kishangarh, Vasant Kunj, New Delhi-110070, which is within the jurisdiction of this Tribunal. 3. The Authorized Share Capital of the Corporate Debtor Company is Rs. 2,00,000/- and Paid-up Share Capital of the Company is Rs. 2,00,000/- as per the master data annexed with the Application. 4. It is averred that the Applicant had entered into a Loan Agreement dated 07.08.2019 with the Corporate Debtor, through its Direc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tive EMI's falling due on 15.09.2019, 01.10.2019, 15.10.2019, 15.11.2019, 01.12.2019, 15.12.2019 and 01.11.2019, 01.01.2020 respectively and thus, committed default in repayment of its financial debt. 9. It has been averred by the Applicant in the Part- IV of the Application that the total amount outstanding against the Corporate Debtor is Rs. 2,71,909/- as on 08.01.2020 including late fees penalty and interest applicable. 10. That the applicant has annexed copy of the Loan Agreement dated 07.08.2019 as Annexure B to the Application, its Bank Account Statement showing proof of disbursement and E-mails exchanged between the parties. The financial creditor had also issued Loan Recall cum Demand Notice dated 09.11.2019 to the Corporate D....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....te Debtor in its reply has clearly stated that "due to poor business performance across the hospitality sector coupled with other financial obligations such as payment of salaries of employees etc. lead to unintentional delay in payment of EMIs." He has added that he is "still desirous and willing to clear the outstanding dues of the Applicant...". Evidently, the Corporate Debtor has admitted its inability/liability to pay the dues and default committed. This Bench is, therefore, inclined to initiate the CIR Process against the Corporate Debtor. 13. In the given facts and circumstances, the present Petition being complete and having established the default in payment of the Financial Debt for the default amount being committed above the th....