2019 (9) TMI 1602

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Bankruptcy Application to Adjudicating Authority Rules, 2016 for initiating Corporate Insolvency Resolution Process against the "Corporate Debtor" M/s. JSK Marketing Ltd., Worli, Mumbai-400 018 for an outstanding Debt amount of Rs. 50,00,000/- Plus Rs. 4,76,712/- being Interest @ 24% from the date of disbursement of the loan i.e. 22.11.2018 till 16.04.2019. Thus total default amount claimed at Rs. 54,76,712/-. Brief background of the case:- 2. It is informed by the Petitioner/ Financial Creditor that on 16.11.2018, M/s. JSK Marketing Ltd. (Borrower/ Corporate Debtor) executed a Loan Agreement to avail a loan of Rs. 50 Lakhs from the Financial Creditor upon the terms and conditions set out in the said Loan Agreement. Copy of Loan Agreemen....

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 the Books of the Financial Creditor for the Financial Year 2018-19 is on record. 4. From the side of the Respondent Debtor Learned Representative is present. However, no reply has been filed to defend its case. To defend the default of non- payment of Debt, no substantial defence was pleaded. FINDINGS 5. Heard the submissions of the Petitioner Creditor, perused the contents of the Petition in the light of the annexed evidences. 6. It is pleaded by the Petitioner/ Creditor that the Corporate Debtor had defaulted to make repayments of the loan in accordance with the terms of the Loan Agreement. There was no pleadings from the side of the Respondent Debtor. 7. In the light of the above discussion and on due perusal of the do....