TaxTMI 
TaxTMI 
2021 (11) TMI 471
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....reinafter as Rules) in the capacity of "Financial Creditor" on 16.01.2020 by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code(hereinafter as Code) against 'JVPD Properties Private Limited' (hereinafter as 'Corporate Debtor'). 2. The Corporate Debtor Company is carrying Business of Construction and Development. The Financial Creditor is an Individual. 3. In the requisite Form, under the head "Particulars of Financial Debt" the total amount of Debt granted is stated to be Rs. 1,10,00,000/- (Rupees One Crore Ten Lakhs Only) the Principal loan and interest amount of Rs. 33,99,999/- up to 31.11.2019. The date of Disbursement was 24.02.2014. SUBMISSIONS BY THE FINANCIAL CREDITOR 4. The Financi....
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....4.02.2014 Axis Bank 60,00,000/- 2 514776 Date:- 24.02.2014 Axis Bank 50,00,000/- Total Rs. 1,10,00,000/- 9. The Financial Creditor submits that during the tenure of the MOU, the Corporate Debtor paid the interest @ 18% on the said loan amount of Rs. 1,10,00,000/- up to 24.04.2016. The total interest amount paid during the said period is Rs. 35,64,000/-. Further, for the payment of the said interest amount, the Corporate Debtor had given post-dated cheques to the Financial Creditor. 10. After the expiry of the said MOU, the Corporate Debtor approached the Financial Creditor and showed its inability to pay the outstanding loan amount and requeste....
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....any purchasers of the Flat project have filed Criminal Complaints against the Corporate Debtor and its Directors. A FIR is also registered, and the matter is under investigation of Economic Offences Wing. 15. The Financial Creditor submits that as per the accounts maintained by the Financial Creditor, the Corporate Debtor failed to pay an amount of Rs. 1,43,99,000/- i.e. principal loan amount of Rs. 1,10,00,000/- and interest of Rs. 33,99,000/- @ 12% up to 31.11.2019. 16. The Financial Creditor states that the debt was duly disbursed. The Corporate Debtor failed to repay the loan amount and the date of default is 24.10.2017. 17. The Petitioner draws the attention of this Bench towards the Bank Statement of Account of the Corporate ....
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.... accepted its liability to pay to the Financial Creditor in its reply dated 07.11.2020. The Corporate Debtor has not disputed the loan disbursed and has expressed its inability to pay to the Financial Creditor due to insufficiency of funds. There is no dispute as to loan amount disbursed by the Financial Creditor to the Corporate Debtor. 22. Due to persistent failure on the part of the Corporate Debtor to repay the loan, the Financial Creditor vide letters dated 15.11.2017, 01.12.2017 and 20.12.2017 requested the Corporate Debtor to refund the interest amount. 23. The Financial Creditor has attached copy of Balance sheet of the Corporate Debtor for the Financial Year 2014-2015 which reflects the debt payable to the Financial Creditor.....
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....sional. The IRP proposed by the Financial Creditor, Mr. Kedar Parshuram Mulye, having registration No. IBBI/IPA-001/IP-P-01365/2018-19/12282, is hereby appointed as Interim Resolution Professional to conduct the Insolvency Resolution Process. 28. Having admitted the Petition/Application, the provisions of Moratorium as prescribed under Section 14 of the Code shall be operative henceforth with effect from the date of order, and shall be applicable by prohibiting institution of any Suit before a Court of Law, transferring/encumbering any of the assets of the Debtor etc. However, the supply of essential goods or services to the "Corporate Debtor" shall not be terminated during Moratorium period. It shall be effective till completion of the ....