TaxTMI 
TaxTMI 
2021 (11) TMI 606
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....6 by Mr. Surendra Kanaiyalal Shah through its proprietor of Shah Photo Film Company ('Financial Creditor'), with a prayer to initiate the Corporate Insolvency process against M/s. Magicon Impex Private Limited ('Corporate Debtor'). 2. The Corporate Debtor M/s. Magicon Impex Private Limited is a Company incorporated with CIN U32201DL2004PTC127870 on 27.07.2004 under the provisions of the erstwhile Companies Act 1956 having its registered office at B1/625, 2nd Floor, Main Road, which is within the jurisdiction of this Tribunal. 3. The Authorized Share Capital of the Corporate Debtor Company is Rs. 10,50,00,000/- and Paid-up Share Capital of the Company is Rs. 4,34,00,000/- as per the master data annexed with the Applicat....
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.... that purpose the parties had executed an Agreement dated 25.03.2019 which is produced at Exhibit-C along with the Petition. 3. It is pertinent to note that by virtue of the aforesaid Agreement dated 25.02.2019, the Petitioner had paid and the Respondent had accepted an interest-bearing Deposit Rs. 70,00,000/- (Rupee Seventy Lakhs Only). The Petitioner has produced the copies of his Bank Statement for the relevant period (Exhibit-D) showing the corresponding entries which demonstrate that the amount was transferred from the Petitioner to the Respondent. The Petitioner has also produced the copy of the ledger at Exhibit-F which reflects the relevant entries. 4. The Petitioner most respectfully submits that the term "Financi....
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.... dated 25.03.2019, whereby the Corporate Debtor was appointed the Applicant as "Consignment & Freight Agent", the Applicant had paid an interest-bearing Deposit of Rs. 70,00,000/- and the same is a "Financial Debt" in terms of Section 5(8)(f) of IBC, 2016. 11. The Applicant has also placed reliance on the Judgment of Hon'ble NCLAT in the matter of Sh. Satish Chand Gupta Vs. Sarvel India Pvt. Ltd. in Company Appeal No. 502/2020: "37............ the term 'deposit' includes any receipt of money by a company either as deposit or loan or in any other form by it......." "42........... the 'Corporate Debtor' had accepted money from the Appellant against the payment of interest and bearing in mind the paymen....
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.... under any acceptance credit facility or its dematerialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d) the amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed; (e) receivables sold or discounted other than any receivables sold on non-recourse basis; (f) any amount raised under any other transaction, including any forward sale or purchase agreement, having the commercial effect of a borrowing; [Explanation. -For the purposes o....
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.... we find that the Petition is maintainable. Therefore, we direct the petitioner to issue notice upon the Corporate Debtor by all modes as to why the CIR process shall not be initiated against it. List the matter on 29.10.2021. 16. However, nothing expressed herein shall be construed as an opinion on the merits of the case and shall not come as an obstacle for the Corporate Debtor in raising its defence. ============= Document 1 PART-IV 1. PARTICULARS OF FINANCIAL DEBT Total amount of debt Outstanding Principal: Rs. 70,00,000/- of Default date: 25th January, 2020 granted date(s) disbursement 2. Amount claimed to be on default and the date on which the default Interest: Rs. 10,05,672/- (Corporate Debto....