2021 (12) TMI 1237

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....the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor viz., Dakshin Constructions Private Limited(hereinafter called as "Respondent"). 2. Part - I, of the Application discloses the fact that the Petitioner is filing this application in her capacity as an 'individual', under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter "IBC, 2016"). 3. Part-II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN:U45201TN1995PTC031625 which was incorporated on 31.05.1995 under the Companies Act, 1956 and that its Authorized and Paid up share Capital is Rs. 2,00,00,000/- and Rs. 1,63,53,000/- res....

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.... Receipt dated 24.07.2018, Document No. 4491 of 2018 on the file of Purasawakkam SRO. vi. Copy of the Sale deed dated 31.10.2018 registered as Document No. 6488 of 2018 on the file of Purasawakkam SRO. vii. Copy of Annual Returns of the Corporate Debtor for the year ended on 31.03.2020. viii. Copy of the Account Statements of the Applicant herein. 7. The Applicant herein has come before this Tribunal through filing an Application under section 7 of the IBC, 2016. The Respondent/Corporate Debtor had filed the Counter statement on 24.08.2021, for which the Applicant herein had filed a Rejoinder to the effect on 09.09.2021. 8. Heard, the submission made by the Learned Counsel for the parties and perused the doc....

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.... and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 11. In this context it is relevant to refer to attendant Regulation 8 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 8. Claims by financial creditors. (1) A person claiming to be a financial creditor, other than a financial creditor belonging to a class of creditors, shall submit claim with proof to the interim resolution professional in electronic form in Form C of the Schedule: Provided that such person may submit supplementary documents or clarifications in support of the claim before the constitution of the committee. (2) The existence of debt due to the financial cred....

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....r Vs. Utsav Security [Company Appeal (AT) (Ins) No. 251 of 2020]. "20. On the other hand, as per the Corporate Debtor in absence of a Financial Contract defined in Rule 3(1)(d) the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 between the Corporate Debtor and Financial Creditor, the transaction cannot be termed as Financial Debt..........." 15. Thus, in view of the dispositive facts and reasons set out supra, the Applicant herein failed to demonstrate that the 'debt' has become due and payable and there's default, due to the lack of a 'Financial contract' in consonance to the present case and as such the Applicant does not qualify to be the Financial Creditor in relation to the....