TaxTMI 
TaxTMI 
2022 (1) TMI 322
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.... PRIVATE LIMITED (Corporate Debtor). The financial Creditor claiming to be in default a sum of Rs. 1,85,19,027/- inclusive of interest of 17% p.a. as on 22.07.2021. The date of default is 1st April,2021. 2. The Corporate Debtor is a private limited company incorporated on 24.02.1982 under the companies Act,1965 with Register of companies (RoC), Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U45200MH1982PTC026441. Its registered office at CTS No.714 F, Plot No.508, Near National College, V.P. Road, Bandra (WEST), Mumbai Therefore, this bench has jurisdiction to deal with this petition. 3. The case of Financial Creditors is as follows: a) The Financial creditor submits that, the total amount claiming to be in defau....
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....Thousand Only) was lent at the compound interest rate of 17% p.a. to be paid on the Quarterly basis, whereas loan of Rs. 16,00,000/- was lent at the interest rate of 12% p.a. compounded basis. The Corporate Debtor has paid periodically interest till 14th February 2016 and thereafter the Corporate Debtor has failed to make any payment. e) The Financial Creditor Submits that, reminder letters dated 20.02.2018 and 1.03.2018 requesting for the Repayment of loan along with interest was due since 15.02.2016 which was given to the Corporate Debtor. f) The Financial Creditor Submits that, a letter dated 3.03.2018 informing the Financial Creditor that Corporate Debtor has sent all the details to the CA for checking and verifying th....
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....bmits that, as the cheque was deposited for its clearance on 30.06.2020, which has been dishonoured on 02.09.2020 due to the reason mentioned as "Funds Insufficient". l) The Financial Creditor Submits that, the notice u/s 138 of Negotiable Instruments Act dated 08.09.2020 was issued on Corporate Debtor. m) The Financial Creditor Submits that, the Corporate Debtor had approached with an offer of One-time Settlement with a proposal to make payment of the entire amount of Principal and interest till 30.06.2020. It was further agreed between parties that the corporate Debtor will secure the payment of dues to the Financial Creditors. n) The Financial Creditor Submits that, Agreement for Repayment of Loan dated 7.10.20....
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....pied but due to the 1st Covid-19 wave the licensee has vacated the said premises. d. Corporate Debtor submits that, six months more time may be granted to repay their loan along with the interest at the rate of 17% p.a. e. Corporate Debtor submits that, the said affidavit in reply is filed for opposing the appointment of Insolvency Resolution Professional. 5. Corporate Debtors referring to the letters dated 20.02.2018 ,01.03.2018 and 3.03.2018 alleging that the financial creditor has sent the figures/amounts by mistake and are incorrect. 6. Corporate Debtor submits that, as per the letter dated 25.07.2020 requesting for the extension of time to deposit and issue cheques all dated 30.06.2020. 7. The Financial Credi....
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....as proposed Mr. Saket Shantilal Jain, an Insolvency Professional registered with Indian Institute of Insolvency Professionals of ICAI having registration number IBBI/IPA-001/IP-P00065/2017-2018/10151. He is appointed as IRP for conducting CIRP of the Corporate Debtor. ORDER This Application being C.P. (IB) No. 806/NCLT/MB/C-IV/2021 filed under Section 7 of I&B Code, 2016, presented by Amit Punjabi, Financial Creditor/ Applicant against GAMBS India Private Limited, Corporate Debtor for initiating corporate insolvency resolution process is admitted. We further declare moratorium u/s 14 of I&B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: a) the institution of suits o....