2022 (3) TMI 236

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.... Bankruptcy Code, 2016 (for short IBC) being aggrieved and dissatisfied by the order dated 22.03.2021 in C.P.(IB) No. 300/NCLT/AHM/2020 passed by the Ld. Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad whereby and where under the Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by the Appellant herein - Shri. Vishal Jitendra Patel, M/s. Vrundavan Residency Pvt. Ltd. was dismissed. 2. The facts giving rise to this Appeal are as follows: i) The Appellant is in the business of Hostel services including the residential rooms, hostel, lodging and boarding of students. The Appellant provided an unsecured loan to the Corporate Debtor vide Board Resolution dated 19.04.2011 sancti....

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....nt with the Corporation Bank to that of the Corporate Debtor through RTGS bearing reference no. 206006313140002. 26.08.2014 Rs. 4,50,000/- from the Account of the Appellant with the Corporation Bank to that of the Corporate Debtor through RTGS bearing reference no. CORPR92014082820600. 20.02.2015 Rs. 10,00,000/- from the Account of the Appellant with the Corporation Bank to that of the Corporate Debtor through RTGS bearing reference no. CORPR92015022020600. 27.02.2015 Rs. 6,00,000/- from the Account of the Appellant with the Corporation Bank to that of the Corporate Debtor through RTGS bearing reference no. CORP9201502272060000. ii) The Corporate Debtor defaulted in repaying the loan and the calculation sheet from 2017-....

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....s further Submitted that at the time of adjudicating a Section 7 petition, the Ld. NCLT is required to see the following essential elements enshrined in the provisions, a) A default should have occurred for initiating CIRP. b) As per Section 7(3)(a), the financial creditor has to furnish a record of the default recorded with the information utility "or" such other record or evidence of default. In this present case, the Appellant has fulfilled both the conditions required for admission of Section 7 petition, and the finding of the Ld. Adjudicating Authority that the debt is time-barred is erroneous. 6. It is further submitted that the default by the Respondent is a continuing default as mentioned in the Section 7 Application (at....

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....Appeal which is the Annual Tax Statement of the Appellant under Section 203AA of the Income Tax Act 1961 in form 26AS known as TDS certificate shows that the Respondent has deducted the TDS amount in the year 2016-17. Further, page 208, Vol.-I of the Appeal which is the Account Ledger Confirmation of the Appellant duly signed by the Respondent's authorized signatory starting from 01st April 2015 to 31st March 2016 shows that the amount of Rs. 54,71,783/- as a "Long Term Borrowing". Similarly, certificate given by B.C. Patel & Co., Chartered Accountants (at page 209, Vol.-I of the Appeal) after verified from the ledger account and other relevant documents shows that the Respondent had an outstanding of Rs. 89,24,630/- till 31st Dece....