TaxTMI 
TaxTMI 
2022 (3) TMI 282
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....d by the Appellant being aggrieved and dissatisfied by the order dated 14.06.2019 in CP (IB) No. 383 (ND) of 2019 passed by the Ld. Adjudicating Authority (National Company Law Tribunal), New Delhi, Bench-III whereby and where under the Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short IBC) filed by the Appellant herein - Prayag Polytech Pvt. Ltd. was dismissed. 2. The facts giving rise to this Appeal are as follows: i) The Appellant agreed to advance certain amount as loan to the Respondent to the tune of Rs. 1,60,00,000/- against payment of interest at the rate of 15% per annum for the period from May 8, 2017 till date, which is as hereunder: Particulars Amount (in Rupees) Amount disbursed o....
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....age 33 to 93 of the Appeal). v) The Respondent then appeared and filed a reply affidavit before the Ld. Adjudicating Authority and after hearing the parties, the Ld. Adjudicating Authority has dismissed the Application filed by the Appellant under Section 7 of the IBC. Hence this Appeal. Submissions on behalf of the Appellant 3. The Learned Sr. Counsel for the Appellant during the course of argument and in his Written Submissions submitted that the Appellant under an oral agreement, disbursed an amount of Rs. 1,60,00,000/- during the period commencing on May 8, 2017 till May 12, 2017. 4. It is further submitted that the Appellant is neither a Non-Banking Financial Company nor registered with the Reserve Bank of India as a Non- B....
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.... Order. Based on these submissions, no merit in the Appeal, the Appeal is fit to be dismissed. FINDINGS 9. After hearing the parties and having gone through the pleadings made on behalf of the parties, we are of the considered view that the following facts are admitted in the instant Appeal. The claim of the Appellant that the loan is payable on demand and recall notice sent on 02.01.2019 to pay the amount by 09.01.2019, in this regard no reply given by Respondent, hence in default from 09.01.2019. The Respondent has taken the stand that the notice at page No 59 of the Appeal is different from the correct address mentioned by the Appellant themselves at page No. 42 of the Appeal and thus no delivery was ever made. Fu....
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.... a) The alleged notice was sent to a wrong address and not the address of the Corporate Debtor; b) The Postal Tracking Report filed by the Appellant says that the post was not delivered; c) That the Appellant has made false averments before the NCLT stating that even after service the Corporate Debtor has not paid the amount; and d) The Appellant has falsely claimed that the same is served. vi TDS has been deducted by the Corporate Debtor. a) TDS was deducted for interest at the rate of 11% p.a. as required under law; b) No payment made to the Appellant. The said interest added to the long term Borrowings; and, c) No amount is due as alleged. vii The Appellant i....