TaxTMI 
TaxTMI 
2022 (3) TMI 863
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....ty Rules), for initiating the Corporate Resolution Process (CIRP), declaring moratorium and for appointment of Interim Resolution Process (IRP), against the Corporate Debtor viz., M/s. Swati Health & Education Services Private Limited (Corporate Debtor), for default in repayment of Rs. 6,18,29,477 (Rupees Six Crore Eighteen Lakh Twenty Nine Thousand Four Hundred Seventy Seven Only) including interest. 2. It is averred that the Corporate Debtor had approached the Director of the financial Creditor for seeking loan facility to meet its urgent business financial commitments and on request, the Petitioner i.e., M/s. Eclear Leasing & Finance Private Limited gave an unsecured demand loan on 07.12.2016 of Rs. 5,50,00,000 (Rupees Five Crore Fifty ....
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....and the Addendum to the MoU. The day to day operations of the Corporate Debtor were not looked into by Mr. Sanjiv Gupta, as he is merely a sleeping director since the incorporation of the Corporate Director. The Petitioner has taken the benefit out of the dispute between the Directors of the Corporate Debtor to obtain the documents which are part of the Application. The fact that Mr. Sanjiv Gupta was being duly authorized or not to sign the MoU, cannot be decided in the present proceedings. The Petitioner has relied on the letter dated 02.07.2018, however, the same is signed on the plain paper and not on the letter head of the Corporate Debtor, therefore, there is no proof of receipt of the same. 5. It is stated that the application is tim....
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....e, such a plea raised by the Corporate Debtor/Respondent has no legal basis. 8. It is submitted and tenable to hold that the date of default is 31.03.2019 and the application is filed on 31.10.2020, which is well within the period of limitation and not barred by law. 9. The registered office of corporate debtor is situated in Delhi and therefore, this Tribunal has jurisdiction to entertain and try this application. 10. The application is complete which is filed in the proforma prescribed under Rule 4 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of the IBC. From the narration as above, we are satisfied that a default has occurred, and the debt has remained unpaid. Thus, the a....