TaxTMI 
TaxTMI 
2022 (6) TMI 1219
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....ion to deal with this petition. 3. The Financial Creditor gave an advance amount of Rs.3,77,00,000/- on 14.09.2016 to the Corporate Debtor. Further Financial Creditor submits that the Corporate Debtor has given Confirmation of accounts dated 15.04.2017 to the Financial Creditor. The Corporate Debtor had promised to pay the interest but failed to pay the interest amount and only deposited the part TDS amount of Rs.2,66,558/- on 01.08.2018. 4. The Financial Creditor provided that the default occurred on 19.06.2019, amount outstanding and payable as on 31.06.2019 is Rs.1,51,36,000/- comprising of Principal amount and Interest thereon. Copy of Particulars of claim is Annexed to Petition as 'Annexure B'. 5. The details of finance advance provided by the Financial Creditor to Corporate Debtor together with refund of advance amount. The detailed transaction i.e. each and every financial transaction from 14.09.2016 till 31.05.2019 is given in the Particulars of Claims as per 'Annexure B'. On the date of filing this Petition in Part IV of Form 1, debt is described as below: Particulars of Financial Debt 1. Total Amount of Debt Granted Date(s) of Disbursement As per the ....
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....bt, interest payable, interest rate and date on which the purported amounts would be repayable. 9. A perusal of the present Petition and in particular Sr. No. 5, Part V of Form I, the Petitioner has inputted "NA" in respect of the row in the tabular chart for the entry "THE LATEST AND COMPLETE COPY OF THE FINANCIAL CONTRACT RELECTING ALL AMENDMENTS AND WAIVERS TO DATE". 10. Similarly, in Sr. No. 8, Part V of Form I, the Petitioner was supposed to annex the "LIST OF OTHER DOCUMENTS ATTACHED TO THIS APPLICATION IN ORDER TO PROVE THE EXISTENCE OF FINANCIAL DEBT, THE AMOUNT AND DATE OF DEFAULT". A perusal of the documents enlisted would manifest that the same in no manner demonstrates the terms the terms of the financial debt, the tenure of the debt, details of interest payable and date of repayment etc. and the absence of the written contract is therefore conspicuous. 11. Thus, it is the Petitioners own admission that there is no written contract much less oral contract or financial contract in support of its case. 12. In order to seek order in Section 7 of the IBC, one has to demonstrate that there is debt and default. This can be ascertained on the basis of - i.....
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....d to admit the petition. 18. In the case of Asset Reconstruction Company (India) Limited v. Bishal Jaiswal and Anr. (2021) 6 SCC 366, the Hon'ble Supreme Court of India has now settled that admission of a debt in the balance sheet signed by the Corporate Debtor would amount to an acknowledgement of such debt, thereby giving rise to a fresh period of limitation under Section 18 of the Limitation Act,1963. (Refer paragraphs: 8, 9, 16,21 and 22 to 33). 19. The above settled position of law is directly applicable to the facts of the present case. In view of the same, it is abundantly clear that the Corporate Debtor owes a financial debt to the Financial Creditor. There is Balance confirmation by the Corporate Debtor of the dues payable to the Financial Creditor. On account of its acknowlegement of debt the Corporate Debtor has confirmed the amount as stipulated in the confirmation of accounts dated 15.04.2017, due and payable to the Financial Creditor. The Financial Creditor submits that in view of the Corporate Debtor's loan having become due and payable on demand and its failure and inability to pay the same, the Petition to be admitted. 20. Upon perusal of records, this Ben....
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....by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium:- (i) The supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) The provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr. Rajesh Mittal, Registration No. IBBI/IPA-002/IPN00083/ 2017-2018/10224, having address at Navjyoti Darshan Co-....