TaxTMI 
TaxTMI 
2022 (7) TMI 1190
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..... 2. This petition under section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has been filed by Consolidated Infracon Private Limited (hereinafter referred to as the Financial Creditor) for initiation of Corporate Insolvency Resolution Process in respect of Mayur Ply Industries Private Limited, CIN: U20101WB1988PTC130655, having its registered office at 46C, Rafi Ahmed Kidwai Road, 3rd Floor, Kolkata, West Bengal - 700016 (hereinafter referred to as the Corporate Debtor). 3. It is contended by the Financial Creditor that a total sum of Rs. 50,00,000/- (Rupees Fifty Lakh only) was extended as loan to the Corporate Debtor by way of Inter C....
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....8 amounting to a sum of Rs. 50,00,000/- (Rupees Fifty Lakh only) issued by the corporate debtor along with return memo issued by the Bank dated 6th December 2018; d. Copy of the TDS report evidencing deposit of TDS towards interest paid by the corporate debtor; and e. Legal Notice dated 31st December 2018 issued by the advocate of Financial Creditor to the Corporate Debtor. 5. In reply to the petition, the Corporate Debtor in its affidavit-in-reply, without disputing the existence of loan amount, inter alia submitted that the application is not maintainable and there is a bona fide dispute regarding the alleged default amount of debt as allegedly claimed by the Financial Creditor. It is noteworthy to mention here that the Corporate ....
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....tor submits that such instalment payments were accepted with protest and objections. 9. The Corporate Debtor thereafter relied upon the application under Form I filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 and showed this Tribunal that the Financial Creditor claimed a total sum of Rs. 53,72,329/- (Rupees Fifty Three Lakh Seventy Two Thousand Three Hundred and Twenty Nine only), inclusive of both principal and interest overdue. 10. The Counsel for the Corporate Debtor further relied upon an order dated 28th April 2022 as passed by the Ld. Metropolitan Magistrate, 14th Court, Calcutta in Case No. 4523 of 2019 titled as Consolidated Infracon Private Limited v/s. Mayur Ply Industries Private Limi....
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....instalment payments made by the Corporate Debtor have been adjusted by the Financial Creditor towards the outstanding continuing accrued interest, while considerable portion of the principal and interest is still due and payable by the Corporate Debtor. With respect to the amicable settlement between the parties, the counsel for the financial creditor has vehemently opposed any agreement and/ or settlement between the parties. 13.In light of the aforesaid, it has been submitted by the counsel for the Financial Creditor that Corporate Insolvency Resolution Process of Corporate Debtor be initiated by this Tribunal. 14. It is an undisputed fact that the Corporate Debtor has paid a cumulative sum of Rs. 53,72,329/- (Rupees Fifty Three Lakh Se....
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....ting Authority has to peruse the contents of the Form filed by the creditor while adjudication of the insolvency application (refer Innoventive Industries vs ICICI Bank Ltd. (2018) 1 SCC407). 19.On perusal of the contents of the Form 1 filed by the Financial Creditor and the supplementary affidavit filed on behalf of the Corporate Debtor, it is clear that the Corporate Debtor has paid the entire sums claimed by the Financial Creditor. The fact that such payment has been accepted to the full satisfaction of the Financial Creditor is further apparent from the statements made by the Financial Creditor before the Ld. Metropolitan Magistrate, 14th Court, Calcutta in Case No. 4523 of 2019 titled as Consolidated Infracon Private Limited v/s. Mayu....