TaxTMI 
TaxTMI 
2022 (7) TMI 1191
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.... Resolution Process('CIRP') against Betwa Villa Private Limited ('Corporate Debtor'). 3. The present Petition was filed on 17 July, 2020 before this Adjudicating Authority on the ground that the Corporate Debtor has defaulted in a sum of Rs.2,59,43,883/- (Rupees Two Crore Fifty Nine Lakh Forty Three Thousand Eight Hundred Eighty Three only), inclusive of interest calculated at 9% upto 30 June, 2020. 4. It is submitted in the Petition, Part - II that the authorized share capital of the Corporate Debtor is Rs.5,00,000/- (Rupees Five Lakh only) with paid up Capital as Rs.4,04,600/- (Rupees Four Lakh Four Thousand Six Hundred only). 5. The date of default is stated to be on 31 January, 2019, when the Financial Creditor called upon the Corporate Debtor to refund the Principal loan along with interest [Page 9 of the Petition]. 6. Submissions by theLd. Counsel, Ms. Manju Bhuteria appearing on behalf of the Financial Creditor: a) The Corporate Debtor was in need of financial assistance and had approached the Financial Creditor, who is an NBFC, for financial assistance by way of loan in the form of Inter Corporate Deposit ('ICD' or 'Loan'). The Corporate Debtor also ass....
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....realizing that a demand notice dated 08 May, 2020 of Financial Creditor would not entitle the Financial Creditor to initiate the CIRP, hence, the Financial Creditor committed forgery by fabricating a letter dated 09 January, 2019. However, the notice dated 09 January, 2019 was never issued to the Corporate Debtor. Even the seal and signature affixed on behalf of the Corporate Debtor are forged and fabricated by the Financial Creditor. d) Upon coming across the forged letter dated 09 January, 2019, the Corporate Debtor filed a criminal complaint with the Rabindra Sarovar Police Station, Kolkata. Annexure B of the Reply On 31 December, 2020, the Respondent also filed an application bearing No.144/2020 under section 156(3) of the CrPC before the Ld. Chief Judicial Magistrate to issue direction upon the police to register an FIR on the Compliant by the Corporate Debtor. Annexure C of the Reply The CJM also directed the Police to file their enquiry report. e) On 15 January, 2021, the police filed its enquiry report, wherein they have stated that during the enquiry they discovered that the accused Person, i.e., the Financial Creditor has made counterfeit seal of the Cor....
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....rate Debtor for the Financial Year 2011- 2012. 10. The said Betwa Cottage Private Limited obtained a construction finance loan to the tune of Rs. 15,00,00,000/- (Rupees fifteen crores only) from LIC Housing Finance Limited ('LIC') on 16 July 2013. It is stated that the said loan was secured by a mortgage in the said land situated at Premises No. 43, Diamond Harbour Road, Kolkata-700038. Even though the said loan had been brought into the stock of the partnership firm Akshara by the five land owning companies/partners of the firm, LIC had insisted upon the said five companies also to separately create charge over their respective undivided shares in the land in favour of the firm. 11. The Applicant/Corporate Debtor states that the said loan was repaid in full and LIC Housing Finance Limited had also issued a 'No Outstanding Certificate'on 14 October 2016. 12. The said Betwa Cottage Private Limited also obtained Inventory Finance Facility' from Tata Capital Housing Finance Limited ('Tata Capital') on 19 September 2016 to the tune of Rs.13,00,00,000/- (Rupees thirteen crores only) and on 27 August 2018 to the tune of Rs. 7,00,00,000/ - (Rupees seven crores only). Once aga....
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....which would support the terms and conditions upon which that transaction took place between the parties. 17. With respect to the question of default, it is pertinent to mention that the Financial Creditor is relying on the letter dated 09 January, 2019, whereas, as per the contention of the Corporate Debtor, only letter sent by the Financial Creditor to the Corporate Debtor is letter dated 08 May, 2020. 18. The Corporate Debtor also contended that the letter dated 09 January, 2019 is forged by the Financial Creditor because as per the notification dated 23 September, 2020 by Ministry of Corporate Affairs no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified and if the letter dated 09 January, 2019 is taken into consideration then this instant application will not be barred by limitation. On the contrary, if the letter dated 08 May, 2020 is taken into account then the application is barred under section 10A of the Code. 19. It is also pertinent to mention tha....