2022 (8) TMI 320

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.... referred to as the "Code") for initiating CIRP against Optiemus Infracom Limited. 2. The Corporate Debtor is a Company having its registered office at K-20, 2nd Floor, Lajpat Nagar-II, New Delhi-110024 and having CIN No. L64200DL1993PLC054086. 3. To put succinctly, the facts of the case are that in the month of July, 2020, the Managing Director of the Corporate Debtor, namely Mr. Ashok Gupta, on behalf of the corporate debtor, owing to past friendship, had approached the financial creditor seeking professional help for a short-term financial interest free loan to ease the financial crunch of the corporate debtor with a promise that the said loan would be repaid in full immediately after a period of 3 months. 4. It is submitted tha....

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....th, they may take at least six months to complete the transaction. On being asked by the Financial Creditor to give a firm commitment date to repay the amount, the Managing Director of the Corporate Debtor, assured that he shall repay the borrowed amount by 22.09.2021. Believing his statement, the Financial Creditor agreed to give the corporate debtor time upto 22.09.2021 to repay the borrowed amount. On 22.09.2021, and thereafter also on various dates, when Financial Creditor tried getting in touch with the Managing Director of the corporate debtor, telephonically, the calls of the financial creditor were ignored and no reply has been received from the corporate debtor nor the borrowed amount has been repaid to the financial creditor. 7....

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....s forwarded to the said corporate entities in 2009-2010. Thirdly, the amounts forwarded to the said corporate entities by the Operational Creditor were given as a security towards usage of immovable asset of the said corporate entities, as security with SBI to raise an overdraft facility from SBI. The said alleged adjustment after 12 years in one go is mala fide and contrary to the Indian Accounting Standards as notified under section 133 of the Companies Act, 2013. The Balance Sheet for the year ending 2020, fails to reflect any entry for "Interest received" or "Interest charged" towards the alleged loan advanced. 11. It is submitted by the Operational Creditor that the Corporate Debtor in the said letter has maliciously booked the loan....