AI Drafter 
TaxTMI 
TaxTMI 
2022 (8) TMI 711
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....pplication to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by Mr. Guneet Chaudhary, on behalf of Stros-Sedlcanske Strojirny, A.S.(for brevity 'Applicant'), duly authorised vide Board Resolution dated 03.08.2020, with a prayer to initiate the Corporate Insolvency process against Stros Esquire Elevators and Hoists Private Limited (for brevity 'Corporate Debtor'). 2. The applicant is a company registered under the Czech Republic Laws having its registered office at Strojirenska 791, 26401, Sedlcany Czech Republic, having identification No. IC:26183595. 3. The corporate debtor is a Private limited company, incorporated under the provisions of The Companies Act, 1956 on 01.12.2014, duly registered with Registrar of Compani....
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....exed. 5. The applicant further submitted that the total amount of debt as on 21.01.2018 is 1.3 Million USD with 18% interest. On not receiving the payment as per the Amended Loan Facility Agreement, the applicant issued legal notice dated 25.01.2020 calling upon the corporate debtor to refund the whole amount i.e. 1.3 million USD along with interest @ 18% per annum within 21 days from the date of receipt of the notice. Thereafter, Managing Director of the applicant company had issued a letter calling upon the corporate debtor to send a plan as to how the corporate debtor plans to settle the account. On 02.05.2019, the applicant issued letter to Citi Bank NA, Baroda stating that no further funds under the Amended Loan Facility Agreement s....
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....ovisions of Clause 23.1 above, if the dispute cannot be settled within sixty (60) days by mutual discussions, such dispute shall be finally settled by arbitration in accordance with the international arbitration rules of the Singapore International Arbitration Centre then in effect (SIAC Rules), which Rules are deemed to be incorporated by reference into this Clause. 23.3 The number of arbitrators shall be three (3), of whom each of the disputing party shall appoint one arbitrator each and then the third arbitrator (Presiding Arbitrator) shall be appointed by the two arbitrators so appointed. Provided that if these two arbitrators are unable to agree on the nomination of the Presiding Arbitration within twenty (20) days of their ap....
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....o order dated 08.07.2022, the corporate debtor filed written submissions reiterating the contents of affidavit in reply. In addition, the corporate debtor has stated that the defects in the application is incurable and hence application is liable to be rejected. The persons appointed by the applicant as CEO and Director of the corporate debtor company are responsible for the present status of the corporate debtor. 9. As per Form 1, part IV, the corporate debtor is in default of total 1.3 Million USD as on 21.01.2018 as per the disbursement details annexed to the application. As per the computation annexed to the application, the first disbursement was released on 21.07.2017 and the last disbursement was released on 05.11.2018. Considerin....
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....ne JV partner to another is proved, there is no ban in admitting the application. The clause of Arbitration in JV Agreement also cannot be taken on defence to oppose the application under Section 7 since the default of financial debt is established by the admission of corporate debtor in its own records and documents. 12. The present application is complete in terms of Section 7 (5) of the Code. The applicant is entitled to claim its dues, establishing the default in payment of the financial debt beyond doubt. In light of the above facts and records the present application is admitted and CIRP is ordered to be initiated against corporate debtor. 13. The applicant has proposed the name of Ms. Poonam Basak as Insolvency Resolution Profe....