TaxTMI 
TaxTMI 
2022 (10) TMI 200
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....6, by the Financial Creditor seeking admission of the Petition, initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon alleging non-payment of the admitted dues to the tune of Rs. 2,80,20,580/- inclusive of interest. 2. Facts of the Case: a. The petitioner/Financial Creditor, states that the Respondent/Corporate debtor has approached the financial creditor and initiated talks for investment in the corporate debtor. Pursuant to the negotiations, the financial creditor made an initial investment of Rs. 40,00,000/- for a duration of 3 months @ 12% per annum. The directors of the corporate d....
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....is tenure. e. Financial creditor has submitted that the total interest for unsecured Loan of Rs. 1,25,00,000/- as on 31.03.2019 was Rs. 21,83,523/- out of which Rs. 9,00,000/- was paid by the corporate debtor on 30.07.2019 and 01.08.2019. f. It is stated that the Financial creditor and the Corporate debtor entered into a further understanding through their respective directors whereby the financial creditor was made to invest a sum of Rs. 1,00,00,000/- as interest free advance to the corporate debtor on the condition that all the finished goods sales will be supplied by the financial creditor subject to the payment of 3% margin on the sale amount. The details are annexed as Exhibit No. 6. later on due to operational convenience the corp....
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....led to reach the target sales of finished goods worth Rs. 1,00,00,000/- taken from the corporate debtor. Further corporate debtor submits that Rs. 1,00,00,000/- advanced is not financial debt but it is an operational debt. l. Further, it has come to the notice of the Financial creditor that corporate debtor has closed its office and factory without informing any of the investors or shareholders and is not responding to any calls or emails of the financial creditor. Corporate debtor has failed to pay the due amount of Rs. 2,80,20,580/- as on 31.03.2021. m. Thus, financial creditor submits that the petition is not barred by the law of limitation and prays the Hon'ble Tribunal to admit the application under Section 7(5)(a) of the Code.....
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....ort of the plea that corporate debtor had availed loan facilities from the financial creditor, the financial creditor relied on loan agreement dated 27.06.2014, Memorandum of Understanding dated 27.06.2017, promissory note dated 24.10.2017 and the Memorandum of Understanding dated 18.07.2018 and contended that pursuant to the negotiations the corporate debtor has availed financial facilities from the Financial Creditor to the tune of Rs. 2,80,20,580/- and the same were disbursed, and later the corporate debtor has committed default in repayment to the same. 9. It is further contended that demanding payment for the said sum, the financial creditor got issued legal notice dated 04.08.2020 which has been received by the corporate debtor. The ....
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....roceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, Tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor; (b) That the supply of essential goods or se....