2023 (3) TMI 242

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...., the Financial Creditor/Applicant, under section 7 of Insolvency & Bankruptcy Code, 2016 (I&B Code) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Man Infraprojects Limited, Corporate Debtor. 2. The Application is filed by Ms. Sabita Braganza, Assistant General Manager of the Financial Creditor duly authorised vide its Power of Attorney dated 16.01.2018, claiming total default of Rs.28,26,69,996/- (Rupees twenty-eight crore twenty-six lakh sixty-nine thousand nine hundred ninety-six only) as on 24.03.2021, which includes Interest at the rate of 13.75% and Penal Interest at the rate of 2.00%. 3. The Date of NPA is stated to be 31.03.2017 and the Date of Default is stated to be 02.12.2016 in the Part-IV of....

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....orate Debtor has admitted the loans amounting to Rs.10,00,00,000/- and Rs.7,00,00,000/- and also showed its inability to pay the debt. Findings/Observations: 8. We have heard the arguments of the Learned Counsel for both the sides. 9. After perusal of the material on record, this Bench is of considered view that the Financial Creditor has provided Corporate Loan of Rs.10,00,00,000/- and Short-Term Loan of Rs.7,00,00,000/- to the Corporate Debtor in term of the Laon Agreement on 01.12.2015. The amount of Rs.10,00,00,000/- is also reflecting in Audited Financial Statement as on 31.03.2016 under Loan from Financial Institutions. Further, the Corporate Debtor has also admitted its liability in its Affidavit-in-reply dated 08.02.2022. H....