TaxTMI 
TaxTMI 
2023 (7) TMI 215
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....ode, 2016 (in short 'Code') against the 'impugned order' dated 23.03.2023 in C.P. 745/IB/MB/2021 passed by the 'Adjudicating Authority' (National Company Law Tribunal, Mumbai Bench, Court-V), wherein the Application filed by the 'Respondent' under Section 7 of the Code was admitted by the 'Adjudicating Authority' and the Corporate Insolvency Resolution Process (in short 'CIRP') was initiated against the 'Corporate Debtor' i.e. Anusmera Realty and Infra Private Limited . Aggrieved by the same, the 'Appellant' has preferred the present appeal. 2. Heard the Counsel for Appellant and perused the records made available including cited judgments. 3. Learned Counsel for the Appellant stated that the 'Corporate Debtor' was incorporated in the yea....
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....orporate Debtor' accordingly. 5. Learned Counsel for the Appellant stated that the 'Respondent No. 1' is holding 2463 shares of Rs. 10 each with a total contribution of Rs. 24,830/- to the 'Corporate Debtor' (holding 24.63% shareholdings) and together with her nominees, she holds 31.98% of total shareholding in the Corporate Debtor. Learned Counsel for the Appellant alleged that Mr. Navin Nagda, the husband of 'Respondent No. 1' continued to get involved in the management of the 'Corporate Debtor' and Mr. Navin Nagda structured his investment in the 'Corporate Debtor' through medium of loan to be provided by the 'Respondent No. 1' and their nominees. Learned Counsel for the Appellant further alleged that Mr. Navin Nagda planned and ensured....
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.... 03.12.2018 and total amount claimed to be in default as on 30.06.2021 was Rs. 7,57,56,215/-, which included the interest from 01.04.2016 @ 12% p.a. We also note that the 'Respondent No. 1' is a shareholder of the 'Corporate Debtor' holding 24.63% of equity capital. 10. We also observe that admittedly by the 'Appellant' and evidently from the records made available before us, the 'Corporate Debtor' paid interest @ 9% to the 'Respondent No. 1' for the Financial Year 2016-17 and for the Financial Year 2017-18 the 'Corporate Debtor' paid interest @ 12% to the Respondent No. 1 and a statement of confirmation of account was also issued accordingly by the 'Corporate Debtor' to the 'Respondent No. 1'. It is evident that on failure to receive due ....
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....cture the financial investments as loan in the books of the 'Corporate Debtor' with the informal understanding that all three investors will participate in the profits of the 'Corporate Debtor' in equal ratio of one-third each. The averments made by the 'Appellant' is not convincing at all. 13. It is observed that a 'Financial Creditor' may file an application under Section 7 for initiating CIRP against the 'Corporate Debtor' when the default has occurred. It is for the 'Financial Creditor' to file an application along with the proof of default. If there is a financial debt, which is more than the prescribed amount of Rs. 1 Crore and there is a default and if the application is complete, the application is required to be admitted by the 'A....