9911796707
TMI Blog2017 (9) TMI 1608X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal. According to the Appellants, pursuant to oral agreement between the parties, the loan amount has been taken and there is no stipulation of any specific date of re-payment. However, it is accepted that payment is due to the 'financial creditor' and cheques presented by the Appellants were dishonoured. One of the plea taken by the Appellants that pursuant to oral understanding/ agreement between the parties, the terms for repayment of the loan was to be renewed/ restructured with effect from 31.3.17 and therefore the question of default in making re-payment does not arise. However, in absence of any such ‘agreement’, no such plea be accepted. Submission that Form 1 was not in accordance with the provisions of Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he application preferred by Respondents ('financial creditor') under Section 7 of the Insolvency Bankruptcy Code, 2016 (hereinafter referred to as Code) has been admitted, moratorium has been declared, Insolvency Resolution Professional has been appointed and directions has been issued to proceed in terms of the provisions of the I B Code. 2. Before the Adjudicating the Appellant ('corporate debtor') took plea that the Respondent ( 'financial creditor') has not come with clean hand and have supressed the facts that they have initiated proceeding under Section 138 of the Negotiable Instruments Act, 1881 on account of dishonour of Cheque. 3. We have heard Ld. Counsel for the parties and perused the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or', namely, Mr. Chinmoy Guchhait, Director. 6. Next it was contended that particulars of security etc., were to be given in Part V of Form No. 1, including order of court, if any, but it has not been shown. However, such submission cannot be accepted as the particulars as mentioned therein are not applicable in the present case. For example, if no order has been passed by any Tribunal or Arbitration Panel or any suit is pending, the question of giving details of such case does not arise. The 'financial creditor' rightly mentioned the word 'not applicable' against the relevant column. 7. As we find no illegality in the impugned order and the application preferred by Respondents ('financial creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
