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TMI Blog2019 (5) TMI 519X X X X Extracts X X X X X X X X Extracts X X X X ..... the Insolvency & Bankruptcy Code ("the Code") by M/s. Cholamandalam Investment and Finance Company Limited ("the Financial Creditor") for initiation of Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Vasmo Agro Nutri Products Pvt. Ltd. ("the Corporate Debtor") on the ground that it has defaulted in repaying an amount of Rs. 3,67,40,282.81 (Rupees Three Crores Sixty Seven Lakhs Forty Thousand Two Hundred and Eighty Two and Eighty One paise) as on 03.10.2018 as against the loans (purchase bill discounting facility revolving every three months) availed by the Corporate Debtor and that the date of occurrence of default for the purpose of IBC is considered to be the date of issuance of demand/recall notice dated 23.08.2018. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditor has furnished material disclosing the Financial Creditor having provided credit facilities as mentioned above. 6. The learned counsel for Corporate Debtor has submitted that when he checked the transactions between the parties around June 2018, it was found that the Financial Creditor had charged 2.5% interest per month for the delayed payments and that the bills were discounted by the Financial Creditor even before crediting the same to the bank account of the Corporate Debtor for which the proportionate interest for the period of 90 days upfront was deducted. The total amount paid by way of such penal interest with discrepancy over a period of more than two years runs to more than Rs. 1 crore. This discrepancy in the loan account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce etc. evidencing the fact that the amounts were credited to the Corporate Debtor by way of "Bill Discounting Facilities".It is seen that the Corporate Debtor has not fulfilled the terms of facility agreement and as such had committed default for which the Corporate Debtor is liable to repay the Financial Creditor. 9. The Corporate Debtor has submitted that none of the bills (in the list of bills discounted) have been certified by this respondent. This contention is devoid of any merits as it contravenes their own statement made in the earlier counter (wherein the Company Petition No. has been wrongly mentioned). The Corporate Debtor stated that they have been regular in payment of all discounted bills on the maturity date right from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vidence rebutting the statement of accounts submitted by the FC. On perusal of the process file, it is also seen that when this matter came up for hearing on 01.02.2019, 06.02.2019, 13.02.2019 and 22.02.2019, the CD has stated that they are exploring the possibility of a settlement and that settlement talks are in progress. Since no settlement was forthcoming between the parties, this Tribunal reserved its Orders on 27.02.2019. 11. In view of the above facts, this Tribunal admits the Company Petition 1263/IB/2018 and order for the commencement of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor/Applicant has recommended the name of Interim Resolution Professional and consent of the IRP is also enclosed along with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion plan under sub-section (1) of section 31 of IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of IBC. VI. That this Bench hereby appoints Ms. Subramaniam Aneetha (IBBI/IPA-001/IP-P00376/2017-2018/10633) A-2 Sarada Apartments, No. 17/6, Sringeri Mutt Road, R.A. Puram, Mandaveli, Chennai 600028, Mobile No.7904357629, E-mail: [email protected] as Interim Resolution Professional (IRP) to carry out the functions as mentioned under the IBC. Fee payable to IRP/RP shall be in compliance with the IBBI Regulations/Circulars/Directions issued in this rega ..... X X X X Extracts X X X X X X X X Extracts X X X X
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