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TMI Blog2019 (2) TMI 1662X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication itself has submitted that more than five years have already lapsed and the respondent has not paid the decreed amount to the applicant. In the present case the applicant had given the loan amount which is recoverable with applicable interest by entering into loan agreements with the corporate debtor. The corporate debtor had borrowed the loan against payment of interest as agreed between the parties. The loan was disbursed against the consideration for time value of money with a clear commercial effect of borrowing. Moreover the debt claimed in the present application includes both the component of outstanding principal and interest - In that view of the matter not only the present claim comes within the purview of 'Financial Debt' but also the applicant can clearly be termed as 'Financial Creditor' so as to prefer the present application under Section 7 of the Code. In terms of Section 7(5)(a) of the Code, the present application is admitted - Moratorium declared. - Company Petition (Ib) No. 1013 (Pb) of 2018 - - - Dated:- 12-2-2019 - Mr. M.M. Kumar, PRESIDENT AND Dr. Deepti Mukesh, JUDICIAL MEMBER For the Appellant : Rakesh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled to repay the loan amount as per the agreed terms and conditions. Thereafter, the applicant filed a recovery suit bearing No. CS(OS) No. 47/2011 before Hon'ble high Court of Delhi. Hon'ble High Court passed a decree on 19.03.2013 for ₹ 5,75,17,240/- along with pendente lite and future interest. The Respondent Company has not paid its pending dues even after lapse of more than five years of passing of the decree. 5. The applicant has relied upon the following documents to prove the existence of its claim: Copy of the loan agreement dated 20.01.2010. Copy of judgment and decree dated 19.03.2013 passed by the Hon'ble High Court of Delhi. Copy of order dated 17.01.2014 passed by the Hon'ble Supreme Court in SLP (Civil) CC 21469/2013. 6. It is claimed that as on 20.07.2018 the total outstanding amount including interest due to the respondent corporate debtor comes to ₹ 10,14,10,125/-. 7. The respondent corporate debtor has filed its reply on 26.10.2018. Rejoinder to the reply was filed by applicant on 19.11.2018. 8. The respondent has raised an objection that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ttedly, the claim of the applicant was become due in the year 2010 and the decree in favour of the applicant was passed in the year 2013 as modified on 04.02.2016. The applicant in its application itself has submitted that more than five years have already lapsed and the respondent has not paid the decreed amount to the applicant. 17. It is pertinent to mention here that the scheme of the Code provides for triggering the insolvency resolution process by three categories of persons namely,- (a) Financial creditor (b) Operational creditor, and (c) Corporate debtor itself. 18. The procedure in relation to the Initiation of Corporate Insolvency Resolution Process by the Financial Creditor is delineated under Section 7 of the Code, wherein only Financial Creditor / Financial Creditors can file an application. As per Section 7(1) of the Code an application could be maintained by a Financial Creditor either by itself or jointly with other Financial Creditors. 19. The expressions Financial Creditor and Financial debt have been defined in Section 5(7) and 5(8) of the Code and precisely Financial debt is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on is complete in all respect and the applicant financial creditors are entitled to claim their outstanding financial debts from the corporate debtor and that there has been default in payment of the financial debt. 24. As a sequel to the above discussion and in terms of Section 7(5)(a) of the Code, the present application is admitted. 25. Mr. Lekhraj Bajaj, having registration number IBBI/IPA-002/IP-N00039/2017-18/10078 resident of 107, Agarwal Prestige Mall, adjoining to M2K Mall Pitampura, Delhi-110034 with email-id [email protected] is appointed as an Interim resolution Professional in respect of the corporate debtor. 26. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by the IBBI Regulations) with regard to admission of this application under Section 7 of the Insolvency Bankruptcy Code, 2016. 27. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14(1)(a), (b), (c) (d) of the Code. Thus, the foll ..... X X X X Extracts X X X X X X X X Extracts X X X X
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