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TMI Blog2019 (8) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor can t prevent Financial Creditor for initiating CIRP. The Financial Creditor has suggested the name of IRP who has filed consent in Form 2 and there are no disciplinary proceedings pending against proposed IRP - The Financial Creditor is able to establish debt which was due and default by corporate debtor which is ₹ 7, 88,15,181/- which includes interest. Petition admitted - moratorium declared. - CP (IB) No. 192/7/HDB/2017 - - - Dated:- 7-5-2019 - SHRI RATAKONDA MURALI, MEMBER (JUDICIAL) For The Petitioner : Dr. Amarnadha Prasad, K. Suresh Kumar and Ms. R.S. Manasa, Advocates For The Respondent : Shri S. Sri Ram, Advocate ORDER 1. This petition is filed by M/s SEW Infrastructure Limited, which is the Financial Creditor stating that M/s Amrit Jal Ventures Private Limited, Corporate Debtor herein had defaulted in repaying a sum of ₹ 7,88,15,181/- and hence this petition is filed under Section 7 of Insolvency and Bankruptcy Code, 2016, R/w Rule 4 of Insolvency Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the Petition, initiation of Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Deposit Agreement dated 30.06.2011 and the same was amended on 13.12.2013, where under both the parties mutually agreed to extend the period mentioned in the ICD Agreement dated 30.06.2011 up to 31.03.2015. (4) It is averred that under the said ICD amended Agreement dated 13.12.2013, it was agreed that Corporate Debtor would, as full and final settlement pay an interest of ₹ 1,56,44,770/- up to 11.10.2013 and interest @ 24% per annum on the Principal amount from 12.10.2013 till the date of actual payment in two instalments and that the first instalment shall be payable on or before 30.09.2014 and second instalment shall be payable on or before 31.03.2015. (5) It is also averred that Financial Creditor executed a Deed of Irrevocable Guarantee on 13.12.2013 with M/s Mahendra Investment Advisors Private Limited where under it agreed to extend their guarantee to the Petitioner for and on behalf of Corporate Debtor in the event of failure to pay the ICD amount as stipulated under the ICD agreement dated 13.12.2013. But Corporate Debtor avers that no such failure has taken place for the Financial Creditor to initiate CIRP against the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate debtor borrowed ₹ 4,00,00,000/- Four Crores from the Financial Creditor. The Inter Corporate Deposit is shown as Exhibit P.6 which is at Pg No. 29-35 of the petition. I have seen the Inter Corporate Deposit Agreement which is between Financial Creditor and Corporate debtor. Under this agreement corporate debtor borrowed ₹ 4,00,00,000/- Four crores from Financial Creditor and it contains payment of interest within time frame. 6. It is further case of Financial Creditor that corporate debtor failed to repay the debt with in stipulated time but on the other had corporate debtor again approached Financial Creditor for extension of Inter Corporate Deposit till 31.03.2015. Therefore revised Inter Corporate deposit was executed on 13.12.2013 which is shown as exhibit P.3. 7. I have seen copy of Inter Corporate Deposit agreement dated 13.12.2013 which is at Pg. No.21 to 25 of the petition. Under this revised agreement the interest accrued was also included and rate of interest was fixed at 24% PA. It also contains period of repayment. 8. Further the case of Financial Creditor the M/s. Mahendra Investments Advisors Private ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by Financial Creditor is against law. 14. The learned counsel for corporate debtor would contend that Financial Creditor has not filed books of account to prove the claim. Entering into ICD Agreement and borrowing amount from financial creditor is not in dispute. The dispute is with regard to reconciliation of accounts. The corporate debtor has not place any evidence to establish that it had paid over and above 1,60,00,000/-. The specific case of Financial Creditor is that the corporate debtor had paid only a sum of ₹ 1,60,00,000/- by way of instalments and there after committed default. If really corporate debtor paid over and above the sum of ₹ 1,60,00,000/- it could be proved through its accounts. Surprisingly there is no evidence from the side of corporate debtor to prove that it had paid over and above ₹ 1,60,00,000/-. So no credence to be given to the alleged dispute regarding mismatch of accounts. It is proved that Financial Creditor was ready for reconciliation and named the employee for this purpose. 15. However, corporate debtor has not come forward for alleged reconciliation. This goes to show the corporate debtor has rais ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nforcement of Security Interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor; (b) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (c) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (d) That the order of moratorium shall have effect from 07.05.2019 till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under section 33, whichever is earlier. (e) That the Public announcement of Corporate Insolvency Resolution Process shall be made immediately as specified under section 13 of the code. (f) That this Bench hereby appoints Mr.T.V.L. Narasimha Rao, having registration number IBBI/IPA-002/IP-N00204/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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