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TMI Blog2019 (4) TMI 1745X X X X Extracts X X X X X X X X Extracts X X X X ..... pay to the financial creditor the financial debt of more than ₹ 1 lakh - Since there is a default of debt of a sum more than ₹ 1 lakh committed by the corporate debtor, then corporate debtor has to be admitted in CIRP. It is not in dispute that the financial debt as claimed by the Financial Creditor is due and payable by the corporate debtor. The corporate debtor did not raise defence that corporate advance given to them is in contravention of provisions of sections 185 and 186 of the Companies Act, 2013 - the financial creditor proved both crucial facts that there is a debt of more than ₹ 1 lakh due and payable by the corporate debtor and the corporate debtor committed default in paying the debt. The application has t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sanjoy Ghosh and filed affidavit-in-reply. In para 8(a) of the affidavit-in- reply, the corporate debtor contended that, the corporate debtor was in need of financial assistance in the year 2015 and took a loan facility to the sum of ₹ 15 lakhs from the Financial creditor Impex India Inc. with honest belief and in due course of commercial business relation between Impex India Inc. and Seajaan Logistics Private Limited . In para 8(b) of the reply affidavit, the corporate debtor further contended, that the transactions took effect through cheque No.054447 and 054448 both dated 15.09.2015 drawn in HDFC bank which was duly taken back by the Impex India Inc. and fresh cheque no. 002334 dated 15.11.2015 drawn in Standard Chartered Bank w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the corporate debtor admitted receipt of financial advance from the financial creditor but the rate of interest made at 8% per month is against the provisions of section 30A of The Bengal Money-Lenders' Act, 1940. This application is not maintainable on this sole ground. 7. I considered the rival submissions. It is not in dispute that the financial creditor gave corporate advance of ₹ 15 lakhs to the corporate debtor. There appears to be dispute of the rate of interest. In my considered opinion, if the amount payable towards interest is kept aside and not considered as the rate may be exhorbitant, still it is seen from evidence on record that the corporate debtor is liable to pay to the financial creditor the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lakh. 12. It is not in dispute that the financial debt as claimed by the Financial Creditor is due and payable by the corporate debtor. The corporate debtor did not raise defence that corporate advance given to them is in contravention of provisions of sections 185 and 186 of the Companies Act, 2013. Hence, I am not entering into that controversy at my own. In view of the evidence on record, I hold that the financial creditor proved both crucial facts that there is a debt of more than ₹ 1 lakh due and payable by the corporate debtor and the corporate debtor committed default in paying the debt. The application has to be admitted. 13. The financial creditor suggested the name of Mr. Shashi Agarwal, of Raja ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any Court of Law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 470/2017-18/10813 is appointed as the Interim Resolution Professional for Corporate Debtor for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution plan. (xii) Financial Creditor to pay ₹ 50,000/- as advance fees to the IRP as per Regulation 33(2) of IBBI (IRP for the Corporate Persons), 2016 (xiii) IRP is directed to complete the CIRP process in time bound manner as stated in Regulation 40A of IBBI Regulations, 2016. (xiv) Registry is hereby directed to communicate the order to the Financial Creditor, Corporate Debtor and to the Interim Resolution Professional by Speed Post and also by email. Let the certified copy ..... X X X X Extracts X X X X X X X X Extracts X X X X
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