9911796707
TMI Blog2020 (2) TMI 1119X X X X Extracts X X X X X X X X Extracts X X X X ..... Mayoga investment limited claiming to be 'financial creditor' (for brevity 'Applicant') has filed this application, through its authorised representative Mr. Gaurav Sarda authorized by the board resolution dated 01.07.2019, with a prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent company, M/s M.K. Overseas Pvt. Ltd. (for brevity 'Respondent'). 2. M/s Mayoga Investment Ltd. was incorporated on 08.05.1980 as public limited company incorporated under the Companies Act, 1956, having CIN U65990MH1980PLC022604. The registered office of the applicant company is situated at Off No. 714, 7th Floor, Goldcrest Business centre, Opp. Mannubhai Jewellers L T Road, Borivali, Mumbai city Mah ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or: (a) Copy of the Business Loan Agreement; (b) Copies of letter dated 01.06.2019 by the corporate debtor to the financial creditor for confirming the balance as on 31.05.2019 along with the ledger extract showing the credit entry of Rs. 25,00,000/- (Rupees Twenty Five Lakhs Only) from the applicant; (c) Copies of the cheques bearing no. 000413 and 000414 issued for Rs. 25,00,000/- and Rs. 37,500/-respectively, as security for the loan amount; 6. It is further submitted by the applicant that the Corporate Debtor failed to adhere to the repayment schedule of credit facilities and defaulted in the repayment of the loan. Consequently, the applicant submitted the two security cheques bearing no. 000414 and 00041 issued by the respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the debt and settle the matter with the applicant, However, no such steps have been taken by it so far. 10. Facts which are material to the controversy raised may first be noted. The Applicant has provided a loan/ credit facility to the Corporate Debtor sanctioning credit facility of Rs. 25,00,000/- (Rupees Twenty Five Lakhs only), as per the Loan Agreement dated 25.04.2019. As on 04.06.2019, a total sum of Rs. 25,00,000/- (Rupees Twenty Five Lakhs only) became due and payable by the Corporate Debtor to the Applicant being the principal loan amount, along with interest as per the loan agreement dated 03.05.2019. 11. Having heard learned counsels for the parties we are of the considered view that the Financial Creditor has succeeded to ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Code. We are satisfied that a default has occurred and debt has remained unpaid. Thus, the application warrants admission as it is complete in all respects and is admitted initiating CIRP as prescribed under the Code. 14. The 'Financial Creditor'- applicant has proposed the name of Insolvency Resolution Professional, Mr. Suresh Kumar Jain, address at 3775/3 Kanhaiya Nagar, Delhi - 110035 and having registration No. IBBI/IPA-001/IP- P01179/2018-19/11839, mobile No. 9911219473 and email id [email protected]. A written communication sent by him in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has also been placed on record. There is a declaration made by him that n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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