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TMI Blog2020 (3) TMI 162X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 3(11) of the Code which provides that debt means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt . Petition dismissed. - C.P. NO. 2360/I&BP/2019 - - - Dated:- 3-12-2019 - Smt. Suchitra Kanuparthi, Judicial Member And V. Nallasenapathy, Technical Member Jigar Shah for the Petitioner. Vibhor Kapoor for the Respondent. ORDER V. Nallasenapathy, This company Petition is filed by Wodehouse Capital Advisors Private Limited (hereinafter called Petitioner ) seeking to set in motion the Corporate Insolvency Resolution Process (CIRP) against Power Engineering (India) Private Limited (hereinafter called Corporate Debtor ) allegin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt equal to or up to ₹ 50,00,00,000/-, a success fee of 3% of the total amount raised shall be payable by the company. Such amounts could be raised through multiple tranches of combinations and through, but not limited to Equity and/or Debt from HNI/private investors, Strategic business partners, banks and/or other Institutional Investors. 5. The counsel for the Petitioner submitted that the Petitioner obtained sanction of loan to the extent of ₹ 6,00,00,000/- from Kotak Mahindra Bank Ltd. for the group company of the Corporate Debtor namely, M/s Mahalasa Acoustic Pvt. Ltd., as provided in the engagement letter. This loan was sanctioned on 28.04.2017 and the said sanction was accepted by the said company. A copy of the sancti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 1,00,000/- to the Corporate Debtor. 8. The Corporate Debtor filed reply to the petition and raised the following contentions; (a) All the proforma invoices were raised in the name of M/s. Mahalasa Acoustic Pvt. Ltd. but the demand notice was issued to the Corporate Debtor and the petition was filed against the Corporate Debtor. The Corporate Debtor and M/s. Mahalasa Acoustic Pvt. Ltd. are separate and distinct entities. Hence, the petition is not maintainable against the Corporate Debtor. It is further submitted that there is no debt payable by the Corporate Debtor to the Petitioner. (b) The said M/s. Mahalasa Acoustic Pvt. Ltd. availed the sanction of loan by Kotak Mahindra Bank Ltd. to the extend of ₹ 3 crores only, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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