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TMI Blog2020 (9) TMI 1112X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Appellant : Amrita Jain For the Respondent : Suritha Sukendran ORDER Rajeswara Rao Vittanala, Member (J) 1. C.P.(IB)No. 307/BB/2019 is filed by M/s. Learning Candid India Private Limited (hereinafter referred to as 'Petitioner/Financial Creditor') U/s 7 of the IBC, 2016, R/w Rule 4 of the I B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. AlfaPeople IT Services Private Limited, on the ground that it has committed default for total amount of ₹ 12,98,467/- (Rupees Twelve Lakhs Ninety Eight Thousands Four Hundred and Sixty-Seven Only) including interest. 2. Brief facts of the case, as mentioned in the Company Petition, are as follows: (1) M/s. Learning Candid India Private Limited ('Petitioner/Financial Creditor') incorporated on 24.07.2013, bearing CIN:U72900KA2013PTC070292 having registered office at #647/1, 1st Main, 1st Stage, Indiranagar, 100 Ft. Road, Bangalore-560038. (2) M/s. AlfaPeople IT Services Private Limited ('Respondent/Corporate Debtor'), having CIN: U74900KA2015PTC079675 incorporated on 06.04. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave a lock in period of one year from the date of receipt and shall be repaid after 12 months to 18 months... (5) It is also stated that as per the Agreement, the loan amount of ₹ 30,00,000/- was disbursed to the Corporate Debtor on 14.02.2017. The Clause 1 Section 4 of the IBC provides that this Part shall apply to matter relating to the insolvency and liquidation of the Corporate Debtors where the minimum amount of default is One Lakh Rupees. In the instant case, the default amount is ₹ 12,98,467/- which is inclusive of principal amount and interest and hence the default amount exceeds the minimum default amounts as specified under IBC. In Innoventive Industries Ltd. Vs. ICICI Bank (2018) 1 SCC 407, the Hon'ble NCLAT held that it is evident that even if a debt is disputed, if the amount is more than Rupees One Lakh, the application under Section 7 is maintainable. (6) It is stated that the Financial Creditor has extended the said loan to the Corporate Debtor under an Inter-Corporate Loan Agreement executed between the parties in accordance with Section 186 of the Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 24.12.2018. The amount paid is inclusive of interest at the rate of 18% per annum. (2) It is also stated that the Corporate Debtor is unable to repay the said amount due to financial exigencies. In fact the said loan amount was obtained to temporarily tide over a financial crunch but unfortunately the Corporate Debtor had to face a series of unexpected setbacks in its business which exacerbated the situation and the Corporate Debtor is not in doldrums facing an uncertain future. The recession has also adversely affected the business prospects of the Corporate Debtor. 4. Heard Ms. Amrita Jain, learned Counsel for the Petitioner, and Ms. Suritha Sukendran, learned Counsel for the Respondent. We have carefully perused the pleadings of the parties, and the extant provisions of the Code and the law. 5. The case is listed for admission on various dates viz. 26.09.2019, 16.10.2019, 28.10.2019, 08.11.2019, 13.11.2019, 21.11.2019, 06.12.2019, 18.12.2019, 10.01.2020, 24.01.2020, 31.01.2020 05.02.2020. The case is adjourned on all these dates due to various reasons, at the request of the Petitioner for compliance of office objections, serving the notice etc. 6. Ms. Amrita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 7 of the I B Code: (4) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), ascertain the existence of a default from the records of an information utility or on the basis of other evidence furnished by the financial creditor under sub-section (3). 57. Sub-section (5) of Section 7 of the I B Code provides for admission or rejection of application of a financial creditor. Where the Adjudicating Authority is satisfied that-......the documents are complete or incomplete. 58. The Adjudicating Authority post ascertaining and being satisfied that such a default has occurred may admit the application of the financial creditor. In other words, the statue mandates the Adjudicating Authority to ascertain and record satisfaction as to the occurrence of default before admitting the application. Mere claim by the financial creditor that the default has occurred is not sufficient. The same is subject to the Adjudicating Authority's summary adjudication, though limited to 'ascertainment' and 'satisfaction'. The Hon'ble Supreme Court has also upheld the above judgement in Civil Appeal No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation, as the case may be. 9. As stated supra, the debt and default in question are not in dispute and on the other hand, the Corporate Debtor has also accepted the debt, and the Respondent is prima facie found to be insolvent. The instant application is filed strictly in accordance with the extant provisions of the Code, and debt and default established and also suggested a qualified Resolution Professional namely Shri Surender Devasani, with Registration No. IBBI/IPA-001/IP-P00775/2017-2018/11348, who also filed written Consent in Form-2 on 26.08.2019, by inter alia declaring that no disciplinary proceedings pending against him with the Board or the Indian Institute of Insolvency. Therefore, he is provisionally eligible to be appointed as IRP. Hence, the instant Company Petition is fit case to admit by initiating CIRP appointing by IRP, and declaring moratorium etc. in respect of the Corporate Debtor. 10. In view of the above facts and circumstances of the case, by exercising powers conferred on this Adjudicating Authority, U/s 7(5)(a), and other extant provisions of the IBC, 2016, we hereby admitted C.P.(IB)No. 307/BB/2019 by initiating Corporate Insolvency Resolution P ..... 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