9911796707
TMI Blog2019 (9) TMI 1439X X X X Extracts X X X X X X X X Extracts X X X X ..... the period 01.04.2015 to 31.03.2016 reflecting an outstanding amount of 1,50,00,000/- against the name of the Applicant as well as recording the entries for interest paid and TDS payable on the interest paid. As per the terms of the Hundies dated 19.12.2013 and 07.10.2010 it was agreed between the parties that the loan shall be repaid on Demand. The Applicant demanded repayment of the entire amount of 1,88,07,500/- including interest payable by the Corporate Debtor on or before 08.06.2019 vide its notice dated 04.06.2019. The said amount of 1,88,07,500/- is admittedly not repaid. The outstanding amount that is admittedly in default is more than 1,00,000/-. The application filed by the financial creditor is on proper form 1, as prescribed un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and outstanding as on 17.05.2019. The date of default is mentioned in Form 1 as 08.06.2019. 6. It is stated by the Applicant that the Corporate Debtor started defaulting in payment of interest amount from 01.01.2018 and the same is recorded in the ledger account of the Corporate Debtor as mentioned in the books of the Applicant. 7. The Applicant sent a letter dated 24.05.2019 intimating defaults in payment of interest and demanding payments till 31.05.2019. Vide another notice dated 04.06.2019 the Applicant recalled the entire amount of ₹ 1,88,07,500/- including interest payable by the Corporate Debtor on or before 08.06.2019. 8. The Applicant has produced confirmation of accounts affirmed by the Corporate Debtor dated 20.07.2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roduced below: "28. When it comes to a financial creditor triggering the process, Section 7 becomes relevant. Under the explanation to Section 7(1), a default is in respect of a financial debt owed to any financial creditor of the corporate debtor - it need not be a debt owed to the applicant financial creditor. Under Section 7(2), an application is to be made Under Sub-section (1) in such form and manner as is prescribed, which takes us to the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in Par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion or rejection of such application, as the case may be. 12. On perusal of the documents submitted by the financial creditor, it is clear that debt amounting to ₹ 1,88,07,500/- is due and payable by the Corporate Debtor to the Applicant. The debt is admitted by the Corporate Debtor in its Account Confirmation dated 20.07.2016 for the period 01.04.2015 to 31.03.2016 reflecting an outstanding amount of ₹ 1,50,00,000/- against the name of the Applicant as well as recording the entries for interest paid and TDS payable on the interest paid. As per the terms of the Hundies dated 19.12.2013 and 07.10.2010 it was agreed between the parties that the loan shall be repaid on Demand. The Applicant demanded repayment of the entire amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erseas Private Limited, against Omkar Realtors & Developers Private Limited, for initiating corporate insolvency resolution process is at this moment admitted. We further declare moratorium u/s 14 of I&B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: a) the institution of suits or continuation 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 secur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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