9911796707
TMI Blog2019 (8) TMI 1598X X X X Extracts X X X X X X X X Extracts X X X X ..... h stating that the Cheque No. 000780 dated 31.07.2018 for ₹ 33,00,000/- and Cheque No. 000161 dated 31.07.2018 for ₹ 3,90,576/- drawn on HDFC Bank in favour of Vidarbha Diagnostics Pvt. Ltd. Which were deposited in to the account of the Financial Creditor is returned unrealised in clearing on 24.08.2018 with reason as fund insufficient. It is also noted that the Corporate Debtor has admitted the liability by the letters dated 06.08.2018 and 14.08.2018 and seeking time for payment. The affidavit in reply of the Corporate Debtor the statement of the counsel appearing on behalf of the Corporate Debtor to the effect that the Corporate Debtor admits the liability and is not in position to repay the debt, also establishes the exist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 against the column Total Amount of debt granted, the Financial Creditor has stated that an amount of ₹ 33,00,000/- was granted as loan and was disbursed by the Financial Creditor to the Corporate Debtor under a loan agreement dated 14.09.2017. 3. The Financial Creditor stated that the Corporate Debtor approached the Financial Creditor for a short-term loan and amount of ₹ 33,00,000/- was disbursed by the Financial Creditor to the Corporate Debtor under the said loan agreement dated 14.09.2017. As per terms of the agreement the loan of ₹ 33,00,000/- was given @15% p.a. for a period of nine months, which was payable on 31.07.2018. 4. The Financial Creditor stated that, the Corporate Debtor gave two post dated chequ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor's intention is fair to discharge the liabilities of Creditors but due to some reasons, they are facing difficulties in realising payments to the Financial Creditor. 7. The Corporate Debtor further stated that while there is no dispute with regard to the claim raised by the Financial Creditor. The Corporate Debtor is also not in position to commit to any repayment of loan taken from the Financial Creditor on account of dire financial distress and lack of sufficient funds. 8. We have heard the arguments of both sides and perused the records. 9. The Petition is filed by Mr. Sudhir Manoharrao Neral, Director of the Vidarbha Diagnostics Pvt. Ltd. duly authorised by the Board Resolution dated 01.02.2019. 10. The Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppearing on behalf of the Corporate Debtor to the effect that the Corporate Debtor admits the liability and is not in position to repay the debt, also establishes the existence of debt and default. 14. The application made by the Financial Creditor is complete in all respects as required by law, and it clearly shows that the Corporate Debtor has not paid the dues and this has also been confirmed by the Corporate Debtor. 15. This Petition reveals that there is a debt as defined in section 3(11) of IBC; there is a default within the meaning of section 3(12) of IBC; the application of the Financial Creditor is complete; an amount of more than Rupees One Lakh is due and payable and in default and no disciplinary proceedings are pending ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I. It is further made clear that: a. The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. b. That the provisions of sub-section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. c. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under subsection (1) of section 31 of IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, as the case may be. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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