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TMI Blog2021 (3) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 (for brevity 'the Rules') by Amit Arya (hereinafter referred to as 'Applicant'), who with a prayer to initiate Corporate Insolvency Resolution Process against Banyantree Developers Private Limited (for brevity 'Corporate Debtor'). 2. That is an individual having PAN NO. AGXPA2912J, resident of 234, Priti Nagar, Hisar, Haryana, 125001. As per the records shown by the corporate debtor and on perusal of the MCA data it is seen that the name of applicant is mentioned as Director in the MCA master data. The copy of the MCA master data is annexed. 3. The corporate debtor is a company incorporated on 15.03.2012, under the provisions of Companies Act 1956, bearing CIN No. U70200DL2012PTC232945 and having its registered office at 310, Third ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the corporate debtor failed to make payment. 6. The applicant issued demand notice dated 26.06.2019 calling upon the corporate debtor to pay the aforesaid sum of Rs. 70,00,000/- along with interest at the rate of 18% per annum. The demand notice was duly served upon the corporate debtor at its registered address and the postal receipts along with tracking report have been annexed. 7. The corporate debtor replied to the demand on 29.07.2019 and admitted the receipt of Rs. 70,00,000/- from the applicant. However, denied the liability alleging that that the said amount was towards capital contribution and was not a loan. 8. The applicant further sent a response to the reply of Section 8 notice dated 21.08.2019, denying the contention of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide order dated 23.01.2017, the said amount was ordered to be refunded in accordance with law. 11. The applicant filed rejoinder to the reply filed by the corporate debtor submitted the following : a) It is submitted that application is not barred by limitation and the emails confirming the statement of accounts dated 01.04.2016 and 01.04.2017 are sent from the email of the corporate debtor. Further, the applicant submits that the balance sheet for FY. 2015-16 reflects the amount received from the applicant. b) The applicant states that interest was orally agreed between the parties. c) The applicant has stated that he was appointed as a Director of the corporate debtor, in terms of Rule 2(1)(c)(viii) of Companies (Acceptance of De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sequel to the above discussion, since the applicant has proposed the name of IRP, therefore, this bench appoints Mr. Anil Tayal, CA having registration number IBBI/IPA-001/IP-P01118/2018-19/11818, having address at 210, Sagar plaza, District Centre, Laxmi Nagar, New Delhi - 110092 and email address: [email protected], as an IRP of the corporate debtor. The certificate of registration along with consent in Form-2 of the Insolvency & Bankruptcy Board of India (Application to Adjudicating Authority) Rule 2016 making disclosures as required under IBBI (Insolvency Resolution Process for Corporate Person) Regulation, 2016 has been annexed. 17. As a consequence of the application being admitted in terms of Section 7(5) of IBC, 2016 moratorium ..... X X X X Extracts X X X X X X X X Extracts X X X X
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