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TMI Blog2021 (4) TMI 764X X X X Extracts X X X X X X X X Extracts X X X X ..... eived is for Sale of goods, for Sale of Business. The Petitioner failed to prove the debt due is financial debt and hence he cannot be considered as a Financial Creditor as per Section 5(7) of the IB Code. As per Section 7 of IB Code, only a Financial Creditor can initiate Corporate Insolvency Resolution Process. This Adjudicating Authority is of the view that the present petition filed under Section 7 of IB Code, does not qualify for admission - Petition dismissed. - C. P. (IB) No. 754/NCLT/AHM/2019 - - - Dated:- 30-3-2021 - Manorama Kumari, Member (J) And Chockalingam Thirunavukkarasu, Member (T) For the Appellant : Richa Goyal, PCS For the Respondents : Dhiren Dave, PCS ORDER Chockalingam Thirunavukkarasu, Membe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the application, the total amount of debt given as unsecured loans by M/s. Bhaskar Enterprises, the Financial Creditor amounted to ₹ 50,00,000/- (Rupees Fifty Lakhs Only) to the Corporate Debtor on 12% interest per annum through 7(Seven) cheques between 05.01.2017 to 16.01.2017. The said loan was granted with the agreement between both parties that the entire amount will be repaid within a period of two months at 12% interest p.a. 6. It is stated by the Petitioner that despite making repeated oral requests and reminders to clear its dues, the Corporate Debtor has failed to clear the outstanding amount. The total unrecovered amount of ₹ 50,00,000/- is still remained unpaid by the Corporate Debtor as on 05.09.2019. 7. The Pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner along with three other persons have committed fraud with the Respondent by entering in to an agreement dated 11.10.2016 (at ANNEXURE-A) with the director of the Respondent for takeover of the Company. After taking the possession of the Company, they never paid full consideration as stated in the agreement and on the contrary they did some major structural damages in the factory as tenant and sold many machineries of the unit and thereafter run away from the unit sometime in 2017 without making any payment of rent. 12. The Respondent has further submitted that Petitioner has not even made the payment of loss incurred in the unit of Company, he himself made police complaint on 15.09.2017 against the directors of the company and in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndent as ANNEXURE-B has not been filed by the Financial Creditor/Petitioner. The said fact is evident from the police complain documents itself produced by the Respondent. 16. The Petitioner further submitted with regard to the defective application that the workings for computation of the amount and days of default are not a mandatory requirement for the petition. It is further submitted that petition under Section 7 of the Code is acceptable so long as the debt is proved to be due and there has been occurrence or existence of default. The date of default is 16.03.2017. 17. The Petitioner has proposed the name of Mr. Narayan Gajanan Vidvans having Registration No. IBBI/IPA-002/IP-N00378/2017-18/1112 to act as IRP under Section 13(1)( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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