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TMI Blog2021 (5) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor confirmed the remaining balance of the said loan to the Financial Creditor. The Tribunal on a keen examination of the application and perusal of the documents submitted by both the parties can clearly substantiate that the attached receipts issued by the Financial Creditor indicating repayment of ₹ 3 Crore are towards the Hindalco account as dealer code HIN0001 has been clearly stated on the attached receipts. Whereas, no receipt regarding payment towards Vedanta account has been annexed by the Corporate Debtor. The documents submitted by the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment of loan amount - this tribunal after giving careful consideration to the entire matter, hearing the arguments of the parties and upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect - Application admitted - moratorium declared. - IB-2027/(ND)/2019 - - - Dated:- 19-4-2021 - P.S.N. Prasad, Member (J) And Dr. V.K. Subburaj, Member (T) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re inventory of the Respondent, funded by the applicant. That the Respondent also executed an irrevocable power of attorney dated 20.09.2017 in favor of the applicant in order to enable the applicant to enforce the deed of hypothecation in the event of default. That the Directors of the Respondent Company, Mr. Akash Goyal and Mrs. Meera Goyal in order to provide guarantee executed a letter of guarantee dated 11.09.2017, jointly and severally guaranteeing the repayment of the Loan Amount of ₹ 3,00,00,000/- on demand along with the interest. iv. The applicant submits that on the request of the Respondent the applicant modified the terms of the facility and permits the facility to be utilized for purchasing raw material from Vedanta Limited and Hindalco Industries Limited, consequent to which the security/collateral was also modified to the first and exclusive charge by way of Hypothecation on Inventory purchased from Vedanta Limited and Hindalco Industries Limited funded by the applicant. v. The applicant states that upon Respondent's request vide Letter dated 14.09.2018 for seeking extension of the facility, the applicant vide extension letter dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g its registered office at House No. 5, Shop no. 1, Block B-5, Model Town, New Delhi. The respondent has been into tour and travels business. v. The Respondent in its reply alleges that the Director of Respondent Company Mrs. Meera Goyal is not able to read and write English Language and further submits that the Signatures of Mrs. Meera Goyal were also obtained on blank application form. vi. The Respondent further submitted that the Channel Finance Agreement is undated and has been allegedly executed by the applicant and as filed in application as Annexure E is also not signed by the Director i.e., Mrs. Meera Goyal and further submitted that no board resolution has been placed on record to demonstrate that Mr. Akash Goyal was authorized by the Board to sign and execute the said Channel Finance Agreement on behalf of the Respondent company. vii. The Respondent submits that the applicant has filed a copy of letter dated 18.09.2018 at Page No. 148 in support of which the applicant contended that the balance of ₹ 2,98,86,914/- was confirmed by the Respondent Company. However, the respondent alleges that the applicant has failed to disclose the fact that an amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12.2017 (Annexure B of the Application) the MD and CEO of the Financial Creditor is authorized to appoint the persons/officers who hold the designations as set out on Page 29 and it is an undisputed fact that Mr. Sushant Sharma is a Regional Collections Manager, a designation which is listed out on Page 29. Further, replying on other defects the Financial Creditor submitted that the missing pages (Pages 187 and 188) which form part of written communication provided by the proposed IRP (Annexure U of the Application), the same is an inadvertent error at the time of scanning the Application, and consequently, the Financial Creditor is annexing the entire Annexure U with this affidavit once again as Annexure 1. 7. The Learned counsel for the Financial Creditor has filed its written submissions in which he has reiterated the certain points raised in the Application and relied upon the following judgments: That the Hon'ble NCLAT in Mr. Satyaprakash Aggarwal and Ors. v. Vistar Metal Industries Limited (Company Appeal (AT) (Insolvency) No. 136 of 2018), held that the Adjudicating Authority is not required to determine the actual amount of claim but only whether Form 1 along w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the channel finance facility is not a term Loan, which is a one-time disbursement. On the contrary, it is a rolling facility and disbursements are made on an ongoing basis to a maximum of INR 3 Crores and repayment occur as per the terms of the financing documents. Hence, the Learned counsel further submitted that the receipts attached by the applicant which indicates repayment of INR 3 Crore are all towards the Hindalco Account. 12. The Tribunal on a keen examination of the application and perusal of the documents submitted by both the parties can clearly substantiate that the attached receipts issued by the Financial Creditor indicating repayment of ₹ 3 Crore are towards the Hindalco account as dealer code HIN0001 has been clearly stated on the attached receipts. Whereas, no receipt regarding payment towards Vedanta account has been annexed by the Corporate Debtor. 13. In the light of the aforesaid facts, we find that the documents submitted by the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment of loan amount. 14. That this tribunal after giving careful conside ..... X X X X Extracts X X X X X X X X Extracts X X X X
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