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TMI Blog2021 (7) TMI 240X X X X Extracts X X X X X X X X Extracts X X X X ..... e this Tribunal has jurisdiction to entertain and try this application - The application is complete which is filed on the proforma prescribed under Rule 4(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of the Code. This bench is satisfied that a default has occurred, and debt has remained unpaid. Thus, the application warrants admission as it is complete in all aspects and is admitted initiating CIRP as prescribed under the Code. Application admitted - moratorium declared. - C. P. No. IB-1053 (PB)/2020 - - - Dated:- 25-6-2021 - Dr. Deepti Mukesh, Member (J) And Sumita Purkayastha, Member (T) For the Appellant : Abhinabh Garg and Anirudh Bhatia, Advocates For the Respondents : Harshal Kumar, Advocate ORDER Dr. Deepti Mukesh, Member (J) 1. The Present Application is filed under section 7 of Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by Citron Strategies Private Limited through its Director, Mr. Yogi Bhartari, who has been duly author ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,567 (interest) ii) Demand Promissory Note towards repayment of inter corporate deposit. The copies of the said Letter, Undertaking for Inter Corporate Deposit, Money Receipt and Demand Promissory Note all dated 18.07.2018 are annexed. 6. Thereafter, as per the request of the corporate debtor vide its letter dated 23.07.2018 for the extension of 1st ICD on the aforementioned terms, the applicant agreed to grant the extension for the period of 90 days to the corporate debtor. The corporate debtor had further provided the same kind of fresh undertaking along with two post-dated cheques (covering the principal and interest amount) and a demand promissory note dated 22.10.2018. Copies of the said letter, undertaking and demand promissory note are annexed. 7. It is further, submitted by the applicant that, the corporate debtor had further, requested to merge both the ICDs amounting to total sum of ₹ 1,30,00,000/- and further sought an extension 91 days for repayment of the entire amount vide its letter dated 22.10.2018. the applicant agreed to it against which the corporate debtor had provided undertaking along with two postdated cheques (covering the princip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dates and the same was proposed to be due and payable on 31.12.2020. e) That, mere return of the cheque of ₹ 30,00,000/-, on the account of payment being stopped, if considered as the default committed by the corporate debtor, then the said default does not cover the threshold limit of 1 crore as mentioned under section 4 of the I B Code, 2016 as notified. f) That, applicant vide its email dated 06.05.2020 and 13.05.2020 had duly acknowledged the receipt of the principal and the interest amount paid via post-dated cheques of the debt amount and also expressed its intention to encash the same. The same is placed on record. g) That, the applicant did not provide any explicit consent for the renewal of the ICD dated 22.10.2018 but thereafter the applicant duly received the interest for the same and never objected to the renewal of the ICD dated 22.10.2018. That, after receiving the interest amount in the bank account of the applicant, the rollover of the ICD dated 21.10.2019 is denied. 11. The rejoinder was not filed, written submissions of the applicant states as under: i) All the contentions of the corporate debtor are denied. That there is no denial/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 407. which clearly held that: The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which the case it may give notice to the application to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. 30. On the other hand, as we have seen, in the case of a corporate debtor who commits a default of financial debt, the adjudicating authority has merely to see the records of the information utility, or other evidence produced by the financial creditor to satisfy itself that a default has occurred. It is of no matter that the debt is disputed so, long as the debt is due i.e., payable unless interdicted by some law, or has not yet become due in the sense that it is payable at some future date. It is only when this is proved to the satisfaction of the adjudicating authority may reject an application and not otherwise. 14. It is submitted that the date of default is 22.10.2019 and the application is filed on 07.11.2020, which is well within the period of limitation and not barred by law. 15. The registered office of corporate debtor is situated in Delhi a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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