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TMI Blog2019 (8) TMI 1734X X X X Extracts X X X X X X X X Extracts X X X X ..... een defaulted by the Corporate Debtor to the Applicant. The claim stands established and prima facie presumption raised that there is default in payment of the amount due to the Applicant and in view of the reply of the Respondent the debt is admitted by the Respondent - this Tribunal is inclined to initiate the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor as envisaged under the provisions of IBC, 2016. - CP No. (IB)-79/7/JPR/2019 - - - Dated:- 21-8-2019 - Dr. Poondla Bhaskara Mohan And Raghu Nayyar, JJ. For Appellant: Prakul Khurana, Adv. For Respondents: Vikas Kabra, Adv. ORDER 1. This application is filed by Shree Barkha Synthetics Limited, (for brevity Applicant ), claiming to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... availed Short-Term Loan of ₹ 40,00,000/- (Rupees Forty Lakhs Only) and executed Term Sheet dated 10.11.2014. As per the terms of said Term Sheet the corporate Debtor was bound to repay the loan along with interest at the rate of 18% per annum on or before 31st March 2015. Copy of the Term Sheet dated 10.11.2014 is annexed as Annexure-3 with the Application. It is further stated that upon non-payment of the loan amount on due date i.e. 31.03.2015. at the request of the Corporate Debtor, an addendum was drawn wherein the time period of the repayment of loan was extended till 31st March 2016 subject to condition that, for the extended period, the company shall be liable to pay the interest at the rate of 24% per annum. The copy of the Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The total amount of debt is ₹ 40,00,000/-. 2. Amount claimed to be in default and the date on which the default occurred The total amount claimed to be in default is ₹ 1,05,40,702/- as on 31.03.2019 Date of Default: 31.03.2018 as per addendum dated 31.03.2016. 7. The Corporate Debtor has filed a reply, admitting that the short-term Loan of ₹ 40,00,000/- was taken from the Applicant and states that the Corporate Debtor and Applicant have orally agreed that a relaxation in the interest component would be given upon the payment of the principal amount due. It is also stated that on receipt of the Legal Notice dated 23.02.2019, the Corporate Debtor approach ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary proceedings are pending against the named IRP. 10. It is apparent from the reply of the Respondent that the payment of claim amount has been defaulted by the Corporate Debtor to the Applicant. 11. In these circumstances, the claim stands established and prima facie presumption raised that there is default in payment of the amount due to the Applicant and in view of the reply of the Respondent the debt is admitted by the Respondent. 12. Hence, this Tribunal is inclined to initiate the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor as envisaged under the provisions of IBC, 2016. 13. Consequences of initiation of CIRP shall be inter-alia as follows: (i) The Resolution Professional proposed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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