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TMI Blog2019 (5) TMI 1889X X X X Extracts X X X X X X X X Extracts X X X X ..... oteworthy to mention that it is stated that there is only an oral agreement between the parties regarding the loaned amount. Certain essential conditions are required to be satisfied by a financial Creditor seeking to invoke the provisions of CIRP as against the Corporate Debtor before this Tribunal taking into consideration Section 5(7), Section 5 read with Section 7 of IBC, 2016. The conditions are: i. There must be disbursal of loan amount; ii. Such disbursal should be made for a consideration for time value of money; and iii. A default should have arisen either in the payment of interest or in the payment of principal amount or both on the part of the Corporate Debtor. The petitioner is thereby required to satisfy this Tribunal th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tuated at C-587, Industrial Area, Phase-1, Bhiwadi-301019, Rajasthan, India. The person authorised to file the above petition is stated to be one Mr. Milan Aggarwal authorized vide Board Resolution dated 18.12.2018. 2. The Respondent Corporate Debtor, is a company and incorporated on 13.08.2003. Both the nominal share capital and paid-up share capital of the respondent is stated to be ₹ 3, 00,00,000/-. The registered office address of the CD is B-II/11, Mohan Cooperative Industrial Estate Badarpur, New Delhi-110044. Part-III of the application discloses the name of the Interim Resolution Professional proposed by the petitioner as one Mr. Rajeev Lochan having registration no. IBBI/IPA-002/IP-N00606/2018-19/11885. 3. The claim for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tunity none appeared on behalf of the respondent. Therefore, the respondent was proceeded ex-parte vide order date 15.03.2019 of this tribunal. 8. Before proceeding to deal with the case on merits, it is first incumbent upon this Tribunal to consider the definition of 'Financial Debt' as well as that of 'Financial Creditor' as provided under the provision of Section 5(8) and Section 5(7) of IBC, 2016. (7) financial creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to; (8) financial debt means a debt along with interest, if any, which is disbursed against the consideration for the time value of money and includes-- (a) mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssory note or such other document to establish that the money is payable on demand and there has been default and that the Corporate Debtor is also bound to pay interest on the loan amount made available by the Financial Creditor. It is also noteworthy to mention that it is stated that there is only an oral agreement between the parties regarding the loaned amount. 10. Certain essential conditions are required to be satisfied by a financial Creditor seeking to invoke the provisions of CIRP as against the Corporate Debtor before this Tribunal taking into consideration Section 5(7), Section 5 read with Section 7 of IBC, 2016 can take cognizance of it: i. There must be disbursal of loan amount; ii. Such disbursal should be made for a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cified by the Board, meaning the 'Board' as defined under Section 3(1) of IBC, 2016. The power and function of the Board has been enunciated in Section 196 of IBC, 2016 which includes the power to make regulations and guidelines on matters relating to Insolvency and Bankruptcy as may be required under IBC, 2016. Pursuant to such a power being vested and in exercise of the same, the Board has framed Insolvency and Bankruptcy(Application to Adjudicating Authority) Rules, 2016 for brevity called 'AAA' Rules where under the form to be adopted by different categories of creditors have been specified and in relation to a Financial creditor the form prescribed being form 1. Perusal of clause 5 of part V of form 1 shows that the fin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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