9911796707
TMI Blog2021 (8) TMI 1197X X X X Extracts X X X X X X X X Extracts X X X X ..... rsed as per the loan/debt, the tenure of the loan/debt, the interest payable and the conditions of repayment. In the present case, it is evident that the Financial Creditor has not placed on record any Financial Contract or any Financial Agreement, in pursuance of which the loan was disbursed to the Corporate Debtor. The Part V of the Petition also discloses the fact that the Financial Creditor has only attached the copy of the ledger of the Financial Creditor maintained in the books of accounts of the Corporate Debtor. Even the Financial Creditor has not placed on record any Promissory Note, in the present case, which can be construed as a Financial Contract in order to prove the debt qualifies to be a financial debt - In the present case, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h CIN:U17115TZ2003PTC010472 was incorporated on 05.02.2003 and the Registered Office of the Corporate Debtor as per the Application is stated to be situated at Vannakattuvalasu, Kathirampatty (P.O.), Nasiyanur (Via) Erode TIN 638107. As per Part III of the application, the Financial Creditor has proposed the name of one Mr. V. Venkata Siva Kumar, as the Interim Resolution Professional, who has also filed his consent in Form - 2. 3. From Part-IV of the Application, it is seen that a sum of ₹ 2,01,65,328/- is being claimed by all the four Financial Creditors as the Financial debt. Part - V of the Application discloses the details of the documents which has been filed by the Financial Creditor in order to prove the 'Financial debt&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor paid some interest, but declined to pay the principal amount. Thus, it was submitted by the Learned Counsel for the Financial Creditor that the Corporate Debtor is liable to pay the balance amount of ₹ 2,01,65,328/- to the Financial Creditor and they have failed to do so and hence the Corporate Debtor has committed default in repaying the financial debt owed to the Financial Creditor and as such prayed to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor. 6. In relation to the Corporate Debtor, it is seen that they have already been set ex-parte by this Tribunal vide order dated 08.02.2021 and till date no Application has been filed by the Corporate Debtor to set aside the said ex-parte order. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with an information utility, if any; or (b) other relevant documents, including- (i) a financial contract supported by financial statements as evidence of the debt; (ii) a record evidencing that the amounts committed by the financial creditor to the corporate debtor under a facility has been drawn by the corporate debtor; (iii) financial statements showing that the debt has not been paid; or (iv) an order of a court or tribunal that has adjudicated upon the non-payment of a debt, if any. The term 'Financial contract' is defined in clause (d) subsection 1 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016; (d) "financial contract" means a contract between a corporate debtor and a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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