9911796707
TMI Blog2021 (8) TMI 1197X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Authority) Rules, 2016 against M/s. Jai India Weaving Mills Private Limited (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional. 2. Part-I of the Application sets out about the Financial Creditor from which, it is evident that the Financial Creditors are Individual. Part-II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN:U17115TZ2003PTC010472 was incorporated on 05.02.2003 and the Registered Office of the Corporate Debtor as per the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t on time, however for the months between July 2019 to December 2019 have defaulted in making the payment of interest despite number of reminders from the Financial Creditor. 5. The Learned Counsel for the Financial Creditor submitted that the Corporate Debtor had also been paying the TDS towards the interest amount paid by them till date and has also placed on record the TDS certificate in this regard. Further, it was submitted that the Financial Creditor has sent a Legal Notice dated 27.11.2019 and 16.12.2019 to the Corporate Debtor to repay the outstanding principal plus interest payments; however the Corporate Debtor paid some interest, but declined to pay the principal amount. Thus, it was submitted by the Learned Counsel for the Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 8. Claims by financial creditors. (1) A person claiming to be a financial creditor, other than a financial creditor belonging to a class of creditors, shall submit claim with proof to the interim resolution professional in electronic form in Form C of the Schedule: Provided that such person may submit supplementary documents or clarifications in support of the claim before the constitution of the committee. (2) The existence of debt due to the financial creditor may be proved on the basis of- (a) the records available with an information utility, if any; or (b) other relevant documents, including- (i) a financial contract supported by financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor maintained in the books of accounts of the Corporate Debtor. 9. 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, there is no financial contract which is seen on record in order to establish that the relationship between the Financial Creditor and the Corporate Debtor herein in order for the Applicant to qualify as a 'Financial Creditor' and in the absence of the same, the default as alleged by the Financial Creditor cannot be determined. 10. Thus, in view of the facts mentioned supra, and in the absence of any 'Financial Contract&# ..... X X X X Extracts X X X X X X X X Extracts X X X X
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