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TMI Blog2021 (2) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... Code have been completed by the Petitioner, this Petition deserves Admission . Application admitted - moratorium declared. - CP No. 4666/IBC/NCLT/MB/MAH/2019 - - - Dated:- 19-2-2021 - Hon ble Smt. Suchitra Kanuparthi, Member (J) And Hon ble Shri. Chandra Bhan Singh, Member (T) For the Petitioner : None. For the Respondent : None. ORDER Per: Chandra Bhan Singh, Member (T) 1. The Petitioners/Applicants viz. Samata Nagari Sahkari Patsanstha Maryadit, Kopargaon (hereinafter as Petitioner) has furnished Form No. 1 under Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter as Rules) in the capacity of Financial Creditor by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code (hereinafter as Code) against Kalyani Education Private Limited (hereinafter as Corporate Debtor ). 2. In the requisite Form, under the head Particulars of Financial Debt the total amount of Debt granted is stated to be ₹ 2,25,00,000/-, and the amount claimed to be in default is ₹ 1,67,82,786/- including interest. The date of default is stated to be 30.11.2013. BRIEF HISTORY OF THE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecovery and Sales Officer (appointed by Government of Maharashtra) issued a notice to the District Deputy Registrar, Co-operative Society, Nashik to get off set price for recovery of the arrears by sale of the immovable property. SUBMISSIONS BY THE CORPORATE DEBTOR: 13. It is true that the educational institution is run by the Corporate Debtor at Nashik District. It is true that the Corporate Debtor have obtained loan by mortgaging properties for introduction of various educational facilities in our institution, which step the Corporate Debtor have to take only because the aid provided by the Government could not get to the Corporate Debtor on time and whereas the institution has liability to take care of the more than 700 employees and maintenance of huge educational institution. 14. The Corporate Debtor have intentions to paying debts of the Petitioner, as even during pendency of Section 101 of Maharashtra Cooperative Societies Act, 1960 proceedings also the Corporate Debtor have paid much amount. 15. The Corporate Debtor for enhancing their business have obtained joint loan of ₹ 5,00,00,000/- from the Petitioner, Janalaxmi Gram. Bigarsheti Sahakari Patsans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties Act, 1960 for transfer of property was issued against the Borrower/Guarantors of M/s. Kalyani Education Private Limited. The Bench also notes that the Corporate Debtor in its reply dated 02.03.2020 has admitted the debt. The relevant para from the reply filed by the Corporate Debtor on 02.03.2020 is as under:- 6. I state that I have intentions to paying debts of the Petitioner, as even during pendency of Section 101 of Maharashtra Co-operative Societies Act proceedings also we have paid much amount. 12. I state that huge amount of grant in aid is due to grant amounting more than ₹ 15 crores from government of Maharashtra, which was assured to be paid up to 30th September 2018, however, it was not paid to us by the Government and in such facts and circumstances, the loan amount is not paid. I am also trying other sources for getting amount from Government aid. I say that as soon as it is received to us I am ready to pay the claimed amounts. 20. In view of the above it is clear to the Bench that there is a debt and there is a default . However, though not prayed by the Corporate Debtor, the only point to be seen by the Bench was whether the Petition is b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from that date. But when prescribed period is computed in accordance with the Limitation Act and facts of this matter, Section 18 and 19 do appear to be attracted. 24. On going through the submissions made by the Learned Counsel for the both the sides and on perusing the documents produced on record, it is understood that the Corporate Debtor has defaulted in repayment of debt. The Corporate Debtor has acknowledged the disbursement of credit facilities and its liability to repay the same. However, the Corporate Debtor failed to pay. Hence, owing to the inability of the Corporate Debtor to pay its dues, this is a fit case to be moved u/s 7 of the I B Code. 25. The above facts clearly reveal that the Corporate Debtor is liable to pay the Petitioner and defaulted in making the payment to the Petitioner. 26. Considering the above facts, we come to conclusion that the nature of Debt is a Financial Debt as defined under section 5 (8) of the Code. It has also been established that there is a Default as defined under section 3 (12) of the Code on the part of the Debtor. The two essential qualifications, i.e. existence of debt and default , for admission of a petition und ..... X X X X Extracts X X X X X X X X Extracts X X X X
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