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TMI Blog2021 (10) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... fault in payment of the financial Debt for the default amount being above ₹ 1,00,000/-, the petition is admitted in terms of Section 7(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. Application allowed. - CP No. IB 291/7/JPR/2019 - - - Dated:- 13-10-2021 - Ajay Kumar Vatsavayi, Member (J) And Raghu Nayyar, Member (T) For the Appellant : Prakul Khurana and Ankit Sareen, Advocates For the Respondents : Pradeep Kumar Chaudhary and Gaurav Choudhary, Advocates JUDGMENT Ajay Kumar Vatsavayi, Member (J) 1. The present petition is filed, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC'/'Code') read with Rule 4 of the Insolvenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... secured loan. It is further submitted that the corporate debtor has issued six post dated cheques totalling to ₹ 6,07,00,000/- against the unsecured loan which were dishonoured in the month of April, 2017. Copy of cheques issued by corporate debtor is attached as Annexure-7 (Colly). The financial creditor has submitted the copy of bank statements (Annexure-5) showing transfer of funds to the bank account of corporate debtor. 4. It is stated in Part-IV of Form No. 1 that the corporate debtor has been granted a total debt of ₹ 18,84,74,920/-. The total amount claimed to be in default is ₹ 38,73,94,501/- (being principal sum of ₹ 18,84,74,920/- plus ₹ 19,89,19,581/- being interest @ 18% p.a.). The date of defau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s mentioned in the Tabular Form at Page No. 3 to 6 of the aforesaid additional affidavit. The corporate debtor has also attached a copy of bank statements maintained with Syndicate Bank of the LLP from 01.04.2015 to 31.03.2016 as Annexure A-5. The ledger account of the financial creditor maintained by corporate debtor for the financial year 2015-16 and 2016-17 is attached as Annexure R1 and R2 respectively of the reply. 7. In response to the additional affidavit filed by the corporate debtor, financial creditor has filed a counter affidavit vide Diary No. 1408/2021 dated 20.07.2021 wherein it has been stated that the LLP agreements are not the admitted documents and the same are the subject matter of the FIR filed in the year 2017 bearin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... davit along with the proofs, if any. Even according to the respondent-corporate debtor the amount of ₹ 30 crores has been paid only to M/s. Guman Builders and Developers Private Limited, but not to the petitioner. He further submits that if any amount paid to any company or to any individual other than the petitioner cannot be treated as the due discharge of the debt payable to the petitioner. 9. We find force in the submissions made on behalf of the petitioner, since the respondent-corporate debtor failed to show any valid proof that the debt due and payable to the petitioner in his individual capacity is paid to him in his individual capacity. 10. The facts of the case further shows that the CP is filed within the period of li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . (f) The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. (g) The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 12. The Law Research Associate of this Tribunal has checked the credentials of Mr. Prashant Sharma and there is nothing adverse against him. In view of the above, we appoint ..... X X X X Extracts X X X X X X X X Extracts X X X X
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