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TMI Blog2019 (12) TMI 1575X X X X Extracts X X X X X X X X Extracts X X X X ..... t is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Application admitted - moratorium declared. - C.P. No. 1347/MB/C-II/2019 - - - Dated:- 31-12-2019 - HON'BLE MEMBER (JUDICIAL) MR. M.K. SHRAWAT AND HON'BLE MEMBER (TECHNICAL) MR. CHANDRA BHAN SINGH For the Financial Creditor : Mr Pranav Shah, Advocate i/b Mr Abhishek Adke, Advocate For the Corporate Debtor : Ms Neha M Shah i/b Maniar Shrivastav Associate ORDER Per: M.K. Shrawat, Member (J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Act, 1956, with the Registrar of Companies, Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U45400MH2009PTC194913. Its registered office is at Shop No. 10, Mithila Shopping Centre, Ground Floor, V M Road, Juhu scheme, Vile Parle (West), Mumbai - 400049. Therefore, this Bench has jurisdiction to deal with this petition. 4. Submission made by the Financial Creditor: - 4.1 The Financial Creditor had advanced on 28.10.2009 ₹ 5,25,00,000/- and on 18.12.2010 ₹ 10,00,000/- vide two different cheques a loan aggregating to ₹ 5,35,00,000/-. 4.2 The Financial Creditor submits that The Corporate Debtor had falsely alleged that ₹ 5,35,00,000/- was not provided as a loan but as an advance for acquiring fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of interest. 6.2 The document placed on record evidence contrary to the claim, the ledger confirmation relied upon by the Applicant only records and reflect principal amount and not any amount towards interest. Inspite of that, no objection was raised by the Applicant at any stage. 6.3 The Financial Creditor has provided its own account which is contrary to the actual account. The Applicant never debited interest in its own account. The Applicant s accounting is on accrual basis; therefore, they were required to debit interest in the account of Respondent maintained with the Applicant and accordingly treat the same as income. The Applicant has never done that. In fact, they have produced false and fabricated accounts of its own. 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 35,00,000/- credited to the Corporate Debtor. 9. It is claimed that on the date of default the total debt due was ₹ 28,62,55,961/-, however, the charging of interest was contested. At this juncture it worth to place on record the definition of Financial Debt as prescribed u/s.5(8) (f) of The Code wherein a Financial Debt means a debt along with interest, if any, which is disbursed against the consideration for the time value of money and includes any amount raised under any transaction having commercial effect of a borrowing. The term if any has been adjudicated upon by Hon ble Courts and held that in case of absence of Interest the Debt is still qualifies as defined under this Section, if it contains commercial effect of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs initiation of CIRP against the Corporate Debtor. 13. The petition bearing C.P. No. 1347/MB/C-II/2019 filed by Good value Financial Services Private Limited, the Financial Creditor, under section 7 of the IBC read with rule 4(1) of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Peacock Construction Private Limited [CIN: U45400MH2009PTC194913], the Corporate Debtor, is admitted. 14. There shall be a moratorium under section 14 of the IBC, in regard to the following: i. The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulation 6 of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 18. Mr Arun Kapoor, Registration No. IBBI/IPA-003/IP-N00030/2017-2018/10230, having address at G-601, Army Co-operative Housing society, Sector 9, Nerul (East), Navi Mumbai 400706, Maharashtra, is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the IBC. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions issued/as may be issued by the Insolvency Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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