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TMI Blog2022 (2) TMI 836X X X X Extracts X X X X X X X X Extracts X X X X ..... or has defaulted on repayment of loan amount. After giving careful consideration to the entire matter, hearing the arguments of the parties and upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect - the present application is complete in all respect and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt. Application admitted - moratorium declared. - IB-1804/(ND)/2019 - - - Dated:- 11-2-2022 - P.S.N. Prasad, Member (J) And Rahul Bhatnagar, Member (T) For the Appellant : Soayib Qureshi and Devansh Jain, Advocates For the Respondents : R. Sudhinder and Ekta Bhasin, Advocates ORDER P.S.N. Prasad, Member (J) 1. This is an application filed by M/s. Easy Trip Planners Limited to initiate corporate insolvency resolution process ( CIRP ) against M/s. Kriarj Entertainment Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code 2016 ( the Code ) for the alleged default on the part of the Respondent in settl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Creditor also released the balance amounts of ₹ 5,00,00,000/- to Corporate Debtor in furtherance of the agreed terms between the parties. g. It was further agreed between the parties that the invested amounts along with the interest accrued thereupon shall be refunded to the Financial Creditor by the Corporate Debtor from the revenues receivable by and or accruing to the Corporate Debtor from the exploitation of the said film in the first position prior to recovery of any monies by the Corporate Debtor. Further it was agreed that the said amounts shall be refunded by the Corporate Debtor in any event on or before 15.12.2018. h. Corporate Debtor did not adhere to the terms thereof and the above-mentioned film was on the verge of being abandoned in between due to the shortage of funds and then again Corporate Debtor approached Financial Creditor and after the request they further invested an amount of ₹ 5,30,00,000/-. Thus, the Financial Creditor has invested a total amount of ₹ 15,30,00,000/- towards the production costs of the said film. It is pertinent to mention that the said additional amount of ₹ 5,30,00,000/- was to be repaid by the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd payable to the Financial Creditor in terms of said agreement being ₹ 9,50,00,000/- in respect of the amount invested along with interest accrued thereupon @2% per month. p. Till now Corporate Debtor has committed a default of ₹ 14,34,12,840/- as per the terms and conditions. The default on the part of the Corporate Debtor is recurring in nature as the monies invested with the Corporate Debtor are yet to be returned to the applicant. 2. Consequent to the notice issued by this Tribunal, the Respondent filed its reply in which the following contentions were made: i. The Respondent submitted that Section 7 application is completely misconceived and has been filed to coerce and arm twist the Corporate Debtor to recover the dues of a third party i.e., Super Cassettes Private Limited by misusing the remedy. ii. The case filed in Section-7 is against the non-existent company and the amount claimed is disputed and the said amount is not to be paid by the Corporate Debtor, it is due and payable by T-series as per the settlement agreement 14.06.2018. iii. It is mentioned that a Tripartite agreement dated 18.06.2018 was also entered between applicant, T-Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Corporate Debtor in his reply to the present petition has submitted that the present petition is not maintainable as the Corporate Debtor's name had been struck off from Register of Companies. The Corporate Debtor has also raised the objection that the alleged settlement dated 14.06.2018 which had been done by Corporate Debtor and T-Series has any bearing upon the transaction between Financial Creditor and the Corporate Debtor in that the amount is not to be paid by the Corporate Debtor but is due and payable by T-Series. Another argument raised by the Corporate Debtor is that there being a tripartite agreement between the parties based upon the letter dated 18.06.2018, submitted by Corporate Debtor under which the Financial Creditor was to be paid by Super Cassette and not the Corporate Debtor. While dealing with the contentions made by Corporate Debtor, the tribunal is of the view that the averments have been made without placing on record any documentary evidence in support of the above said contentions. The letter which had been annexed with the reply only stated that T-Series was supposed to pay an amount of ₹ 6,75,00,000/- to the Corporate Debtor and then Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s pertinent to mention here that the Code requires the adjudicating authority to only ascertain and record satisfaction in a summary adjudication as to the occurrence of default before admitting the application. The material on record clearly goes to show that respondent had availed the credit facilities and has committed default in repayment of the outstanding loan amount. 12. We are satisfied that the present application is complete in all respect and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt. 13. As a sequel to the above discussion and in terms of Section 7 (5) (a) of the Code, the present application is admitted. 14. Ms. Maya Gupta, having registration number IBBI/IPA-003/IP-N00363/2017-18/110061 with email [email protected] is appointed as an Interim Resolution Professional. 15. In pursuance of Section 13 (2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admissi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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