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TMI Blog2022 (3) TMI 282X X X X Extracts X X X X X X X X Extracts X X X X ..... satisfied by the order dated 14.06.2019 in CP (IB) No. 383 (ND) of 2019 passed by the Ld. Adjudicating Authority (National Company Law Tribunal), New Delhi, Bench-III whereby and where under the Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short IBC) filed by the Appellant herein - Prayag Polytech Pvt. Ltd. was dismissed. 2. The facts giving rise to this Appeal are as follows: i) The Appellant agreed to advance certain amount as loan to the Respondent to the tune of Rs. 1,60,00,000/- against payment of interest at the rate of 15% per annum for the period from May 8, 2017 till date, which is as hereunder: Particulars Amount (in Rupees) Amount disbursed on 8.5.2017 50,00,000 Amount further disbursed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Ld. Adjudicating Authority and after hearing the parties, the Ld. Adjudicating Authority has dismissed the Application filed by the Appellant under Section 7 of the IBC. Hence this Appeal. Submissions on behalf of the Appellant 3. The Learned Sr. Counsel for the Appellant during the course of argument and in his Written Submissions submitted that the Appellant under an oral agreement, disbursed an amount of Rs. 1,60,00,000/- during the period commencing on May 8, 2017 till May 12, 2017. 4. It is further submitted that the Appellant is neither a Non-Banking Financial Company nor registered with the Reserve Bank of India as a Non- Banking Financial Institution or Bank under the Reserve Bank of India Act, 1934 nor has any other busines ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hearing the parties and having gone through the pleadings made on behalf of the parties, we are of the considered view that the following facts are admitted in the instant Appeal. The claim of the Appellant that the loan is payable on demand and recall notice sent on 02.01.2019 to pay the amount by 09.01.2019, in this regard no reply given by Respondent, hence in default from 09.01.2019. The Respondent has taken the stand that the notice at page No 59 of the Appeal is different from the correct address mentioned by the Appellant themselves at page No. 42 of the Appeal and thus no delivery was ever made. Further, a track report of the Post Office as "Not Delivered Unclaimed" at page 63 of the Appeal filed by the Appellant themselves sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t delivered; c) That the Appellant has made false averments before the NCLT stating that even after service the Corporate Debtor has not paid the amount; and d) The Appellant has falsely claimed that the same is served. vi TDS has been deducted by the Corporate Debtor. a) TDS was deducted for interest at the rate of 11% p.a. as required under law; b) No payment made to the Appellant. The said interest added to the long term Borrowings; and, c) No amount is due as alleged. vii The Appellant is a company under Companies Act and is a defaulter in filing financial statements from time to time. The Appellant has not brought on record its books of account and balance sheet to show that the alleged ..... X X X X Extracts X X X X X X X X Extracts X X X X
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