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TMI Blog2022 (6) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... t the purported Corporate debtor is not a Limited liability partnership firm is also borne out from the pleadings of the purported financial creditor. The petition was maintainable if there was a privity of contract between the Financial Creditor and the individual. However the said debt is not given to an individual but to a concern namely Bulbulitala cold storages, who has incidentally, not been named as a Corporate debtor. The alleged transaction undertaken between the Petitioner and the Principal borrower will not fall under the definition of Section 3(7) of IBC, 2016. Privity of contract - HELD THAT:- It is observed that the Financial Creditor has no privity of contract with the corporate debtor, and therefore no proceedings ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor, the Financial Creditor had sanctioned an Inter-corporate Deposits dated 26.11.2018 for 122 days of Rs. 20,00,000 (Rupees Twenty Lakhs only) @ 13.5% interest per annum of interest value of Rs. 1,49,277 calculated till 01.08.2019 (Rupees One Lakh Forty-nine Thousand Two Hundred and Seventy-Seven only) aggregating to a total sum of Rs. 21,49,277 (Rupees Twenty-One Lakhs Forty-Nine Thousand Two Hundred and Seventy-Seven only)., which were also requested to be renewed through a letter dated 01.04.2019. 4.2. The Respondent repaid through cheque bearing No. 000237229 dated 02.04.2019 an aggregate payment of Rs. 93,205 (Rupees Ninety-three thousand two Hundred five only) which is reflected in the petitioner's statement of account on p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h return memo. 5. Submission of Mr. Rishav Banerjee, Ld. Counsel appearing on behalf of the Corporate Debtor. 5.1. The Corporate Debtor categorically denies and disputes various submissions by Financial Creditor, save and except the matter of facts and matter of record. The alleged transaction of Inter-Corporate Loan issued to the Respondents proprietor viz; Bulbulitala Cold Storage for a short term of 1 year which was payable @ 13.5% interest per annum due on 01.08.2019. Further, this transaction was not with the corporate debtor which can be easily proved through the petitioner's own annexed documents i.e., proved by the copy of the petitioner's statement of Account showing debit receipt of Rs. 20,00,000 via RTGS from Axis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto. Which clearly shows that the Proprietorship firms are not included within the ambit of the code. Therefore, in case the Inter Corporate Loan was issued in the name of the sole proprietorship, and that not being a legal entity cannot sue or be sued and cannot be considered as the corporate person. That the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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