9911796707
TMI Blog2022 (6) TMI 918X X X X Extracts X X X X X X X X Extracts X X X X ..... Sh. N.C. Goel gave a sum of Rs. 4,00,000/- (Rupees four lakh only) in the following manner. It is claimed that the interest was payable at the rate of interest 18% per annum. 2. It is stated that the Corporate Debtor paid interest to Ms. Maya Goel, lastly on 09.04.2016. The amount of such interest was Rs. 12,000/-. The last instalment of interest is claimed to have paid to Mr. N.C. Goel on 04.06.2016 which was of the amount of Rs. 6,000/-. Post-dated cheques were also given for repayment of principal amount starting from 15.01.2018. 3. The learned counsel for the Financial Creditor appeared and narrated these basic facts. He also drew our attention to- (a) The copies of cheques which were issued by the Corporate Debtor for repayment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the application is liable to rejected on this score alone. Rejoinder filed by the Financial Creditor (Applicant) 7. In the rejoinder, it has been claimed that the applicant has already preferred a complaint under section 138 of Negotiable Instruments Act, 1881, which is pending for adjudication before the appropriate legal forum. As regards the aspect of limitation, it is claimed that the cheques were given from January 2018 till December 2018 which were dishonoured. Therefore, from the date of dishonour of these cheques, the application filed under section 7 was maintainable. It is also claimed that the U.P. Money Lending Act, 1976 is not applicable to the present case. Conclusion 8. We have considered the submissions made by both the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t adequate documentation, it is difficult to establish the purpose for which the money was lent and accepted. It is also not possible to establish whether there was any interest required to be paid. The time value of money is an important factor to be considered in order to establish whether this is a financial debt. Ex facie, this appears to be a petition which has been filed for recovery of money and not for resolution of the corporate debtor. The Insolvency & Bankruptcy Code, 2016, should not be allowed to be used as an easy way of recovery of money. 13. In this view of the matter, the present petition cannot be admitted under section 7 of the Code, and the same shall stand dismissed. 14. We hasten to add that the dismissal of the pres ..... X X X X Extracts X X X X X X X X Extracts X X X X
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