9911796707
TMI Blog2022 (6) TMI 988X X X X Extracts X X X X X X X X Extracts X X X X ..... financial creditor as well as corporate debtor are having a business relationship for some time. The only plea which has been taken by the corporate debtor is that the amount has been paid partly through cheques and partly in cash. As regard to payment made in cash, except making oral submissions, no documentary evidence such as receipt or voucher duly acknowledged by the financial creditor has been brought on record. The claim of repayment of loan remains unsubstantiated by any evidence - there is a debt which is due and payable both in law and in fact and a default has occurred therein. Further, the amount of default is more than the threshold limit as prescribed under section 4 of the Code, at the time of filing of the present applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idge loan to the corporate debtor to fund acquisition or construction of Micro Brewery at Gurugram. A loan of Rs. 30,00,000/- was granted, which carried interest @ 24% per annum. It was also agreed by and between the parties that such liability was to be discharged through weekly instalments starting from 10.10.2016 and the last instalment was to be paid on 13.02.2017. 3. It is further noted that even the first cheque was dishonoured and when this fact was pointed out to the corporate debtor, the corporate debtor requested not to initiate legal proceedings and also made promise that the corporate debtor would honour all remaining cheques. It was further assured by the corporate debtor that the amount of cheque so dishonoured will be paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor made payment through NEFT on 04.10.2016 and 13.10.2016, which fact has not been disclosed by the financial creditor. Hence, the financial creditor has not come with the clean hands. During the period of demonetisation, a sum of of Rs. 1,00,000/- had been deposited in cash by the corporate debtor into the bank account of the financial creditor on 23.11.2016. Certain further payments have also been made in cash in lieu of the cheques. In the month of March 2017, substantial amount had been paid in cash and only a sum of Rs. 29,200/- was outstanding. Hence, this application was not maintainable. A chart has also been enclosed in support of such claims. It is also pleaded that the facts stated in the reply has not been denied by the finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate debtor, if any, has also not been brought on record. 12. Therefore, there is a debt which is due and payable both in law and in fact and a default has occurred therein. Further, the amount of default is more than the threshold limit as prescribed under section 4 of the Code, at the time of filing of the present application. 13. The name of the proposed IRP was changed and an application in IA No. 158/ALD/2022 was filed by the financial creditor, proposing the name of Mr. Anurag Nirbhaya [Reg. No. IBBI/IPA-001/IP-P00870/2017-2018/11468]. He holds valid AFA, and has also given his consent. There exists no material to show that any disciplinary proceedings are pending against the proposed IRP or that the IRP is otherwise ineli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Corporate Debtor to carry out the functions as per the Code. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions 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 the Code. (f) During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within one week from the date of receipt of this Order, in default o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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