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TMI Blog2022 (7) TMI 611X X X X Extracts X X X X X X X X Extracts X X X X ..... er is more. A perusal of the balance sheet of the Financial Creditor reveals that the free reserves and surplus of the Financial Year for the Financial Years 2017-18 and 2018-19 are Rs. 3,09,33,281/- and Rs. 3,80,62,525/- respectively. As such the loan given to the Corporate Debtor is less than 100% of the free reserves of the Company and therefore, the instant petition is not hit by the provision of section 186. The Corporate Debtor has acknowledged his liability towards the Financial Creditor, firstly vide the acknowledgment receipt dated 23rd April 2018 and thereafter vide the settlement agreement. Keeping in view that a default in the payment of a financial debt has occurred by the Corporate Debtor, and there is an acknowledgmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial assistance would be for a period of 120 days. 3.2 Accordingly, the Financial Creditor, on 23rd April 2018, paid to the Corporate Debtor, a sum of Rs. 20,00,000/- through RTGS. A copy of the relevant extract of the Financial Creditor's bank statement evidencing the payment of 23rd April, 2018 is annexed to the petition as Annexure 'A'. 3.3 On receipt of the said sum, the Corporate Debtor issued an acknowledgment receipt dated 23rd April, 2018. A copy of the said receipt dated 23rd April, 2018 is annexed to the petition as Annexure 'B'. 3.4 Upon expiry of the said period of 120 days, the Corporate Debtor made default in making payment of the principal amount and pleaded for further 120 days' time to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount claimed to be in default and the date on which the default occurred are mentioned. 8. Part-V contains the particulars of financial debt, documents, records and evidence of default. 9. Submissions on behalf of the Corporate Debtor: 9.1 The instant petition is contrary to the provisions of the Insolvency and Bankruptcy Code, 2016 and is barred by limitation. The instant petition does not reflect the correct facts as it is necessary under the provisions of section 7 of the Code. 9.2 There has been suppression of material facts and this Adjudicating Authority has been misled on the ground that reliefs as prayed for are on the basis of a debt, which has not even crystallised, and is uncertain in nature. 9.3 There ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p share capital, free reserves and securities premium account or one hundred per cent of its free reserves and securities premium account, whichever is more. A perusal of the balance sheet of the Financial Creditor reveals that the free reserves and surplus of the Financial Year for the Financial Years 2017-18 and 2018-19 are Rs. 3,09,33,281/- and Rs. 3,80,62,525/- respectively. As such the loan given to the Corporate Debtor is less than 100% of the free reserves of the Company and therefore, the instant petition is not hit by the provision of section 186. 11.3 Further, the Financial Creditor has attached an Independent Auditor's report with the rejoinder wherefrom it can be seen that the compliances under section 186 of the Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B. Traders Private Limited (Financial Creditor), under section 7 of the Code read with rule 4(1) of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP against Shree Bhagirathi Agro Private Limited, CIN: U01409WB2003PTC097459, the Corporate Debtor, is admitted. b) There shall be a moratorium under section 14 of the IBC. c) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. d) Public announcement of the CIRP shall be made imm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h) The Financial Creditor shall deposit a sum of Rs. 2,00,000/- (Rupees Two Lakh Only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). i) In terms of section 7(5)(a) of the Code, Court Officer of this Court is hereby directed to communicate this Order to the Financial Creditor, the Corporate Debtor and the IRP by Speed Post, email and WhatsApp immediately, and in any case, not later than two days from the date of this Order. j) Additionally, the Financial Creditor shall serve a copy of this Order on the IRP and on the Registrar of Companies, West Bengal, Kolkata by all available means for updating the Master Data ..... X X X X Extracts X X X X X X X X Extracts X X X X
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