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TMI Blog2022 (7) TMI 1190X X X X Extracts X X X X X X X X Extracts X X X X ..... y proceedings are not recovery proceedings and the same should not be reduced into a mere recovery proceedings in as much as the entire substratum of the Insolvency and Bankruptcy Code, 2016 would fail if the same is allowed to be misused by creditors to extort money from the Corporate Debtor with the threat of initiation of Corporate Insolvency Resolution Process - It is imperative to note that Corporate Insolvency Resolution Process of a corporate debtor is to be commenced by this Tribunal after observing all the necessary facts and considering the expedience of initiation of CIRP as has been laid down in Vidarbha Industries Power Limited v/s. Axis Bank Limited [ 2022 (7) TMI 581 - SUPREME COURT ]. On perusal of the contents of the Form 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red to as the Financial Creditor) for initiation of Corporate Insolvency Resolution Process in respect of Mayur Ply Industries Private Limited, CIN: U20101WB1988PTC130655, having its registered office at 46C, Rafi Ahmed Kidwai Road, 3rd Floor, Kolkata, West Bengal - 700016 (hereinafter referred to as the Corporate Debtor). 3. It is contended by the Financial Creditor that a total sum of Rs. 50,00,000/- (Rupees Fifty Lakh only) was extended as loan to the Corporate Debtor by way of Inter Corporate Deposit on 1st September 2018 with date of maturity of such Inter Corporate Deposit as 2nd December 2018. It has been further contended by the Financial Creditor that the parties agreed that the said inter corporate deposit shall carry an interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor; and e. Legal Notice dated 31st December 2018 issued by the advocate of Financial Creditor to the Corporate Debtor. 5. In reply to the petition, the Corporate Debtor in its affidavit-in-reply, without disputing the existence of loan amount, inter alia submitted that the application is not maintainable and there is a bona fide dispute regarding the alleged default amount of debt as allegedly claimed by the Financial Creditor. It is noteworthy to mention here that the Corporate Debtor has also filed an interlocutory application being I.A. (IB) No. 1046/KB/2021 for inter alia seeking dismissal of the insolvency application under Section 7 of the Insolvency and Bankruptcy Code, 2016 in light of the amicable settlement between the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Tribunal that the Financial Creditor claimed a total sum of Rs. 53,72,329/- (Rupees Fifty Three Lakh Seventy Two Thousand Three Hundred and Twenty Nine only), inclusive of both principal and interest overdue. 10. The Counsel for the Corporate Debtor further relied upon an order dated 28th April 2022 as passed by the Ld. Metropolitan Magistrate, 14th Court, Calcutta in Case No. 4523 of 2019 titled as Consolidated Infracon Private Limited v/s. Mayur Ply Industries Private Limited & Ors. It was apprised by the Counsel for the Corporate Debtor that the Financial Creditor had instituted a complaint under Section 138 of the Negotiable Instruments Act, 1881 pertaining to the dishonour of the cheque bearing number 225090 dated 3rd December 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct to the amicable settlement between the parties, the counsel for the financial creditor has vehemently opposed any agreement and/ or settlement between the parties. 13.In light of the aforesaid, it has been submitted by the counsel for the Financial Creditor that Corporate Insolvency Resolution Process of Corporate Debtor be initiated by this Tribunal. 14. It is an undisputed fact that the Corporate Debtor has paid a cumulative sum of Rs. 53,72,329/- (Rupees Fifty Three Lakh Seventy Two Thousand Three Hundred and Twenty Nine only) to the Corporate Debtor. It is also an undisputed fact that the Financial Creditor had claimed a cumulative sum of Rs. 53,72,329/- (Rupees Fifty Three Lakh Seventy Two Thousand Three Hundred and Twenty Nine on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor and the supplementary affidavit filed on behalf of the Corporate Debtor, it is clear that the Corporate Debtor has paid the entire sums claimed by the Financial Creditor. The fact that such payment has been accepted to the full satisfaction of the Financial Creditor is further apparent from the statements made by the Financial Creditor before the Ld. Metropolitan Magistrate, 14th Court, Calcutta in Case No. 4523 of 2019 titled as Consolidated Infracon Private Limited v/s. Mayur Ply Industries Private Limited & Ors. during the hearing on 28th April 2022 which led to dismissal of the proceedings against the Corporate Debtor under Section 138 of the Negotiable Instruments Act, 1881. 20.In light of the aforesaid, since the entire amounts ..... X X X X Extracts X X X X X X X X Extracts X X X X
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