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TMI Blog2022 (10) TMI 200X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor from the financial creditors account - it is convincing that financial debt of sum over one crore was due and payable by the corporate debtor stands established and as there is no material placed by the corporate debtor discharging the debt we hold that existence of a Financial debt and its default by the corporate debtor has been established. Application admitted - moratorium declared. - CP ( IB ) No. 243/7/HDB/2021 - - - Dated:- 13-9-2022 - Dr. Venkata Ramakrishna Badrinath Nandula , Member ( J ) And Veera Brahma Rao Arekapudi , Member ( T ) For the Appellant : Vivek Jain , Advocate For the Respondents : T. Natraj , Advocate ORDER 1. The is a Petition is filed under Section 7 of Insolvency and Bankruptcy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as Exhibit No. 2 to the petition. Further the corporate debtor and the two directors of the corporate debtor executed a promissory note for payment of Rs. 1,25,00,000/-, which is annexed as Exhibit No. 5 to the petition. c. Further, the financial creditor also entered into a share subscription cum shareholders agreement, dated 24.10.2017, vide Exhibit No. 3, and subscribed 7,50,000 of equity shares at Rs. 10/- per share, thereby totalling to Rs. 75,00,000/-. d. According to the Financial Creditor at the request of the corporate debtor the managing Director of the Financial Creditor Mr. Sanjeev Kumar Gupta, has been appointed as director of the corporate debtor, thereafter due to personal reasons Mr. Sanjeev Kumar Gupta, resigne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an amount of Rs. 2,14,14,338 on various occasions. i. Thereafter, the representatives of the financial creditor requested for the payments but corporate debtor has failed to pay the interest or the principal amount as well. The financial creditor thereafter issued legal notice for payment of Rs. 2,14,12,338/- along with interest of Rs. 66,08,842/- as on 31.03.2021, which was replied by the corporate debtor on 16.08.2021. The details of legal notice and reply are annexed as Exhibit No. 9-12 to the petition. j. Financial creditor denied the averments made by the corporate debtor in his reply and stated that the contents in the reply are created to suit the convenience of the corporate debtor. k. Financial creditor further averr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant. If so, whether the Corporate Debtor defaulted in payment of the same? 6. We have heard learned counsel for financial creditor Shri Nikunj Dugar, and perused the record. 7. At the outset it may be stated that despite availing sufficient opportunity and being represented by a Counsel, the corporate debtor did not choose to file any counter in the Company petition, hence, this Tribunal vide order dated 22.02.2022 forfeited the of the Corporate debtor right to file counter. Thereafter the corporate debtor has not taken any steps to file counter. In this back drop the contentions and allegations as made in this application by the financial creditor remain un-rebutted by the corporate debtor. 8. Therefore, in the above back drop it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial year 2019-20 also discloses lending by the Financial creditor and the tax deducted on the amount credited to the account of the corporate debtor from the financial creditors account. Therefore, we are fully convinced that financial debt of sum over one crore was due and payable by the corporate debtor stands established and as there is no material placed before us by the corporate debtor discharging the debt we hold that existence of a Financial debt and its default by the corporate debtor has been established. The point is answered accordingly. 11. Hence, in view of the reasons stated as above, the Adjudicating Authority is inclined to admit the petition. Accordingly, this Company Petition under Section 7 of IBC, 2016, is hereb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, whichever is earlier. (e) That the public announcement of the initiation of Corporate Insolvency Resolution Process shall be made immediately as prescribed under section 13 of Insolvency and Bankruptcy Code, 2016. (A) That this Bench hereby appoints Shri Pavan Kankani, having registration No. IBBI/IPA-002/IP-N00368/2017-2018/11062 with e-mail [email protected], as Interim Resolution Professional to carry the functions as mentioned under the Insolvency Bankruptcy Code. (B) Proposed IRP filed Form-2 on 1st September, 2021. Authorisation for assignment is valid upto 10.11.2022. This information is also available in IBBI Websi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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