9911796707
TMI Blog2024 (11) TMI 1352X X X X Extracts X X X X X X X X Extracts X X X X ..... est, if any, which is disbursed against the consideration for the time value of money. In the present case money has been disbursed to the Corporate Debtor towards time value of money and interest is shown as due in the ledger accounts of the Corporate Debtor. The total interest due is more than Rs. 1 crore and was demanded by the Financial Creditor through letter dated 22.01.2019 which was not paid by the Corporate Debtor. Thus, the debt of above Rs. 1 crore was due, was demanded and was payable which was not paid by the Corporate Debtor. The ingredients of petition under Section 7 of the IBC, 2016, mainly existence of debt, and default are established in this case, and the Corporate Debtor was eligible to be admitted in CIRP on applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been filed by the Suspended Director of M/s Evyavan Merchantile Private Limited against the order dated 02.11.2023 of National Company Law Tribunal, Mumbai Bench, Court-V (hereinafter referred to as Adjudicating Authority or AA ) whereby the petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC, 2016 ) filed by the M/s Ashika Global Securities Private Limited (hereinafter referred to as Financial Creditor ) was allowed and M/s Evyavan Merchantile Private Limited (hereinafter referred to as Corporate Debtor ) was admitted into Corporate Insolvency Resolution Process (hereinafter referred to as CIRP ). 2. Briefly, the facts of the case as recorded in the said order of Ld. Adjudicating Authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... principal amount was never made. 4. It was averred as there was no agreement, the demand for interest is illegal and contrary to the law. It was submitted that the TDS was deducted and deposited by the Corporate Debtor at the request of the Financial Creditor so that they can put their accounts in order. It was also submitted that application under Section 7 is filed on 30.05.2022 which is beyond 3 years of disbursal of funds and is time barred. 5. On the other hand, the Learned Counsel for the petitioner in his oral and written submissions submitted that sum of Rs. 7 crores was advanced and disbursed to the Corporate Debtor between 18.08.2016 to 31.03.2017. The Corporate Debtor had deposited TDS which reflects that the transaction was in f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18.08.2016 Rs. 1,00,00,000/- 19.08.2016 Rs. 1,00,00,000/- 19.08.2016 Rs. 1,00,00,000/- 14.03.2017 Rs. 1,00,00,000/- 29.03.2017 Rs. 1,00,00,000/- 31.03.2017 Rs. 1,00,00,000/- 31.03.2017 Rs. 1,00,00,000/- Total Rs. 7,00,00,000/- 10. The Corporate Debtor had repaid a sum of Rs. 1.90 crore which details are listed below: Date Amount 23.08.2016 Rs. 1,00,00,000/- 15.06.2018 Rs. 25,00,000/- 20.06.2018 Rs. 25,00,000/- 04.07.2018 Rs. 40,00,000/- Total Rs. 1,90,00,000/- 11. The entire transactions are reflected in the books of account of the Corporate Debtor and the ledger accounts of the concerned parties appear at page 102 to 104 of the Appeal Paper Book. 12. As per provisions of Section 5(8) of IBC, 2016, financial debt means a debt alongwith int ..... X X X X Extracts X X X X X X X X Extracts X X X X
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