Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2018 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (2) TMI 1739 - AT - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process against the Corporate Debtor for its inability to pay its debt - Held that:- There is clear acknowledgment of having received the amount of ₹ 40 lakhs. As per the agreement, the financial creditor had the option of seeking its return after 1 year along with interest @ 27% per annum. This is further substantiated with the issuance of two cheques payable on expiry of a year, for ₹ 40 lakhs as the principal and ₹ 10.8 lakhs as the interest thereon. The Corporate Debtor never raised this feeble ground to repudiate the liability when demands were made on them time and again. This Bench is satisfied that a Financial Debt is due and payable by the Corporate Debtor. Their inability to pay the same entitles the Financial Creditor to seek insolvency resolution process against the Corporate Debtor. The Petition is therefore Admitted.
|