Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (9) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (9) TMI 1564 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make the repayment of its dues - Financial Creditors - application filed by two applicants without having any inter-se agreement in between them - debt due and payable or not - time limitation - HELD THAT:- It is found that duly sealed and signed promissory demand note was executed between the first applicant and respondent on 01.08.2012 for ₹ 35,00,00,000/-, placed at page No. 47 to the application, which clearly envisages that the loan amount along with interest @ 18% per annum shall be paid at the time of maturity by the corporate debtor on 30.09.2017. Copy of similar demand promissory note entered between the second applicant and the corporate debtor for a sum of ₹ 45,00,00,000/- dated 30.07.2012 is placed at page No. 52 to the application - the first and foremost objection raised by the corporate debtor that the application is barred by limitation is not sustainable. Maintainability of petition - petition is filed jointly without entering into any agreement between the first and second applicants - HELD THAT:- As per Section 7 (1), there is no bar in filing an application either by self or jointly with other. financial creditors. Thus, the second objection raised by the respondent is also not sustainable. Default in repayment of the financial debt has occurred or not - HELD THAT:- On perusal of record it is found that on one hand the respondent has stated that the amount in question has not become payable and on the other hand respondent denies having taken any loan from the applicant. Record also shows that the respondent has been making continuous efforts to resolve the issue and has written number of letters to the applicants for purchasing time to make part payment. While going through the documents so filed by the petitioner, it is found that, corporate debtor admitted and acknowledged liability by letters of acknowledgement of debt/balance confirmation letters from time to time in favour of the petitioner - In the instant case, the documents produced by the Financial Creditor clearly establish the ‘debt’ and there is default on the part of the Corporate Debtor in payment of the ‘financial debt’. The petitioner/financial creditor having fulfilled all the requirements of Section 7 of the Code, the instant petition deserves to be admitted - Petition admitted - moratorium declared.
|