Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 110 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - Financial Creditors - Existence of debt and dispute or not - HELD THAT:- The Corporate Debtor in its reply raised defects regarding the Authorization letter, jurisdiction of the Hon'ble Tribunal and Computation of the Default amount which the financial Creditor vide its reply affidavit dated 16.02.2021 has replied to all the objections raised. Mere plain reading of the provision under section 7 of IBC shows that in order to initiate CIRP Under Section 7 the applicant is required to establish that there is a financial debt and that a default has been committed in respect of that financial debt. That while dealing with the said matter the Financial creditor has clearly established that a financial debt in form of Channel finance Loan has been advanced to the Corporate Debtor which can be clearly substantiated by the Confirmation of balance letter dated 18.09.2017 wherein, the Corporate Debtor confirmed the remaining balance of the said loan to the Financial Creditor. The Tribunal on a keen examination of the application and perusal of the documents submitted by both the parties can clearly substantiate that the attached receipts issued by the Financial Creditor indicating repayment of ₹ 3 Crore are towards the Hindalco account as dealer code HIN0001 has been clearly stated on the attached receipts. Whereas, no receipt regarding payment towards Vedanta account has been annexed by the Corporate Debtor. The documents submitted by the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment of loan amount - this tribunal after giving careful consideration to the entire matter, hearing the arguments of the parties and upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect - Application admitted - moratorium declared.
|