Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (8) TMI 1197 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditor - financial contract or not - existence of debt and dispute or not - HELD THAT:- It becomes clear that it is incumbent upon the Financial Creditor while filing this petition to place on record before this Authority, the 'Financial Contract' and demonstrate without any ambiguity from the financial contract, the amount disbursed as per the loan/debt, the tenure of the loan/debt, the interest payable and the conditions of repayment. In the present case, it is evident that the Financial Creditor has not placed on record any Financial Contract or any Financial Agreement, in pursuance of which the loan was disbursed to the Corporate Debtor. The Part V of the Petition also discloses the fact that the Financial Creditor has only attached the copy of the ledger of the Financial Creditor maintained in the books of accounts of the Corporate Debtor. Even the Financial Creditor has not placed on record any Promissory Note, in the present case, which can be construed as a 'Financial Contract' in order to prove the debt qualifies to be a 'financial debt' - In the present case, there is no financial contract which is seen on record in order to establish that the relationship between the Financial Creditor and the Corporate Debtor herein in order for the Applicant to qualify as a 'Financial Creditor' and in the absence of the same, the default as alleged by the Financial Creditor cannot be determined. In the absence of any 'Financial Contract' between the parties - Petition dismissed.
|