9911796707
TMI Blog2017 (7) TMI 697X X X X Extracts X X X X X X X X Extracts X X X X ..... ention that the 'Financial Creditor' has been registered as a NBFC under Section 451A of the Reserve Bank of India Act, 1934 on 18-05-1994 (Annexure P/1 & P/2). It is engaged in the business of providing financial assistance and management consultancy along with related services The Corporate Debtor-respondent is a Company incorporated under the provisions of the Companies Act, 1956 and its authorized share capital is 25,62,00,000/-. The paid up share capital of the Corporate Debtor is 1,27,99,390/-. The aforesaid information is supported by the master data concerning the Corporate Debtor obtained from the official website of the Registrar of Companies (Annexure P/3). The Corporate Debtor availed a loan of Rs. 44,50,00,000/- (Rupe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor has committed default and failed to repay the loan as per the terms of agreement on 24-04-2016 along with interest despite demand raised by the Financial Creditor. Eventually on 26-11-2015 the Financial Creditor served upon the Corporate Debtor a legal notice for repayment of the loan amount (Annexure P/7). The Corporate Debtor has failed to make any payment. Again on 15-03-2017 a legal notice under Section 271 (2) of the Companies Act for winding up of the Corporate Debtor company was served calling upon the Corporate Debtor to make the payment of entire outstanding amount of Rs. 56,33,96,066/- (Rupees Fifty Six Crores Thirty Three Lakhs Ninety Six Thousand and Sixty Six Only) along with interest (Annexure P/8). Despite tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ervice no one has preferred to appear on behalf of respondent to oppose the claim made by the Financial Creditor. We have heard learned counsel for the Financial Creditor at length and have examined the record with his able assistance. It is evident that Financial Creditor has placed on record all the documents concerning the default and the name of resolution professional proposed to act as an interim resolution professional. We are satisfied that the default has occurred and the application in all other respects is complete. Moreover, there is no opposition despite the fact that the service has been effected. Therefore, we are inclined to admit this petition. As a sequel to the above discussion this petition is admitted. The necessary c ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
