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TMI Blog2018 (10) TMI 1753X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 7 of the Insolvency and Bankruptcy Code, 2016 (in short 1B Code 2016) r/w rule 4 of Insolvency & Bankruptcy (Application to "Adjudicating Authority") Rules, 2016 (for brevity, 1B Rules 2016). 1. The Corporate Debtor is a private limited Company incorporated under the Companies Act, 1956 on 28.05.2010 having its registered office at Old No.23, New No. 19, 7th Street, "W" Block, Anna Nagar, Chennai- 600040. 2. The amount grated to the respondent is 00.20 crores (0.20 crores disbursed by the 1 st Applicant on 10.08.2012 and 01.12.2012 and crores disbursed by the 2nd Applicant on 28.09.2012. The amount claimed to be in default by the Corporate Debtor is as on 31.12.2017 and the date of default as per the petition is December, 2016. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt], the amounts stated in the petition were given as loan to the M/S. Colorhomes and not to the respondent company M/s.CoIorhome Developers Private Limited. 5. The Respondent has stated that the respondent company has not borrowed any money from the petitioners. Since, the sole-proprietorship concern has borrowed the aforesaid amounts, Mr.S.Mohan Kumar demanded the respondent company to execute a mortgage deed in the name of the I st petitioner for a sum of (Rupees Four Crores only) @ 12% interest per annum. Due to the pressure from their side the respondent company mortgaged the property that stands in their name situated in Perumbakkam, Chennai vide Mortgage Deed Doc. No. 8353 of 2015 dated 05.06.2015 executed before the Sub-Registrar, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chennai in O.S No. 4938 of2017. 8. The debt alleged by the 2nd petitioner is in full and in excess for the amount given as loan by her family members, which is evidenced by the bank statements filed by the respondent. Moreover, the petitioners reply that all the other transactions are- separate transactions not connected to the present claim is not acceptable since, the amount loaned by S. Mohan Kumar was given vide different accounts in his name and in the name of his family members. Further, their reply that the alleged payment was made by the respondent in petitioner was made towards the debt payable to Mr. favour of the 2nd Mohan Kumar, father of the 2nd petitioner is not acceptable since, the payments were made to their account as p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, they were arrested and were released on bail in the above crimes. Already, 4 FIR's were filed against them under Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003 which were disclosed by the petitioners themselves in their Anticipatory Bail Petition filed before the High Court of Madras. [Pg. No. 98 of Typeset filed by the Respondent]. 11. The Respondent has stated that the petitioners have enclosed a legal notice sent by the respondent company dated 24.06.2017, but suppressed the two legal notices sent by them dated 24.02.2018 to the sole proprietorship concern i.e, Ws. Colorhomes through their advocate Mr.A. Damodaran, in which they categorically admits that the above cheques were issued to M/S. Colorhomes and also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ims that it has paid in excess of In this regard, it is submitted that no payment was made towards this account. The sum of ?2Crores was borrowed on 28.09.2012. The amount of 00 Lakhs was paid on 10.09.2012 which was much before the date of borrowal. Thus the sum of 00 lakhs was not paid towards repayment of this loan. 15.The petitioners have stated that the Respondent is trying to club the transactions made with other persons and that each transaction with each person is separate and loan documents were executed separately. The Respondent cannot combine all the accounts together 16.The petitioners have stated that the Respondent issued legal notice dated 24.06.2017 as if only Crores was borrowed. The Respondent filed a civil suit stati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parts " 19.Respondent filed Civil Suit before the Hon'ble City Civil Court, Chennai. In the said suit, the Respondent has admitted that it has borrowed money from the I st Petitioner. Para 4 of the Plaint reads as follows:- " para 4 ........the Plaintiff company borrowed a sum of Rs. 4 Crores from the Defendants" 20.SimiIarIy in the Criminal Complaint dated 11.07.2017 given by the Respondent which is filed as Document No.5 in the Respondent typeset, reads as follows:- "I am doing business in the above of the address namely Colorhome Developers Pvt. Ltd. construction company. From the last 2012 to 2015, for business development, borrowed from Thiru.Mohankumar and his authorized person, his daughter...Ms.Divya Jain....... Vinaya ..... X X X X Extracts X X X X X X X X Extracts X X X X
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