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TMI Blog2019 (7) TMI 1578X X X X Extracts X X X X X X X X Extracts X X X X ..... Manu Bakshi, Adv. for the Respondent. ORDER Smt. Ina Malhotra, This petition has been filed under Section 9 of the Insolvency and Bankruptcy Code for initiating Corporate Insolvency Resolution Process of the respondent/Corporate Debtor. 2. As per the averments made, the Operational Creditor is in the business of raising finances for companies to meet their business exigencies, It is submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment of the loan/pre-closure charges and the interest being higher than what was being charged by their existing Bank. 4. The Operational Creditor submits that since it had rendered services, they raised their invoice in the sum of Rs. 25 lakhs which along with GST of Rs. 4,50,000/- accrued to Rs. 29.50 Lakhs. The Corporate Debtor however, failed to take any steps to remit this amount constraini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t by the Bank's valuer, it would cost Rs. 2,500/- to Rs. 3,000/- and Rs. 1,500/- for a certified copy. The total cost would be about Rs. 7,000/- + GST. No other charges were either communicated to the Corporate Debtor, nor approved by them. It is submitted that the terms and condition of the proposal for which the Operational Creditor has procured sanction was not acceptable to them in view of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is no copy of the application by the Corporate Debtor seeking financial assistance, nor are there any documents which the Corporate Debtor may have submitted for the purpose of sanction of the loan including offer of any collateral security/guarantee. The only correspondence relied upon is the communication of the sanction letter enlisting the terms and conditions. The Corporate Debtor responded ..... X X X X Extracts X X X X X X X X Extracts X X X X
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