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TMI Blog2019 (7) TMI 1624X X X X Extracts X X X X X X X X Extracts X X X X ..... f the case, as mentioned in the Company Petition, are as follows: (1) M/s. Nysa Enterprises Private Limited ('Petitioner/Corporate Applicant') is a Private Limited Company incorporated on 05.09.2005 under the Companies Act, 1956 having CIN: U51311KA2005PTC037147 and having its registered office at No. 126, Wrangler Showroom, 1st Floor, The Forum Mall, No. 21, Hosur Road, Koramangala, Bangalore-560029. The Authorised Share Capital of the Company is Rs. 20,00,000/-(Rupees Twenty Lakhs Only) and Paid-up Share Capital of the Company is Rs. 10,00,000/- (Rupees Ten Lakhs Only). Its main objects, in brief, are to carry on the business both in India and abroad as dealers, distributors, processors, inventors, makers, packers, movers, stockists, agents, sub-agents, merchants, consignors, brokers, of all kinds and description of garments, fabrics, textile, cloth, and their derivatives thereof, etc., and to deal, supply, such products which may be used in garment industry, etc. (2) The Corporate Applicant had for the purpose of carrying on its business of running a franchise outlet of V.F. Brands India Private Limited, incorporated the Corporate Applicant. Thereafter, the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to rectify the defect within 7 days of' receipt of a notice from the adjudicating authority." The view taken in the decision above has been reiterated by the Hon'ble NCLAT in Leo Duct Engineers & Consultants Ltd v. Canara Bank [2018] 91 taxmann.com 156 It is stated that neither the debt due nor the default in payments of loan/debt by the Corporate Applicant is disputed by any of the Financial Creditors. Further, the format of the Petition is complete in all respects and is admittedly not in dispute. Therefore, the Petition under Section 10 of the Code is maintainable and requires to be admitted. (8) It is stated that when Tribunal had sought to issue notice to the Financial Creditors vide order dated 30.03.2017, it was challenged before the Hon'ble High Court of Karnataka in Writ Petition No. 14990 of 2017. However, during the pendency of the writ petition, the Corporate Applicant took steps to serve notice to the Financial Creditors. Till date, there is no stay of the present proceedings in Writ Petition No.J-1990 of 2017, and therefore, there is no impediment for the Tribunal to decide it. Hence, the learned counsel urged the Tribunal to decide the question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... brought into the Company from the personal assets of our shareholder. The Company does not have any other assets. The market value of the property is estimated to be not less than Rs. 3,00,00,000/-. Although the property is not mortgaged and is free from encumbrances of any kind, the money due and outstanding to each of you can be repaid in full, if the above referred property is brought to sale." Therefore, the Corporate Debtor is owing an immovable property, market value of which is Rs. 3,00,00,000/-, which can very well satisfy all the outstanding amounts of the Respondents. (6) It is also stated that admittedly, Corporate Debtor is financially capable of repaying the outstanding amount with the Respondents, whereas, there is no intention to clear the outstanding amount. Under the circumstances, the Corporate Applicant, who is one of the Directors of Corporate Debtor cannot maintain the present Application for Insolvency Resolution Process. 4. M/s. HDFC Bank Ltd., one of the Financial Creditors of the Corporate Applicant has filed a reply dated 26.06.2019, by inter alia contending as follows: (1) It is stated that the Petitioner in order to avoid legal liability due to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicant has availed a Loan from ICICI Bank Ltd., Zen Lefin Pvt. Ltd., and HDFC Bank Ltd., amounting to Rs. 60,00,000/-. Therefore, the Corporate Applicant is unable to continue to pay of its debts to the Company. He has relied upon the judgment of Hon'ble NCLAT in Unigreen Global (P) Ltd. case (supra) and Leo Duct Engineers & Consultants Ltd. case (supra) Therefore, the learned Counsel urged the Tribunal that the Application may be admitted by initiating Corporate Insolvency Resolution Process in respect of the Corporate Debtor/Applicant. 7. Shri Francis Xavier, learned Counsel representing HDFC Bank Ltd., submits that in pursuant to the default committed by the Corporate Applicant that they have initiated Arbitration proceedings vide Claim Petition No.76/2017 before the learned Arbitrator, Gangadhar K.M., Retired Civil Judge and IMFC, Malleshwaram, Bangalore under Sections 7 and 8 of the Arbitration and Conciliation (Amendment) Act, 2015, against the Corporate Applicant herein and also Mrs. Rose Mary Anthony A., (Co-Borrower). Accordingly, the Arbitration Award is given as below: "A. The Claim of the Claimant Bank in respect of recovery of a sum of Rs. 330269.44/- (Rupees ..... 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