9911796707
TMI Blog2019 (2) TMI 1852X X X X Extracts X X X X X X X X Extracts X X X X ..... BC) to initiate Corporate Insolvency Resolution Process by Financial Creditor, namely Sanaya Tea Private Limited against Corporate Debtor, namely Vinergy International Pvt. Ltd. stating that the Corporate Debtor failed to make payment of Rs. 1,75,30,170/-. The date of default has been stated as 6.1.2017. 3. The Petitioner argued that a financial debt of Rs. 1,00,00,000/- given to the Respondent remains unpaid and the Corporate Debtor has admitted its liability in the reply filed before this Tribunal. 4. We have heard the parties and perused the record. The following facts arising from the petition. 5. The Petitioner has filed the present petition in form 1 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tes that the Respondent has not furnished a balance confirmation to the Petitioner. d) Reply from the Corporate Debtor dated 9th January 2017 to advocate's Notice dated 6th January, 2017. The reply states that the Respondent cannot make any payment on account of injunction/ attachment imposed by the Hon'ble Bombay High Court in an Arbitration Petition with respect to a Foreign Award. e) Statutory notice dated 4th may 2018 under section 9 of IBC sent by Petitioner's Advocate to the Respondent. The notice states that the Petitioner had advanced a private direct loan of Rs. 1,00,00,000/- as per the details of the bank statement and confirmation letters annexed to the notice. 9. The affidavit in support of the petition states that the dema ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... attachment imposed by the Hon'ble High Court in an Arbitration Petition with respect to a Foreign Award is till subsisting and Civil Appeal challenging the order of the Hon'ble High Court is pending final hearing in the Hon'ble Supreme court being Civil Appeal No. 8166 of 2016. 11. Form 1 of the AAA Rules under the particulars of financial debt [documents, records and evidence of default] requires the latest and complete copy of the financial contracts reflecting all amendments and waivers up to date. The Petitioner can also annex other documents to prove existence of the financial debt, the amount and date of default. However, in the present case, the Petitioner has not annexed any document inter-se parties reflecting the purported loan. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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