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TMI Blog2020 (7) TMI 207X X X X Extracts X X X X X X X X Extracts X X X X ..... and Paid up Capital is Rs. 526,00,00,000/- and Rs. 65,06,10,940/- respectively. The Registered Office of the Corporate Debtor as per the Application is stated to be situated at Sudarshan Building, 6th Floor, No. 27, Whites Road, Royapettah, Chennai - 600 014. 3. Part - III of the Application discloses the fact that the Financial Creditor had proposed one Mr. Tharuvai Ramachandran Ravichandran as the Interim Resolution Professional, who has also filed his consent in Form 2. From Part-IV of the Application, it is seen that a total sum of Rs. 21,58,719/- is being claimed by the Financial Creditor from the Corporate Debtor. The transactions given as to the amount claimed by the Financial Creditor as against the Corporate Debtor is stated to have arisen consequent upon a loan being given by the Financial Creditor to the Corporate Debtor. 4. Part V of the Application describes the particulars of the documents, records and evidence of default of the Financial Debt which inter alia includes the following: (a) Copy of Promissory Note acknowledging the existence of debt issued by the Corporate Debtor, (b) Copy of Bank Statement of Financial Creditor showing transfer of monies from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness of travel related service and in the course of business, they got acquainted with one Pramod Chardia of M/s. Jineshwar Capital. The said Pramod Chardia had agreed to finance the Corporate Debtor a sum of Rs. 6,05,00,000/- through his consortium of financiers and money lenders, and towards the same, the Corporate Debtor executed several signed blank cheques, blank signed promissory notes and signed blank stamp papers as security in favour of M/s. Jineswar Infraventures (P.) Ltd. Copy of sanction of unsecured loan dated 14-8-2015 is placed at page 1 of the typed set filed with the Counter. 9. It is further submitted by the Learned Counsel for the Corporate Debtor that the Corporate Debtor had duly repaid the above said loan amount of Rs. 6,05,00,000/- along with interest by way of bank transfers on various dates and the same has been reflected in the statement of accounts maintained by Corporate Debtor, copy of which is enclosed at pages 3 to 6 of the typed set filed with the Counter Affidavit. Thus, there is no amount due and payable towards the above borrowing. 10. While things resting so, the Corporate Debtor had approached M/s. Jineswar Infraventures (P). Ltd. and reque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrayed as 32nd Defendant in the said OS was set ex parte along with other Defendant. The Corporate Debtor has also filed O.P. No. 44/2019 before IX Assistant City Civil Court, against M/s. Jineswar Infraventures (P.) Ltd. and the other consortium of financiers and money lenders including the Financial Creditor under the Tamilnadu Prohibition of Charging Exorbitant Interest Act, 2003, praying for the repayment of the exorbitant interest amount collected by M/s. Jineswar Infraventures (P.) Ltd. and other financiers, which is pending. 14. It is further contended that if the debt so fell due in 2016, the Financial Creditor has not brought the same to the notice of the Corporate Debtor until the filing of the present Application. Furthermore, the Financial Creditor has not produced a proper statement of accounts to the alleged claim of Rs. 25,00,000/- made from the Corporate Debtor. Therefore, the Financial Creditor has come before this Tribunal with unclean hands with intent to use this forum as an arm twisting mechanism to cause irreparable loss to the Corporate Debtor. Hence, the Corporate Debtor has prayed to dismiss the Application with exemplary costs. 15. Heard Ld. Counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ling this Application to place on record before this Authority, the 'Financial Contract' and demonstrate without any ambiguity from the financial contract, the amount disbursed as per the loan/debt, the tenure of the loan/debt, the interest payable and the conditions of repayment. In the present case, it is evident that the Financial Creditor has not placed on record any Financial Contract or any Financial Agreement, in pursuance of which the loan was disbursed to the Corporate Debtor. 17. By looking at the Application filed by the Financial Creditor, it has been alleged that the Corporate Debtor approached the Financial Creditor in the year 2015 for a loan period of 10 months with the condition that the Corporate Debtor was to repay the said loan amount including interest thereon at the rate of 2% per month. However, as stated supra, the Financial Creditor has not produced any Agreement or Financial Contract to substantiate such statement and it appears if at all to be only an oral agreement contested which is alleged to have been entered into between the parties, of which this Tribunal has no means to ascertain, as being a proceeding of summary nature, unlike a Civil Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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