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TMI Blog2020 (9) TMI 1112X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited ('Petitioner/Financial Creditor') incorporated on 24.07.2013, bearing CIN:U72900KA2013PTC070292 having registered office at #647/1, 1st Main, 1st Stage, Indiranagar, 100 Ft. Road, Bangalore-560038. (2) M/s. AlfaPeople IT Services Private Limited ('Respondent/Corporate Debtor'), having CIN: U74900KA2015PTC079675 incorporated on 06.04.2015. Its Nominal Share Capital of Rs. 1,00,000/- (Rupees One Lakh Only) and Paid up Share Capital is Rs. 1,00,000/- (Rupees One Lakh Only). (3) It is stated that there is an Inter-Corporate Loan Agreement executed between the parties on 09.02.2017 ('Agreement') through which the Petitioner extended loan for Rs. Rs. 30,00,000/-, which was to be repaid by the Corporate Debtor, after the lock-in period of 12 months, within a period of 18 months from the disbursement, with an interest of 18% per annum on the outstanding loan amount, payable quarterly. The Corporate Debtor made payments against the due loan amount on various occasions but failed to repay the entire loan amount in full along with interest. The Financial Creditor, as a good will gesture, based on the assurances of the Corporate Debtor that the debt amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 7 is maintainable. (6) It is stated that the Financial Creditor has extended the said loan to the Corporate Debtor under an Inter-Corporate Loan Agreement executed between the parties in accordance with Section 186 of the Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014. The provisions of Section 186 of the Act provides that a Company can directly or indirectly, give any loan to any person or other body corporate, exceeding sixty percent of its paid-up share capital, free reserves and securities premium account or one hundred percent of its free reserves and securities premium account, whichever is more, with-prior approval by means of a special resolution passed at a general meeting. In the instant case, the Financial Creditor has passed the requisite special resolution of the Extra-Ordinary General Meeting of the Company held on 07.02.2017 in accordance with the applicable provisions of the Act for granting of loan to the Corporate Debtor. (7) It is also stated that the Corporate Debtor is not a related party of the Financial Creditor as defined under Section 2(76) of the Companies Act, 2013, and therefore the provisions of Related Part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.2019, 13.11.2019, 21.11.2019, 06.12.2019, 18.12.2019, 10.01.2020, 24.01.2020, 31.01.2020 & 05.02.2020. The case is adjourned on all these dates due to various reasons, at the request of the Petitioner for compliance of office objections, serving the notice etc. 6. Ms. Amrita Jain, the learned Counsel for the Petitioner, while pointing out various averments made in the Petition and also in Written Arguments, as briefly stated supra, has further submitted that the debt and default in question are not in dispute, and the Respondent also accepted the same in their Memo of Submission. The instant Petition is filed in accordance with law and also suggested a qualified Resolution Professional namely Shri Surender Devasani, with Registration No. IBBI/IPA-001/IP-P00775/2017-2018/11348, who also filed Written Communication in Form-2 dated 26th August 2019, and necessary declaration. Therefore, she has urged the Adjudicating Authority to admit the case by initiating CIRP in respect of Corporate Debtor appointing IRP, imposing moratorium etc. 7. Ms. Suritha Sukendran, learned Counsel for the Respondent has also no objection to initiate CIRP, as the Company has become insolvent and the Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot sufficient. The same is subject to the Adjudicating Authority's summary adjudication, though limited to 'ascertainment' and 'satisfaction'." The Hon'ble Supreme Court has also upheld the above judgement in Civil Appeal Nos. 8337-8338 of 2017 vide judgment dated 31st August, 2017. The Hon'ble Supreme Court has adverted to Section 7, at para 28, which reads as under: "28. When it comes to financial creditor triggering the process, Section 7 becomes relevant. Under the explanation to Section 7(1), a default is in respect of a financial debt owed to any financial creditor of the Corporate Debtor - it need not be a debt owed to the applicant financial creditor. Under Section 7(2), an application is to be made under sub-section (1) in such form and manner as is prescribed, which takes us to the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 pats, which requires particulars of the applicant in Part I, particulars of the corporate debtor in Part II, particulars of the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd circumstances of the case, by exercising powers conferred on this Adjudicating Authority, U/s 7(5)(a), and other extant provisions of the IBC, 2016, we hereby admitted C.P.(IB)No. 307/BB/2019 by initiating Corporate Insolvency Resolution Process (CIRP) in respect of Respondent/Corporate Debtor with the following consequential directions: 1) Shri Surender Devasani, bearing Registration No. IBBI/IPA-001/IP-P00775/2017-18/11348, who is qualified Resolution Professional, is hereby appointed as Interim Resolution Professional, in respect of the Respondent/Corporate Debtor namely M/s. AlfaPeople IT Services Private Limited to carry out the CIRP as mentioned under the Insolvency and Bankruptcy Code, 2016 and various rules issued by IBBI from time to time; 2) The following moratorium is declared prohibiting all of the following, namely: a) the institution of suits or continuation of pending suits or proceedings against the Respondent/Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal ri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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