TMI Blog2019 (9) TMI 1443X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor is unable to pay its debts and has failed to make the payments to the Financial Creditor. In the instant Petition, the Petitioner has proved its case by placing documentary evidence viz., copy of the ledger Account of Corporate Debtor as maintained by Vantage Vinimay Private Limited for the Financial Year 2013-14, 2014-15, 2015-16 and 2016-17 are enclosed as Annexure 7, copy of the Ledger Account of the Corporate Debtor as maintained by the Financial Creditor for the year 2017-18, 2018-19 are enclosed as Annexure 8, and Letter of confirmation issued by the Corporate Debtor to the Vantage Vinimay Private Limited confirming the outstanding balance dated 01.04.2016 is enclosed as Annexure 9, which prove that a default has occu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panies Act, 1956 having its registered office at RCI House, 1st Floor, Survey No. 83, Near Kompally Railway Bridge, Kompally, Secunderabad - 500 014 under section 7 of the Insolvency and Bankruptcy Code, 2016 (in short IB Code 2016) r/w Rule 4 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ( in short IB Rules 2016). 2. Brief facts of the present Application are as under: 3. That M/s. Vantage Vinmay Private Limited provided an amount of ₹ 1,79,50,000/- towards unsecured loan and the same was disbursed in different tranches from 23.10.2013 to 08.09.2014 to the Corporate Debtor. Subsequently the said M/s. Vantage Vinmay Private Limited was amalgamated with the financial creditor herein and accord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ime and executive director viz. Shri. Sudip Kumar was the in-charge of the day to day affairs of the Company and the responding director was looking after the working capital and corpus requirements of the Corporate Debtor. There was a constraint for working capital and the responding director approached the petitioner/financial creditor for an inter-corporate loan of ₹ 2,00,00,000/- and the financial creditor has also accepted to disburse the loan amount. This was also intimated to the other whole time executive director. From the year 2016, the financial status of the company started deteriorating due to various reasons including the fraud committed by the employees of the Company. A criminal case was also filed before XII Addl Chie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n was adjourned to 08.08.2019. 10. During the hearing held on 08.08.2019, the counsel for the Respondent stated that they are intending to settle the matter with the Financial Creditor and prayed time. At request, matter was adjourned to 23.08.2019 and for the same again adjourned to 03.09.2019. 11. During the hearing held on 03.09.2019, the counsel for the Respondent stated that talks for settling the matter have failed and he filed counter and furnished the same to the other side. On 12.09.2019, the matter was heard at length and was reserved for orders. 12. Heard both the sides and perused the record. 13. It is on record that the Corporate Debtor has availed unsecured loan from the financial creditor and it is also confirmed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 2017, held as under: .............The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. Under subsection (7), the adjudicating authority shall then communicate the order passed to the financial creditor and corporate debtor within 7 days of admission or rejection of such application, as the case may be. 17. In the present case, this Adjudicating Authority is satisfied with the submissions put forth by the Petitioner/Financial Creditor regarding existence of 'financial debt' and occurrence of 'd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g suits or proceedings against the 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 right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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