TMI Blog2021 (3) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... 17, the amount due was payable in the year 2019, the applicant approached corporate for payment of debt in April 2019 and the present application is filed on 04.09.2019. Hence, the application is within in the period and is not barred by limitation. The registered office of the Corporate Debtor is situated at Delhi and therefore this tribunal has jurisdiction to entertain and try this application. The application is complete and deserves to be admitted - application admitted - moratorium declared. - Company Petition No. IB 2178/ND/2019 - - - Dated:- 1-3-2021 - DR. DEEPTI MUKESH HON BLE MEMBER (JUDICIAL) And MS. SUMITA PURKAYASTHA HON BLE MEMBER (TECHNICAL) FOR THE APPLICANT : MR. ABHISHEK, ADV. FOR THE RESPONDENT : MR. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to grant a loan of INR 2.20 Crore to the corporate debtor on personal terms. Accordingly, loan was disbursed, in the months of June and July 2015 and the total sum disbursed was ₹ 2.20 Crore. The corporate debtor repaid a sum of INR 1.50 Crore, on 26.11.2015, leaving a sum of INR 70,00,000/- outstanding and payable by the corporate debtor. The applicant states that it was mutually agreed for repayment of amount of ₹ 70,00,000/- within 3-4 years along with interest @ 18% per annum. In pursuant to the loan the corporate debtor issued confirmation of accounts letter to the applicant vide letter dated 01.04.2016 and 01.04.2017.The copies of the confirmation of accounts letter are annexed. 5. The applicant submits that in April ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and claim of the applicant is time barred, as the debt was given in the year 2015. b) Further it is denied that the confirmation of accounts dated 01.04.2016 and 01.04.2017 bears any signature or authentication for and on behalf of the corporate debtor. c) It is further objected on the ground that there is no loan agreement or document sustaining the grant of this loan by the applicant. Further no document is provided to claim interest. d) That the amount as claimed by the applicant was received as capital contribution and not as loan and the same has also been objected to in the reply to Section 8 filed by the corporate debtor. e) The corporate debtor submits that there is a dispute between the parties as the applicant was inef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nkruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of IBC. The application under Section 7 is complete. 13. The last balance of confirmation is issued on 01.04.2017, the amount due was payable in the year 2019, the applicant approached corporate for payment of debt in April 2019 and the present application is filed on 04.09.2019. Hence, the application is within in the period and is not barred by limitation. 14. The registered office of the Corporate Debtor is situated at Delhi and therefore this tribunal has jurisdiction to entertain and try this application. 15. During the hearing the counsel for corporate debtor admitted the debt and stated that they have no objection to the application being admitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m Resolution Professional namely Mr. Anil Tayal to meet out the expense to perform the functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days for the date of receipt of this order by the applicant. The amount however is subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution Professional and shall be paid back to the applicant. 19. In terms of above order, the application stands admitted in terms of Section 7 of IBC, 2016. A copy of the order shall be communicated to the applicant as well as to the Corporate Debtor above named by the Registry. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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