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TMI Blog2019 (12) TMI 1459X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd., against M/s. P. M. Cold Storage P. Ltd., to start corporate insolvency resolution process (in short "CIRP") of the corporate debtor on the ground that the corporate debtor committed default in paying financial debt of Rs. 27,19,110 (rupees twenty seven lakhs nineteen thousand one hundred ten only). 2. The financial creditor has come before this Adjudicating Authority with a very plain and simple case stating that it is the non-banking financial company. It has lent sum of Rs. 25 lakhs to the corporate debtor for a period of 90 days and rate of interest was fixed at 15 per cent. per annum. The corporate debtor paid interest on above amount till June 10, 2017 and thereafter committed default in paying the loan. Hence, this proceeding i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the rate of 15 per cent. per annum as alleged. The cheque on which the financial creditor relied its claim is invalid. It was given as the security to the transaction other than as has been spelt in the application. This proceeding is not maintainable. It may be rejected. 5. The financial creditor filed rejoinder and reiterated its claim by denying contention of the corporate debtor. 6. The corporate debtor filed supplementary affidavit and produced on record the copies and the plaint in TA Suit No. 1145 of 2019 filed by it against the financial creditor and other thirty eight parties. It is an interpleader suit filed against thirty nine defendants inclusive of the financial creditor. He produced numbers of documents to show real nature ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application for loan, when it was granted. The financial creditor did not produce on record the document to show that loan was really granted as per the request of the corporate debtor. In Form V of the application, he did not state all relevant facts more particularly relating to following : (i) Whether any security held and any document thereof ? (ii) The latest complete copy of financial contract reflecting all advances and wavers ? (iii) Record of default ? (iv) Documents showing the entries relating to loan as per the Bank ers' Books Evidence Act, 1891 filed list of documents attached to the appli cation in order to prove existence of financial debt and the amount and date of default. 10. The financial creditor did not dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor ? We require answers of this query because the corporate debtor has come out with the clear defence that they have paid the entire amount and nothing is due and payable. In such situation, it was expected from the financial creditor to explain as to what happed to earlier cheque of the corporate debtor. It is not in dispute that cheque No. 24229, dated April 9, 2018 issued by the corporate debtor was dishonoured and the financial creditor sent a notice under section 138 of the Negotiable Instruments Act, etc. But that certainly does not mean that the corporate debtor admitted that it was a cheque issued by them towards repayment of the loan or inter-corporate advance as alleged by the financial creditor. At the most, it can be presume ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor anywhere. 14. As against this, the corporate debtor come out with clear defence that financial creditor owes nothing against them. They filed interpleader suit disclosing the nature of alleged transaction. We do not say that their contention in the suit may be correct but competent civil court having felt that there exists prima facie case in favour of the corporate debtor have issued and an interim prohibitory order against financial creditor and others stating they cannot recover the amount claimed herein. 15. We have clearly noted that this Authority is not a forum for a recovery of amount. We have to see whether the corporate debtor committed default in paying the debt (financial or operational) and if yes, then to admit in CIRP. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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