9911796707
TMI Blog2019 (3) TMI 1868X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 (I and B Code) against Maberest Hotels P. Ltd., the corporate debtor, for initiating corporate insolvency resolution process (CIRP) for default in repayment of principal amount of Rs. 10,00,000 and interest of Rs. 1,23,43,676. The petition is filed on May 10, 2018. 2. The case of the petitioner is that it had granted a loan of Rs. 10,00,000 to the corporate debtor as temporary financial assistance on August 12, 2002 and the loan was to be repaid with an interest of 18 per cent. per annum as soon as the financial crisis is over within reasonable time, i. e., within 6 to 12 months. The registered office of the corporate debtor is situated in the State of Goa. It is stated that the corporate debtor has acknowledged the debt vide balance con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Court of District and Sessions Judge at Panaji, Goa. 6. The respondent in its affidavit in reply has stated that the learned civil court vide an order dated October 5, 2018 was pleased to reject Civil Suit No. 165 of 2010 under Order 7, rule 11(d). 7. On perusal of the order of the learned civil court in Civil Suit No. 165 of 2010, dated October 5, 2018 it is observed that the suit was rejected as barred by law of limitation. The appeal against the said order is pending. 8. Thus, by order of the hon'ble High Court, the claim of the petitioner is to be decided by the outcome in a civil suit by a civil court under the CPC. The civil suit, filed under the order of the hon'ble High Court, was rejected as the claim is barred by li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... form in five parts, which requires particulars of the application Part I, particulars of the corporate debtor in Part II, particulars of the proposed interim resolution professional in Part III, particulars of the financial debt in Part IV, and documents, records and evidence of default in Part V. Under rule 4(3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or speed post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce or invoice was received by the corporate debtor. The moment there is existence of such a dispute ; the operational creditor gets out of the clutches of the Code. On the other hand, as we have seen, in the case of a corporate debtor who commits a default of a financial debt, the adjudicating authority has merely to see the records of the information utility or other evidence produced by the financial creditor to satisfy itself that default has occurred. It is of no matter that the debt is disputed so long as the debt is 'due', i. e., payable unless interdicted by some law or has not yet become due in the sense that it is payable at some future date. It is only when this is proved to the satisfaction of the adjudicating authority ..... X X X X Extracts X X X X X X X X Extracts X X X X
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