TMI Blog2021 (6) TMI 276X X X X Extracts X X X X X X X X Extracts X X X X ..... a. confirms the receiving of the financial debt by the corporate debtor. Moreover, in their audited financial statements for the year ending 31.03.2017 31.03.2018, the said position of the financial debt is confirmed. As per Part IV Form 1 it is submitted that the date default is 09.09.2019 and the application is filed on 21.11.2019, which is well within the period of limitation and not barred by law - The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application - In the present application, the Applicant is entitled to claim its dues, establishing the default in payment of the financial debt beyond doubt. In the light of above facts and records the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lhi-110048. 4. The applicant submits that in 2016, the Corporate Debtor approached and sought for the loan facility of ₹ 25,00,000/- (Twenty Five Lakhs Only) for its business purpose. The applicant agreed to disburse the loan of ₹ 25,00,000/- and transferred the said amount of ₹ 25,00,000/-, on 30.03.2016, through RTG Sin the Corporate Debtor's HDFC bank account. Against the said loan, the corporate debtor offered collateral security of 10,000 shares of U-Flex Limited, that are listed on BSE/NSE. The applicant submits that the market value of the 10,000 shares of U Flex Limited at that time was approximately of ₹ 18,00,000/-. 5. The applicant submits that on 08.08.2017, the Corporate Debtor requested the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was informed for the first time only through notice dated 09.09.2019. It is further submitted that applicant had an obligation to exercise its right to recover the debt by selling the shares at proper time but failed to do so. It was discovered that the Applicant had unilaterally transferred the 75,000 shares of C and C Constructions Ltd., in the depository account of the corporate debtor, without the consent. ii. That the Applicant is not a financial creditor under Section 5 (b) of I B Code, 2016. The Applicant never charged any interest on the loan and the Applicant has failed to provide any evidence of any inflows or outflows distanced by time, where there is a compensation for the time value of money. That in absence of a financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here no such requests/instructions were received by the corporate debtor. The corporate debtor was duly aware of all the transactions in DEMAT account as a statement of account is sent periodically. However, the fact that the corporate debtor was unaware of the devaluation of the share value of C and C constructions Ltd. is wrong as the said company is a publicly listed company and the value of shares is publicly known to all. ii. The definition of Financial Creditor under the Insolvency and Bankruptcy Code, 2016 read as under: Section 5(7)- Financial Creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to. The corporate debtor itself has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ord, it is beyond doubt that the default has occurred with respect to the payment of the financial debt due to the Applicant. The disbursement of loan by the applicant is nowhere denied and the same is received and admitted by the corporate debtor. The confirmation of the statement of account by the corporate debtor reflecting the debit of the interest payable, on the said loan amount as agreed @10%p.a. confirms the receiving of the financial debt by the corporate debtor. Moreover, in their audited financial statements for the year ending 31.03.2017 31.03.2018, the said position of the financial debt is confirmed. The corporate debtor has taken shelter of frivolous defense that the applicant could have acted vigilantly and exercised its r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Professional, who is be and hereby appointed as IRP of corporate debtor having registration number registration number IBBI/IPA-001/IP-P00209/2017-18/10409 (email -cagauravkatiyar@gmail.com) as the Interim Resolution Professional subject to the condition that no disciplinary proceedings are pending against such an IRP named who may act as an IRP in relation to the CIRP of the Respondent and specific consent is filed in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 in relation to specifically the corporate debtor and the applicant herein and make disclosures as required under IBBI (insolvency Resolution Process for Corporate Persons) Regulations, 2016 within a period of one week from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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