9911796707
TMI Blog2019 (5) TMI 1889X X X X Extracts X X X X X X X X Extracts X X X X ..... it is a company registered under the provisions of Companies Act, 1956 under the name and style of Prayag Polytech Private Limited and the date of incorporation is stated to be 16th August, 1982 and the registered office of the petitioner being situated at C-587, Industrial Area, Phase-1, Bhiwadi-301019, Rajasthan, India. The person authorised to file the above petition is stated to be one Mr. Milan Aggarwal authorized vide Board Resolution dated 18.12.2018. 2. The Respondent Corporate Debtor, is a company and incorporated on 13.08.2003. Both the nominal share capital and paid-up share capital of the respondent is stated to be Rs. 3, 00,00,000/-. The registered office address of the CD is B-II/11, Mohan Cooperative Industrial Estate Badarp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the petitioner. Thus, the amount is aggregate in default since 09.01.2019 is Rs. 6, 35,756/-. The financial Creditor is also claiming interest on the due debt amount at the rate of 15% per annum. 7. Despite opportunity none appeared on behalf of the respondent. Therefore, the respondent was proceeded ex-parte vide order date 15.03.2019 of this tribunal. 8. Before proceeding to deal with the case on merits, it is first incumbent upon this Tribunal to consider the definition of 'Financial Debt' as well as that of 'Financial Creditor' as provided under the provision of Section 5(8) and Section 5(7) of IBC, 2016. (7) "financial creditor" means any person to whom a financial debt is owed and includes a person to whom such de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the items referred to in sub-clauses (a) to (h) of this clause. 9. In the present case, no document has been produced on the part of petitioner by way of any loan agreement or demand promissory note or such other document to establish that the money is payable on demand and there has been default and that the Corporate Debtor is also bound to pay interest on the loan amount made available by the Financial Creditor. It is also noteworthy to mention that it is stated that there is only an oral agreement between the parties regarding the loaned amount. 10. Certain essential conditions are required to be satisfied by a financial Creditor seeking to invoke the provisions of CIRP as against the Corporate Debtor before this Tribunal taking into ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f filing an application by a Financial Creditor before this Tribunal, along with such application the applicant is also required to furnish any other information as may be specified by the Board, meaning the 'Board' as defined under Section 3(1) of IBC, 2016. The power and function of the Board has been enunciated in Section 196 of IBC, 2016 which includes the power to make regulations and guidelines on matters relating to Insolvency and Bankruptcy as may be required under IBC, 2016. Pursuant to such a power being vested and in exercise of the same, the Board has framed Insolvency and Bankruptcy(Application to Adjudicating Authority) Rules, 2016 for brevity called 'AAA' Rules where under the form to be adopted by different c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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