TMI Blog2021 (2) TMI 1187X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor has given a Corporate Guarantee of ₹ 4,82,42,00,000/-. On further enquiry and on perusal of the financial statements for the financial year 2018-19 of the Corporate Debtor, it has come to light that the net worth of the Corporate Debtor is ₹ 15,36,39,015/-. It is hard to convince oneself that a Company having a networth of ₹ 15,36,39,015/- is not able to make a payment of ₹ 3,00,000/-. It appears that the petition at hand has been filed in collusion with the Corporate Debtor. Petition cannot be admitted and is dismissed. - CP (IB) No. 2192/KB/2019 - - - Dated:- 2-2-2021 - Shri Rajasekhar V.K., Member (Judicial) For the Financial Creditor: Mr. Shaunak Mitra, Advocate And Mr. Sanjib Dawn, Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y] along with interest @15% p.a. till the date of repayment. 4. The learned Counsel for the Financial Creditor stated as follows:- a. Around January, 2019 the Corporate Debtor approached the Financial Creditor for financial assistance stating that the Corporate Debtor was going through financial problems in running the business. Financial assistance of ₹ 3,00,000/- in the way of unsecured loan was given for a period of six months with an interest @15% p.a. b. The Financial Creditor disbursed the amount on 15.02.2019 and the Corporate Debtor acknowledged receipt of the sum and have issued a demand promissory note dated 18.02.2019. Copy of the demand promissory note is annexed with the petition at page 17 . c. The Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cy and Bankruptcy [Application to Adjudicating Authority] Rules, 2016 along with a copy of registration. 9. The petition made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of the minimum amount of one lakh rupees as stipulated under section 4(1) of the Code at the relevant time. But on perusal of the master data of the Corporate Debtor it is seen that the Corporate Debtor has given a Corporate Guarantee of ₹ 4,82,42,00,000/-. On further enquiry and on perusal of the financial statements for the financial year 2018-19 of the Corporate Debtor, it has come to light that the net worth of the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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