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TMI Blog2021 (2) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjudicating Authority) Rules, 2016 (hereinafter as Rules) in the capacity of "Financial Creditor" by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code (hereinafter as Code) against 'Kalyani Education Private Limited' (hereinafter as 'Corporate Debtor'). 2. In the requisite Form, under the head "Particulars of Financial Debt" the total amount of Debt granted is stated to be Rs. 2,25,00,000/-, and the amount claimed to be in default is Rs. 1,67,82,786/- including interest. The date of default is stated to be 30.11.2013. BRIEF HISTORY OF THE CASE 3. Samata Nagari Sahkari Patsanstha Maryadit, Kopargaon is a Cooperative Credit Society registered under the Maharashtra State Co- Operative Societies Act, 1912. 4. Kaly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, Ahmednagar and Deputy Registrar, Co-operative Societies, Nashik to implement order for the recovery. Hence, the right title and interest of the Borrower in the mortgaged property stands transferred in the name of the Petitioner. 10. In spite of the certificate issued under Section 101 of Maharashtra Co-operative Societies Act, 1960, the Corporate Debtor has failed to deposit the said amounts within the stipulated period. 11. Therefore, the Petitioner has served Seizure notice dated 08.01.2016 to make the payment on an immediate basis. Otherwise the Petitioner on 16.01.2016 would take legal action on immovable and movable property. 12. On 28.04.2016 the Special Recovery and Sales Officer (appointed by Government of Maharashtra) issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue to grant amounting more than Rs. 15,00,00,000/- from government of Maharashtra, which was assured to be paid up to 30.09.2018. However, it was not paid to us by the Government and in such facts and circumstances, the loan amount is not paid. The Corporate Debtor also trying other sources for getting amount from Government aid. The Corporate Debtor mentions that as soon as it is received, the Corporate Debtor is ready to pay the claimed amount. FINDINGS 17. The Petitioner Samta Nagari Sahakari Patsanstha Maryadit, Kopargaon is a Financial Creditor who has filed this Application u/s 7 of the IBC 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Kalyani Education Pvt. Ltd. 18. The Bench ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .03.2020 is as under:- "6. I state that I have intentions to paying debts of the Petitioner, as even during pendency of Section 101 of Maharashtra Co-operative Societies Act proceedings also we have paid much amount. 12. I state that huge amount of grant in aid is due to grant amounting more than Rs. 15 crores from government of Maharashtra, which was assured to be paid up to 30th September 2018, however, it was not paid to us by the Government and in such facts and circumstances, the loan amount is not paid. I am also trying other sources for getting amount from Government aid. I say that as soon as it is received to us I am ready to pay the claimed amounts." 20. In view of the above it is clear to the Bench that there is a 'debt' and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... limitation as prescribed u/s.19 of the Limitation Act, 1963. 23. The Bench here would also like to draw upon the Judgment of the Hon'ble NCLAT of 18.12.2020 passed in Company Appeal (AT) (Insolvency) No.621 of 2020 which inter alia held that : "24. Section 18 applies to not merely suits but also applications and where before expiry of the prescribed period for an Application an acknowledgment is made, the Section provides for computing fresh period of Limitation from the time when acknowledgment was so signed. Perusal of Section 19 shows that where payment is made on account of a debt or interest before expiration of the prescribed period by the person liable to pay, a fresh period of Limitation shall be computed from the time when the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n mind, it is found that the Petitioner has not received the outstanding Debt from the Respondent and that the formalities as prescribed under the Code have been completed by the Petitioner, we are of the conscientious view that this Petition deserves 'Admission'. 28. Further that, we have also perused the Form - 2 i.e. written consent of the proposed Interim Resolution Professional submitted along with this application/petition by the Financial Creditor and there is nothing on record which proves that any disciplinary action is pending against the said proposed Interim Resolution Professional. 29. The Financial Creditor has proposed the name of Insolvency Professional. The IRP proposed by the Financial Creditor, Mr. Vinit Gangwal, having ..... X X X X Extracts X X X X X X X X Extracts X X X X
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