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TMI Blog2019 (10) TMI 1473X X X X Extracts X X X X X X X X Extracts X X X X ..... s been authorised to file this application on behalf of Financial Creditor. (The Board Resolution dated 10.01.2018 is annexed A-1 of the application). 3. The Respondent M/s. V.A.M. Resorts and Hotels Private Limited., incorporated on 16/08/1999 (Having its Registered Office at, OPPOSITE Appex College, Ved Vyas Puri, Meerut-Dehradun By Pass Road, Meerut; CIN U55101UP1998PTC024082). The authorised share capital of respondent is Rs. 3,00,00,000/- (Rupee Three Crores Only) and Paid- Up share Capital is Rs. 35,16,800 (Rupees Thirty-Five Lakhs Sixteen Thousand Eight Hundred Only). 4. Brief facts related to petition arc as follows: i. The learned counsel for the applicant submitted that the Indiabulls Housing Finance Limited granted a loan in favour of V.A.M. Resorts and Hotels Private Limited on the terms and conditions stated in the loan Agreement and the total amount of loan granted was Rs. 5,96,99,885/-(Rupees Five Crores Ninety Nine Thousand eight Hundred Eighty Five). ii. Further stated that the security documents executed to secure the loan facility were (a). Declaration and acknowledgment; (b) Memorandum of Entry ;(c) Charge Form registered in ROC. Further stated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , an amount of Rs. 5,96,99,885/- was sanctioned on 30 November, 2015 to corporate Debtor by financial creditor and the loan agreement was signed by the corporate Debtor along with Sarvhit Trust and Emm Vee Infrastructures (India) Pvt. Ltd. and the corporate Debtor has also executed documents which shows that Sarvhit Trust and Emm Vee Infrastructures (India) Pvt. Ltd. are co borrowers. So, the liability of existence of financial debt and its repayment cannot be denied by the corporate debtor and the corporate debtor has a proven undisputed debt to be repaid to financial creditor amounting to Rs. 7,44.91,494/- as on 17-09-2018, viii. Further stated that the corporate Debtor has kept clear and transparent accounts and consequently his account was declared NPA on 11.11. 2016. Accordingly, mentioned in recall notice dated 05-12-2016 as to pay the outstanding loan amount of Rs. 5,97,10,307 as on 11.11.2016 along with future interest @ 15% from 12-11-2016 till date of payment so there is no relevancy about the computation. It is also submitted that the corporate Debtor sent a representation dated 05-02-2017 accepting the debt and statins that in absence of documents they were unab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan agreement dated 30 November, 2015 was signed by the corporate Debtor V.A.M. Resorts & Hotel Pvt. Ltd. along with others and accordingly liability of existence of Financial Debt and its repayment cannot be denied by Corporate Debtor. 8. In light of the submissions made on behalf of the parties, when I have gone through the documents enclosed with the application then this Adjudicating Authority finds that the loan agreement was executed jointly by Sarvhit Trust and V.A.M. Resorts & Hotels Pvt. Ltd. and Emm Vee Infrastructures (India) Pvt. Ltd. who is the corporate Debtor before this Adjudicating Authority and no where in the agreement, it is mentioned that the loan was not granted to the Corporate Debtor and was given to the trust and Emm Vee Infrastructures (India) Pvt. Ltd.. So, on the basis of the above documents, it can be safely said that there is no force, in the contention raised on behalf of the Corporate Debtor that the loan was not granted to him rather granted to Sarvhit Trust and Emm Vee Infrastructures (India) Pvt. Ltd. 9. Now, coming to the maintainability of the application filed by the t applicant, I find that the Corporate Debtor has raised the question of ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 days of receipt of the demand notice or copy of the invoice mentioned in Sub Section (1), bring to the notice of the operational creditor the existence of a dispute or the record of the pendency of a suit or arbitration proceedings, which is pre-existing -i.e., before such notice or invoice was received by the corporate debtor. The moment there is existence of such a dispute, the operational creditor goes out of the clutches of the Court. 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 a 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 further debt. 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 further debt. It is only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appears that it may be a typographical error and can be ignored, so, in my opinion, it cannot be said that the application submitted by the applicant is not complete. Thus, this Adjudicating Authority finds, no force in the submissions raised by the learned counsel for the corporate debtor. 17. Further, it is matter of record, as per record of the financial creditor account of the corporate debtor was declared NPA on 11.11.2016 and Applicant/Financial Creditor has filed this application on 27.09.2018, which is within the limitation period. 18. Hence, the application filed on behalf of financial creditor/Applicant under Section 7 of IBC is found complete and it is within limitation. It further appears that there is default in non-payment of the debt owed by the corporate debtor, which is more than Rs One Lakh to trigger the CIRP against the Corporate Debtor and the applicant has annexed sufficient documentary evidence to show that there is default on behalf of the corporate debtor. Therefore, application filed U/S 7 of IBC deserves to be admitted. 19. The Financial Creditor has proposed the name of Mr. Ashish Singh IBBI/IPA-002/IP-N00416/2017-18/11230 for appointment as Interim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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