TMI Blog2022 (5) TMI 874X X X X Extracts X X X X X X X X Extracts X X X X ..... CENTRIO LIFESPACES LTD. [ 2022 (1) TMI 461 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI] , which has been cited by the Learned Counsel for Appellant, the record that formed the basis for financial debt and default was found to be forged and fabricated, which is not the case in the present appeal. Therefore, this judgment does not come to the rescue of the Appellant. The Adjudicating Authority has not committed any error in admitting the section 7 application filed by the financial creditor M/s. Teco Industries - Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 470 of 2022 - - - Dated:- 18-5-2022 - ( Justice Ashok Bhushan ) Chairperson And ( Dr. Alok Srivastava ) Member ( Technical ) For the Appellant : Ms. Natasha Dhruman Shah , Mr. Areeb Amanullah , Ms. Prutha Bhavsar , Advocates For the Respondent : Mr. Arun Kathpalia , Sr. Advocate with Mr. Varun Singh , Mr. Gaurav Nair , Ms. Pranati Bhatnagar , Advocates for R-1. Mr. Pulkit Kapoor, Mr. Dilipkumar Natvarlal Jagad, IRP, Mr. Aditya Vdeshi, Ms. Shraddha Swarup, Advocates for IRP/R-2. JUDGMENT ( Virtual Mode ) [ Per. Dr. Alok Srivastava, (Member Technical)] This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the claim for repayment of loan. Thereafter Respondent No. 1 filed an application under section 7 of IBC against the corporate debtor regarding the default in repayment of financial debt on 4.2.2020 which after due consideration by the Adjudicating Authority was admitted vide the Impugned Order. 5. We heard the arguments of the Learned Counsel for Appellants and Learned Senior Counsel for Respondents and also perused the record. 6. The Learned Counsel for Appellant has argued that the record of information utility National E-Governance Services Limited (in short NESL ) on whose basis the financial debt in question was taken to be due for payment to the financial creditor and in default contained incorrect e-mail ID of the corporate debtor. He has argued that regulation 21 of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 stipulates the process of authentication and verification of information of debt and default. He has further argued that in accordance with regulation 21(2)(c), the debtor has to deliver the information of default or reminder, either by hand, post or electronic means at the postal or e-mail address of the debtor, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e corporate debtor has nowhere stated that it did not receive the e-mail sent for authentication and verification by the Information Utility ((NeSL). Therefore, the lack of reply by the corporate debtor to information utility s email has led to deemed conformation of the financial debt. He has referred to regulation 21 of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 to claim that once an e-mail is sent to the corporate debtor regarding the information of default or a reminder thereon, there is three strike rule and if the debtor does not respondent even after three reminders, the information available with the Information Utility is deemed to be authenticated and verified by the corporate debtor. He has clarified that the notice was sent to both the directors of the corporate debtor, namely Vipul Himatlal Shah and Tushar Himatlal Shah, who are owners of the corporate debtor and they did not respond to the e-mail of Information Utility and hence the authentication of the loan by the respondent no. 1 to the corporate debtor was established. 9. The Learned Senior Counsel for Respondent No. 1 has further referred to Part II of section 9 appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed; (e) receivables sold or discounted other than any receivables sold on non-recourse basis; (f) any amount raised under any other transaction, including any forward sale or purchase agreement, having the commercial effect of a borrowing; [Explanation. -For the purposes of this sub-clause, - (i) any amount raised from an allottee under a real estate project shall be deemed to be an amount having the commercial effect of a borrowing; and (ii) (ii) the expressions, allottee and real estate project shall have the meanings respectively assigned to them in clauses (d) and (zn) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016);] (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price and for calculating the value of any derivative transaction, only the market value of such transaction shall be taken into account; (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, documentary letter of credit or an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor confirms the information of default Authenticated Green 2. Debtor disputes the information of default Disputed Red 3. Debtor does not respond even after three reminders Deemed to be Authenticated Yellow 13. We note that the claim put forth by the Learned Counsel for Appellants, that the amount in question of Rs.19,40,81,000/- being actually a part payment against the total investment of Rs. 50 crores, is not supported by any document or record. On the contrary the record maintained by the Information Utility NESL shows that the loan of Rs.19,40,81,000/- was given by the financial creditor to the corporate debtor at 14% rate of interest and an amount of Rs.26,49,46,085/- is outstanding (attached at pp.74-75 of the appeal paperbook, Vol.I). We find that in the section containing contact details of the debtor, the e-mail IDs of Mr. Tushar Himatlal Shah and Mr. Vipul Himatlal Shah are given. On this fact that the emails were not addressed to the corporate debtor and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pleted within a period of one hundred and eighty days from the date of admission of the application to initiate such process. (2) The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond one hundred and eighty days, if instructed to do so by a resolution passed at a meeting of the committee of creditors by a vote of seventy-five per cent. of the voting shares. (3) On receipt of an application under sub-section (2), if the Adjudicating Authority is satisfied that the subject matter of the case is such that corporate insolvency resolution process cannot be completed within one hundred and eighty days, it may by order extend the duration of such process beyond one hundred and eighty days by such further period as it thinks fit, but not exceeding ninety days: Provided that any extension of the period of corporate insolvency resolution process under this section shall not be granted more than once. 16. In the light of the detailed discussion as above, it is clear that in case the record of Information Utility shows that there is a debt which is in default, the Adjudicating Authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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