TMI Blog2022 (7) TMI 1190X X X X Extracts X X X X X X X X Extracts X X X X ..... de, 2016 would fail if the same is allowed to be misused by creditors to extort money from the Corporate Debtor with the threat of initiation of Corporate Insolvency Resolution Process - It is imperative to note that Corporate Insolvency Resolution Process of a corporate debtor is to be commenced by this Tribunal after observing all the necessary facts and considering the expedience of initiation of CIRP as has been laid down in Vidarbha Industries Power Limited v/s. Axis Bank Limited [ 2022 (7) TMI 581 - SUPREME COURT ]. On perusal of the contents of the Form 1 filed by the Financial Creditor and the supplementary affidavit filed on behalf of the Corporate Debtor, it is clear that the Corporate Debtor has paid the entire sums claimed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Process in respect of Mayur Ply Industries Private Limited, CIN: U20101WB1988PTC130655, having its registered office at 46C, Rafi Ahmed Kidwai Road, 3rd Floor, Kolkata, West Bengal 700016 (hereinafter referred to as the Corporate Debtor). 3. It is contended by the Financial Creditor that a total sum of Rs. 50,00,000/- (Rupees Fifty Lakh only) was extended as loan to the Corporate Debtor by way of Inter Corporate Deposit on 1st September 2018 with date of maturity of such Inter Corporate Deposit as 2nd December 2018. It has been further contended by the Financial Creditor that the parties agreed that the said inter corporate deposit shall carry an interest component of 9% per annum. It is pertinent to note that the Inter Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the advocate of Financial Creditor to the Corporate Debtor. 5. In reply to the petition, the Corporate Debtor in its affidavit-in-reply, without disputing the existence of loan amount, inter alia submitted that the application is not maintainable and there is a bona fide dispute regarding the alleged default amount of debt as allegedly claimed by the Financial Creditor. It is noteworthy to mention here that the Corporate Debtor has also filed an interlocutory application being I.A. (IB) No. 1046/KB/2021 for inter alia seeking dismissal of the insolvency application under Section 7 of the Insolvency and Bankruptcy Code, 2016 in light of the amicable settlement between the parties wherein, the Corporate Debtor proposed to pay to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed on record receipts of all the payments made to the Financial Creditor. 8. It is an undisputed fact that the Financial Creditor has accepted all the instalment payments received from the Corporate Debtor. However, the Counsel for the Financial Creditor submits that such instalment payments were accepted with protest and objections. 9. The Corporate Debtor thereafter relied upon the application under Form I filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 and showed this Tribunal that the Financial Creditor claimed a total sum of Rs. 53,72,329/- (Rupees Fifty Three Lakh Seventy Two Thousand Three Hundred and Twenty Nine only), inclusive of both principal and interest overdue. 10. The Coun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Metropolitan Magistrate, 14th Court, Calcutta. 12.The Counsel for the Financial Creditor on the other hand submits that the entire principal due has not been repaid by the Corporate Debtor till date. The Counsel for the Financial Creditor submitted that the instalment payments made by the Corporate Debtor have been adjusted by the Financial Creditor towards the outstanding continuing accrued interest, while considerable portion of the principal and interest is still due and payable by the Corporate Debtor. With respect to the amicable settlement between the parties, the counsel for the financial creditor has vehemently opposed any agreement and/ or settlement between the parties. 13.In light of the aforesaid, it has been submitted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rving all the necessary facts and considering the expedience of initiation of CIRP as has been laid down in Vidarbha Industries Power Limited v/s. Axis Bank Limited (Civil Appeal No. 4633 of 2021) (refer paragraph 77). 18.It is pertinent to mention here that the Adjudicating Authority has to peruse the contents of the Form filed by the creditor while adjudication of the insolvency application (refer Innoventive Industries vs ICICI Bank Ltd. (2018) 1 SCC407). 19.On perusal of the contents of the Form 1 filed by the Financial Creditor and the supplementary affidavit filed on behalf of the Corporate Debtor, it is clear that the Corporate Debtor has paid the entire sums claimed by the Financial Creditor. The fact that such payment has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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