Page 126 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Principal Bench
3. Further it is submitted that the interest was to be paid quarterly but no interest has been paid by

the Corporate Debtor. As per the decided terms the amount was to be repaid on 25th February, 2015.
After repeated demands financial creditor sent a demand notice on 22nd May, 2017 and the same was
delivered on 25th May 2017.

4. The Financial Creditor submits that the principal amount of unsecured loan of Rs. 8,00,000 with
due interest of Rs. 4,47,590/- is due up to 30th April 2017. It is submitted by the Financial Creditor that

the aforesaid debt, which was agreed to be returned with interest of 18%, is still outstanding and despite
verbal assurances, the Corporate Debtor has failed to repay either the principal amount or the interest

thereon despite legal notices dated 22nd May 2017.

5. A perusal of the averments made in the petition supports the submissions of the Ld. Counsel in

respect of the debt claimed.

6. In the instant case, the amount was given to the corporate debtor on 29th August 2014, with

interest @ 18% per annum for six months. The corporate debtor failed to repay the loan amount along
with interest till date, so a demand notice was issued to corporate debtor on 22nd May 2017.

7. The matter came up for hearing first time on 04.07.2017. On the same day, it has been submitted by the
Ld. Counsel for the Petitioner that the notice of the application has been duly sent to the corporate debtor
on 29.06.2017. It is further represented that a correspondence has been received from the corporate debtor

in relation to the claim made after the filing of the petition. Thereafter the petitioner was directed vide
order dated 04.07.2017 to file an affidavit in relation to the notice sent to the corporate debtor on
29.06.2017 along with the tracking report and other relevant documents.

8. Subsequently, in pursuance of the order dated 04.07.2017 passed by this Bench, an affidavit of
proof of service of application dated 05.07.2017 has been filed by the applicant along with copy of speed

post tracking proof of service in form-1 to corporate debtor, speed post tracking proof of service in form-1
to director of the corporate debtor and copy of the acknowledgement made by Ms. Harjas Kaur Anand,
Director of Corporate debtor dated 03.07.2017. It is mentioned that in the acknowledgement receipt dated

03.07.2017 it has been affirmed that a copy of the application in Form-1 has been duly received by the
director. It is further mentioned in the acknowledgment receipt that due to non-recoveries from customers

they are unable to pay their outstanding at the current moment.

9. It is pertinent to mention here that a copy of the petition as per Rule 4(3) of the 'AAA' Rules 2016 has

been despatched to the address of the Registered office of the Corporate debtor, but the same was not
served because the registered office of the corporate debtor has been moved as per the tracking report.

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