Page 30 - IBC Orders us 7-CA Mukesh Mohan
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Order Passed by Sec 7
               Hon’ble NCLT Principal Bench
                                     IN THE NATIONAL COMPANY LAW TRIBUNAL
                                                    PRINCIPAL BENCH

                                              C.P. (I.B.) No. 80/7/NCLT/PB/2017


                                                   Decided On: 27.06.2017

                                           Applicant: M/s Chharia Holdings (P) Ltd.
                                                             VS
                                      Respondent: M/s Brys International Private Limited.


               Judges/Coram:
               Hon'ble Sh. M.M. Kumar  Member (J)


               Counsels:
               For Appellant/Petitioner/Plaintiff: Mr. Pawan Sharma, Ms. Arpita Yadav, Advocate


               For Respondents/Defendant: Mr. Satish Kumar Bhati, Advocate

                                                          ORDER


               Hon'ble Sh. M.M. Kumar  Member (J)


               1.      This  is  a  petition  filed  under  section  7  of  Insolvency  and  Bankruptcy  Code  by  M/s  Chharia

               Holding Pvt. Ltd., to seek initiation of Corporate Insolvency Resolution Process in accordance with the
               Insolvency and Bankruptcy Code 2016 against the corporate debtor namely M/s Brys International Pvt.
               Ltd.


               2.      The petitioner financial creditor has stated that the corporate debtor was given short term loan in
               three tranches of Rs. 1 crore 50 lakhs on 9.12.2013, Rs. 50 lakhs on 13.12.2013 and Rs. 25 lakhs on

               24.01.2014. It is asserted that loan amount became payable but the corporate debtor requested for more
               time for repayment. Accordingly, an MoU dated 01.07.2014 was entered into. A copy of this MoU has
               been filed along with the application. As per this MoU, the loan assistance was allowed upto 30.04.2015

               and the loan carried interest at the rate of 10 per cent per annum. It is further stated that cheque dated
               30.04.2015  for  a  sum  of  Rs.  2.25  Crores,  issued  by  the  corporate  debtor  in  favour  of  the  applicant

               financial creditor as a security, has now lapsed. By way of collateral security allotment of Flat No. 541 in
               the proposed project Brys Buzz was also offered to the financial creditor.


               3.      The  instant  application  has  been  filed  on  28.04.2017  as  the  loan  advanced  by  the  applicant
               financial  creditor  has  not  been  repaid,  despite  recalling  of  the  same  vide  letter  dated  06.01.2016  and
               19.07.2016. It is stated that the corporate debtor had defaulted both in repayment of principal amount and


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