Page 39 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
Hon’ble NCLT Principal Bench

IN THE NATIONAL COMPANY LAW TRIBUNAL
PRINCIPAL BENCH

C.P. (I.B.) No. 84/7/NCLT/PB/2017

Decided On: 27.06.2017

Applicant: Jindal Saxena Financial Services Pvt. Ltd.
VS
Respondent: Mayfair Capital Pvt. Ltd.

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

Counsels:
For Appellant/Petitioner/Plaintiff: Mr. Umesh Mishra, Advocate

For Respondents/Defendant:

ORDER

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

1. This is an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for

brevity the 'Code) by a Non-Banking Financial Company with a prayer to initiate Corporate Insolvency
Resolution Process against the 'Corporate Debtor'-M/ s Mayfair Capital Private Limited (for brevity the
'Corporate Debtor'). It is appropriate to mention that the 'Financial Creditor' has been registered as a

NBFC under Section 45 1A of the Reserve Bank of India Act, 1934 on 18.05.1994 (Annexure P/1 86P/2).
It is engaged in the business of providing financial assistance and management consultancy along with
related services.

2. The Corporate Debtor-respondent is a Company incorporated under the provisions of the
Companies Act, 1956 and its authorized share capital is 25,62,00,000/-. The paid up share capital of the

Corporate Debtor is 1,27,99,390/ -. The aforesaid information is supported by the master data concerning
the Corporate Debtor obtained from the official website of the Registrar of Companies (Annexure P/3).

3. The Corporate Debtor availed a loan of Rs. 44,50,00,000/-(Rupees Forty-Four Crores and Fifty
Lakhs) by way of Inter Corporate Deposit from the Financial Creditor. In that respect, an Inter Corporate

Deposit Agreement was executed between the parties on 25.04.2014 (Annexure P/4). The amount of loan
was disbursed to the Corporate Debtor over a period of two months between 28.04.2014 to 06.06.2014 by
way of RTGS/NEFT from the IDBI Bank. A copy of the bank statement of the Financial Creditor has

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