Page 40 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Principal Bench
been placed on record (Annexure P/5) and the entries from the same have been extracted in form of the

table produced in para 3 of the application. The amount of loan was lent to the Corporate Debtor for a
period of 24 months from the date of 1CD Agreement. In other words, it was payable on 24.04.2016 as
the Corporate Debtor has agreed to repay it on or before the aforesaid date. It was to bear a simple rate of

interest of 9.5% per annum. The interest was payable quarterly on arrears. On account of interest a sum of
Rs. 8,17,70,274/- (Rupees Eight Crore Seventeen Lakh Seventy Thousand Two Hundred and Seventy-

Four) is outstanding till 07.03.2017 which is evident from the ledger account of the Corporate Debtor as.
maintained by the Financial Creditor during the ordinary course of its business (Annexure P/6). The
Corporate Debtor has also alleged that TD S certificate for tax deducted for the year 2014 and 2015 have

not been provided which amounts to a sum of Rs. 7,41,573/ - (Rupees Seven Lakh Forty-One Thousand
Five Hundred and Seventy-Three only).

4. The Corporate Debtor has committed default and failed to repay the loan as per the terms of
agreement on 24.04.2016 along with interest despite demand raised by the Financial Creditor. Eventually
on 25.11.2015 the Financial Creditor served upon the Corporate Debtor a legal notice for repayment of

the loan amount (Annexure P/7). The Corporate Debtor has failed to make any payment. Again on
15.03.2017 a legal notice under Section 271 (2) of the Companies Act for winding up of the Corporate
Debtor company was served calling upon the Corporate Debtor to make the payment of entire outstanding

amount of Rs. 56,33,96,066/-' (Rupees Fifty Six Crores Thirty Three Lakhs Ninety Six Thousand and
Sixty Six Only) along with interest (Annexure P/8). Despite that no payment has been made.

5. The petition has been duly verified, signed and filed by Ms. Rekha Jain, one of the Directors of
the Financial Creditor by virtue of the Board resolution passed in her favour (Annexure P/9).

6. The Financial Creditor has named the Insolvency Professional Shri Sanjay Kumar Agarwal who
is duly registered with the IBBI. He has also filed an affidavit dated 25.05.2017 making a disclosure in

connection with the proposed corporate insolvency resolution process. The disclosure has been made as
per the code of conduct for insolvency professionals set out in the Insolvency and Bankruptcy Board of
India (Insolvency Professional) Regulations 2016. The Insolvency Professional has undertaken to perform

his duties faithfully and to the best of his skill and ability He has also declared that he has no direct or
indirect interest in the business related to the Financial Creditor or the Corporate Debtor and that he is not
disqualified as per the First Schedule of the regulations.

7. The Financial Creditor has also filed an affidavit of service dated 08.05.2017 disclosing that a
copy of the paper book was sent to the Corporate Debtor on 27,04.2017. Even a copy of the mentioning

letter was sent on 01.05.2017 through speed post. The postal receipts have already been placed on record

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