Page 46 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Principal Bench
IN THE NATIONAL COMPANY LAW TRIBUNAL
PRINCIPAL BENCH

C.P. (I.B.) No. 1251/7/NCLT/PB/2017

Decided On: 28.06.2017

Applicant: Brian Lau, Ski Gemma Lau,
VS
Respondent: S3 Electrical and Electronics Pvt. Ltd.

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

Counsels:
For Appellant/Petitioner/Plaintiff: Shri Siddhesh Katwal, Advocate Shri Raghunathasethupathy,
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') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating
Authority) Rules, 2016 with a prayer to initiate corporate insolvency resolution process against
respondent-`Corporate Debtor'.

2. The facts in brief are that the 'Financial Creditor' advanced unsecured loan of US Dollar 30,000 to
the 'Corporate Debtor' on 18.06.2014. In that regard, the parties executed 'Unsecured Loan Agreement'

dated 18.06.2014 under clause 4 read with clause 3 of Schedule I appended to the loan agreement. The
`Corporate Debtor' was to pay the borrowed amount within a period of three months alongwith interest @
15% per annum. The 'Corporate Debtor' was thus obliged to repay the loan by 17.09.2014. The 'Corporate

Debtor' failed to do so, despite various reminders sent by the 'Financial Creditor. On 15.09.2014, Mr.
Shalabh Srivastava, Chief Executive Officer of the 'Corporate Debtor' sent an email to the Financial
Creditor' and promised to repay the loan amount by October, 2014. Accordingly, extension was granted in

good faith. On 29.01.2015, the Financial Creditor' tried to contact the Chief Executive Officer, Mr.
Shalabh Srivastava, who cited his marital discord and business setbacks as reasons for him not responding

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