Page 554 - IBC Orders us 7-CA Mukesh Mohan

Order Passed under Sec 7
By Hon’ble NCLT Hyderabad Bench
3) M/s V.S.S. Projects Pvt Ltd., ( herein after referred to as Respondent/Corporate Debtor ) is a private

limited Company incorporated under the provisions of the Companies Act, 1956, and it is a Corporate
Debtor as defined in sub section (8) of Section 3 of the code which reads as "Corporate Debtor" means a
corporate person who owes a debt to any person". The Corporate Debtoris a having its registered office at

Plot No. 74, Street No. 6, Umanagar, Begumpet, Hyderabad TG 500016 IN and is a "corporate person"
within the meaning of Sub Section (7) of Section 3 of the code.

4) The Financial Creditor had made available to the Corporate Debtor a Short Term Loan of Rs.

2,50,00,000/- (Rupees Two Crore Fifty Lakhs Only) for the repayment of OTS (One Time Settlement)
amount outstanding with M/s. DHFL (Dewan Housing Finance Limited) from whom the Corporate
Debtor had availed project finance. The Financial Creditor had disbursed the amount as follows:

Date Bank Pay Order Favoring Amount Rs.
No.
31-03-2016 Oriental Bank of 479913 D.H.F.L. 2,50,00,000
Commerce

5) The Corporate Debtor executed a Promissory Note and issued a duly signed receipt acknowledging the
receipt of the amount of Rs. 2,50,00,000/- and promising to repay the same on or before 30.06.2016
together with interest @ 24% P.A. payable in advance monthly installments. To secure the repayment of

the Loan amount together with the Interest thereon, the Corporate Debtor had submitted documents
pertaining to 20 Unsold Units and other properties.

6) The Corporate Debtor had sent an email on 8/7/2016 confirming receipt of Rs. 2,50,00,000/- (Rupees

Two Crore Fifty Lakhs Only) and the deposit of Original Title Deeds and promised to repay the loan
amount with Rs. 2/- simple interest and had requested to adjust the amount of Rs. 20,00,000/-(Rupees
Twenty Lakhs Only) remitted on 28/6/2016 towards interest and had reassured that the loan shall be

closed by the end of July, 2016. However, it failed to honor its commitment of repayment of the amounts
even after 30/06/2016.

7) Further, the Corporate Debtor had issued cheques bearing nos. 786493, 786494, 786495, 786496 dated.

14.11.2016 all drawn on Andhra bank, Mushirabad Branch, Hyderabad, in discharge of part of the debt.
However, the same were dishonored when presented as per the instructions of the Corporate Debtor for
the reasons "stop payment". The Financial Creditor, after following the due procedure as contemplated

U/s. 138 of the N.J. Act, has filed a complaint on the file of the Hon'ble XII Addl. Chief Metropolitan
Magistrate, Nampally Hyderabad and the same is pending.

554