Page 789 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
By Hon’ble NCLT New Delhi-II Bench

IN THE NATIONAL COMPANY LAW TRIBUNAL
NEW DELHI BENCH

C.P. (I.B.) No.27/7/NCLT/ND/2017

Decided On: 25.04.2017

Applicant: Parag Gupta
VS
Respondent: M/s B K Educational Services Pvt. Ltd.

Judges/Coram:
Hon'ble Ms. INA Malhotra, Member (J)

Counsels:
For Appellant/Petitioner/Plaintiff: Mr. Mukul K. Gupta, Advocate, Mr. N.K.Singh, Company Secretary.

For Respondents/Defendant: Mr. Rohit R. David, Ms. Ruchi Khurana, Ms. Megha Srivastava and Mr.
Dhiraj Philip, Learned Advocates

ORDER

Hon'ble Ms. INA Malhotra, Member (J)

1. The petitioners claim to be financial creditors having given loans to the Respondents/Corporate Debtor.

As the Corporate Debtor has failed to repay the same, the present petition has been filed u/s 7 of the
Insolvency &Bankruptcy Code, 2016 (hereinafter referred to as the `IBC) for initiation of the Insolvency
Resolution Process. The petition has been jointly filed by Dr. Shilpa Gupta and by a financial firm, Prag

Gupta & Associates, in which her husband Mr. Parag Gupta, is a partner.

2. The Corporate Debtor has one asset, being an immovable property no. HS-34A, Sector-Pi-01, Greater

Noida allotted by the GNIDA. As huge amounts had to be paid to the GNIDA towards the plot allotted, it
is averred that the petitioners were induced into giving loans which were to be repaid along with 12%
interest. The same was required to salvage the Corporate Debtor from financial crisis which would have

otherwise resulted in cancellation of the allotment of the land by the GNIDA in their favour.

3. The Financial Creditors submit that collectively a total of Rs.1,01,71,263/- was given by them directly

to Greater Noida Authority for and on behalf of the Corporate Debtor, and at their instance. Details of the
loans given vide Demand Drafts on various dates by petitioner no.2, Parag Gupta &, Associates, from its

Bank Accounts in favour of GNIDA have been given in para 8 of the petition. These have been tendered
between 01st October, 2012 to 5th February 2013 directly towards the liability of the Corporate Debtor.

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