Page 791 - IBC Orders us 7-CA Mukesh Mohan

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

criminal action against the petitioner, contemplated but other than a vague denial of the liability, no
cogent repudiation has been shown to this Bench in respect of the payment made by Petitioner no.1
towards the demand made by GNIDA in respect of the immovable asset of the Corporate Debtor. The

petitioner on the other hand has satisfied us on the basis of her bank statement and other documents. As
the Corporate Debtor has failed to repay this amount, the financial creditor is entitled to initiate

Insolvency Resolution Process.

9. Ld. Counsel for the Respondent/ Corporate Debtor submits that they are ready and willing to liquidate

this liability of Rs.10 lakhs for which time had been granted to them till today. A demand draft in favour
of the Financial Creditor, Dr. Shilpa Gupta, drawn on Indian Bank, Branch No. Anand Vihar (01677) has
been tendered in Court to avert the Insolvency Resolution Process.

10. In view of the aforesaid action, no further orders are called for. Petition disposed off in terms of the
above.

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