Page 793 - IBC Orders us 7-CA Mukesh Mohan

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

1 crore was duly paid to her for the period 01.12.2014 to 31.03.2015. The TDS on the aforesaid was also
deposited by the Corporate Debtor and is reflected in her Form 26AS.

4. The petitioner further acknowledges having received interest on the outstanding loan of Rs.1 crore till
29.02.2016. Documents evidencing the same have been filed on record. It is only after 29.02.2016 that the
Corporate Debtor defaulted in paying the interest component and therefore the Petitioner/ Financial

Creditor demanded return of her loan of Rs.1 crore. As no steps were taken by the Corporate Debtor, a
demand notice u/ s 433-434 of the Companies Act, 1956 was issued which was followed by initiating a

Winding Up petition before the Hon'ble High Court of Delhi being CP No.1257/2016. This was
subsequently transferred to the NCLT, but was withdrawn on 20.03.2017 with liberty to initiate a fresh
petition on the same cause of action under the IBC.

5. Notice of motion was duly effected on the Corporate Debtor, but none appeared. The petition has been
filed in the form and manner prescribed. A perusal of the aforesaid facts satisfies this Bench that the

petitioner had initially given an unsecured loan of Rs.1.5 crores of which Rs.50 lakhs were returned on
10.12.2014. The balance outstanding loan of Rs.1 crore is clearly a recoverable debt and is being claimed
within the period of limitation. The payment of periodic interest upto 29.02.2016, which is not only

reflected in the Bank Accounts of the petitioner, but also by deposit of the TDS (194A) by the Corporate
Debtor as reflected in the Form-26AS, is an acknowledgment of debt. The petitioner satisfies the
definition of a Financial Creditor and the Respondent of being a Corporate Debtor as defined under the

Code. There has been a default by the Respondent Corporate Debtor. The non-payment of the aforesaid
debt which is also recoverable with Creditor to initiate Insolvency Resolution Process. The petitioner has

named Mr. Ashish Aggarwal as the Insolvency Resolution Professional who has given his consent to act
as the Interim Resolution Professional vide his communication dated 15.03.2017 attaching alongwith his
registration certificate issued by the IBBI qualifying him to act as the Insolvency Professional in

accordance with the Regulation. He has also certified that he is not disqualified to act as the IRP..

6. For the reasons aforesaid, this petition stands admitted. Mr. Ashish Agarwal, Registration no.

IBBI/IPA-001-IP-00153/2016- 2017/1206 is hereby appointed as the Interim Resolution Professional. A
moratorium is declared in terms of Section 14 of the IBC prohibiting:

"(a) the institution of suits or continuation of pending suits or proceedings against the corporate
debtor including execution of any judgment, decree or order in any court of law, tribunal,

arbitration panel or other authority;

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