Page 802 - IBC Orders us 7-CA Mukesh Mohan

Order Passed under Sec 7
By Hon’ble NCLT New Delhi-II Bench
4. It is submitted that the Corporate Debtor started paying the assured returns. The TDS thereon was

deducted by the Corporate Debtor and deposited with the Tax Authority for the Financial Years 2008-
2009 to 2010- 2011 and are duly reflected in Form 26 AS of the Financial Creditor under the provision of
Section 194 A.

5. As per submissions, the Corporate Debtor failed to initiate the construction of the project. Further

payment of assured returns were also discontinued. In view of the Financial Debt, fresh agreement dated
26.06.2014 was executed whereby the Corporate Debtor agreed to liquidate the financial debt of Rs.

1,34,00,988/- together with interest err? 12% per annum. In acknowledgment of this liability and in a bid
to liquidate the same, the Corporate Debtor tendered two cheques nos. 617815 and 617818,dated
01.02.2015 and 25.02.2015,for Rs. 29,61,26 /- and Rs. 1,04,39,727/- respectively. The Corporate Debtor

also issued 4 cheques of Rs. 2,51,268/- towards interest for deferred payment of the Principal Amount.
While the first of these 4 cheques was encashed, the remaining three cheques along with the cheques for

the principal amount returned dishonoured

6. It is further submitted by the applicant that a charge had been registered over the company's asset
for Rs. 1,34,00,988/ - with the ROC. The Corporate Debtor took steps to replace the dishonoured cheques
vide two other cheques i.e. cheque no. 125351clated 24.11.2015 for Rs. 29,61,261/- and cheque no.

125624 dated 29.12.2015 for Rs. 1,04,39,721/- both drawn on UCCA Bank, Noida. Both these cheques
also returned dishonoured.

7. The dishonour of the above cheques was followed up by a Memorandum of Understanding on

30.01.2016, replacing the dishonoured cheques with cheque nos. 125386 dated 23.02.2016 for Rs.
29,61,261/- and cheque no. 125388 dated 10.05.2016 for a sum of Rs. 93,95,749/, It is submitted that a
sum of Rs. 20 lakhs was paid by the Corporate Debtor through RTGS leaving the outstanding balance as

Rs. 1,14,00988/- in addition to interest a. 15% per annum amounting to Rs. 59,08,207/,

8. The Financial Creditor has also initiated proceedings under Section 138 of the NI Act.

9. In support of the case, copies of the agreement / MOU, as %veil as
photocopies the dishonoured cheques have been filed. The TDS deposited by the Corporate Debtor under

Section 194 A of the Income Tax towards the interest paid has been substantiated by Form 26 AS of the
Financial Creditor. In view of the recoverable debt, the petitioner prays that insolvency proceedings be
initiated and an Interim Resolution Professional be appointed.

802