Page 95 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
Hon’ble NCLT Principal Bench

3. The Corporate Debtor-respondent is incorporated as a Company limited by shares in the category

of Non-government public company and its authorized share capital is 25,00,000/-. The paid up share
capital of the Corporate Debtor is 5,00,000/-. The aforesaid information is supported by the master data
concerning the Corporate Debtor which has been obtained by the 'Financial Creditor' from the official

website of the Registrar of Companies. It has its registered office situated at A-67, Ground Floor, Jawahar
Park, Devli Road, Khanpur, New Delhi - 62.

4. The 'Financial Creditor' granted a loan of Rs. 4,50,000/- (Rupees Four Lakhs Fifty Thousand) on
10.06.2016 and Rs. 86,000/- (Rupees Eighth Six Thousand) on 13.06.2016 to the 'Corporate Debtor'. In

that respect, loan Agreement was executed between the parties on 01.06.2016 (Annexure-A). The total
loan amount of Rs. 5,36,000/- (Rupees Five Lakhs Thirty Six Thousand) was to be repaid on 31.03.2017.
A copy of the bank statement of the Financial Creditor has been placed on record (Annexure-F) and the

entries to this effect are also reflected therein. A copy of ledger account of Corporate Debtor has also
been placed on record (Annexure-B). The default on the part of Corporate Debtor occurred on
01.04.2017. Eventually on 10.05.2017 the Financial Creditor wrote a letter to the Corporate Debtor

requesting to pay the loan amount of Rs. 5,36,000/- along with interest (Annexure-C). The Corporate
Debtor confirmed the outstanding amount through a balance confirmation dated 24.05.2017 (Annexure-
D).

5. The petition has been duly verified, signed and filed by Mr. Ramesh Kumar Somani, one of the
Directors of the Financial Creditor by virtue of the Board resolution passed in his favour (Annexure-G).

6. From the perusal of the record, we are satisfied that the 'Financial Creditor' has proved by
overwhelming evidence that default has occurred, which meets the requirement of Section 3(11) and (12)

read with Section 7(3)(a) and Section 7(5) of the Code. We further find that the application is complete in
all respects as the Insolvency Professional, Mr. Ambarish Chatterjee has been duly proposed and he has

also made full declaration. It is further evident from the affidavit of service that before filing the instant
application it was duly dispatched to the Corporate Debtor at its registered address which was delivered
and received by the Corporate Debtor.

7. The matter came up for consideration on 07.06.2017 but on that occasion learned counsel for the
petitioner did not appear and the matter was posted for arguments on 27.06.2017,

8. Accordingly, we have heard Mr. Pulkit Deora, learned counsel for the Financial Creditor. Mr.
Deora has taken us through the paper book and various documents which has led us to record our

satisfaction with regard to the advancement of loan, default, its due admission by the Corporate Debtor

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