Manorama Kumari, Member - (1.) Heard the Ld. Advocate representing the Financial Creditor/Petitioner at length.
(2.) The Ld. Advocate representing the Corporate Debtor/Respondent has unequivocally admitted the Debts/Loans inclusive of interest after adjustment of all the account payments of the Financial Creditor to the tune of INR 2,95,46,76,776/- (Rupees Two hundred ninety five crores forty six lakhs seventy six thousand seven hundred seventy six). The Corporate Debtor has specifically and categorically admitted the confirmation of Loans/Debts amount as well as interest due as on 31.03.2017 to the Financial Creditor vide their letter dated 19.05.2017. He has fairly submitted that the outstanding amount of Loans/Debts has also been reflected in the Balance Sheet of the Corporate Debtor for the financial year ending on 31.03.2016 and the financial position of the Company is not as such to repay the Loans/Debts. Thus, the default has occurred on the part of Corporate Debtor.
(3.) The petitioner, Financial Creditor namely, Vivid Colors Private Limited has filed a petition under Section 7, read with Section 14, 16, 33, and other applicable Sections of the Insolvency and Bankruptcy Code, 2016, inter alia, praying for initiation of Insolvency Resolution Process against the Corporate Debtor/Respondent Company claiming that the petitioner is a Financial Creditor within the meaning of Section 5(7) of the Code and the Respondent owes a debt to the Petitioner/Corporate Debtor within the meaning of Section 5(5)(a) of the Code. It has been claimed that the Respondent Company indebted to the Petitioner Company for an amount of INR 2,95,46,76,776/- (Rupees Two Hundred Ninety Five Crores Forty Six Lakh Seventy Six Thousand Seven Hundred Seventy Six) inclusive of interest as per relevant Financial Contract till the date of payment. Though, the Advocate representing the Respondent Company/Corporate Debtor fairly admitted the part of outstanding dues but the outstanding dues has not yet been repaid to the Petitioner/Financial Creditor till date.;