M.K. Shrawat, Member - (1.) This Petition is submitted before the NCLT on 08-06-2017 by furnishing Form No. 1 in the capacity of "Financial Creditor" as defined under section 5(7) of The Code 2016, with a prayer to initiate Corporate Insolvency Resolution Process.
(2.) Facts in respect of the financial debt is that M/s. Ashmita Multitrade Pvt. Ltd. (Creditor No. 1) made an investment of Rs. 84 lakhs. Further, M/s. Gehna Multitrade LLP (Creditor No. 2) was invested Rs. 4,53,00,000/- in Mindtree Exports Pvt. Ltd. (Financial Debtor). The amount was advanced during the period of 6th May 2016 to 3rd June 2016. The debt amount was to be returned by 13.09.2016, as noted in para-10 of the Petition. It is alleged that the Corporate Debtor started avoiding the Financial Creditors although reminders were issued. The Corporate Debtor had promised to return back the amount but according to the Creditor not a single penny was paid. There is one more allegation that the Directors of Mindtree Exports viz. Mr. Ashok Kumar Gautam and Mr. Sulabh Sharma are actually the employees who were made the dummy Directors. The Financial creditor has sent a notice on 15-02-2017 to the Corporate Debtor demanding the said sum of Rs. 5,37,00,000/-. The Creditors have annexed respective Bank Statements to demonstrate that the payments were made to the Debtor through bank transaction. The Learned Counsel of the Petitioner has also stated that the Debtors have accepted the impugned debt and no objection has ever been made. In the absence of any dispute the Petition is to be admitted for further action.
(3.) During the course of hearing a question has been raised that whether two Financial Creditors can file a single Petition jointly or two separate petitions were required to be filed. On perusal of Section 7 of IB Code it is apparent that a Financial Creditor either by itself or jointly with other Financial Creditors may file an application for initiating Corporate Insolvency Resolution process against a Corporate Financial Debtor. Since a provision has been made for a joint Petition, hence the aforesaid Petition is hereby "Admitted" for further action.;