M.M. Kumar, President - (1.) This petition has been filed u/s 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the IBC) by Usha Holdings, LL.C. and Mr. Atul Bhatara with the prayer to initiate corporate insolvency resolution process in the matter of Francorp Advisors Private Limited ('FAPL' for brevity). It is pertinent to mention that Usha Holdings LL.C, the petitioner No. 1 is a foreign business corporation authorized to conduct business in the State of New York. Its principal place of business is at 39-39, 55th Street, Woodside, New York, USA. Mr. Atul Bhatara is a citizen of the United States domiciled in New York with the address at 39-39, 55th Street, Woodside, New York.
(2.) In part II of the application particulars of the corporate debtor have been disclosed. FAPL - the respondent corporate debtor is stated to be a joint venture entity between the Usha Holdings LL.C, Mr. Atul Bhatara, Franchise India Holdings Ltd. and Mr. Gaurav Marya, Director of the Francorp. The Corporate Identification No. of the corporate debtor is U45200DL2008PTC184011. It was incorporated on 7.10.2008. Its authorized capital is INR 1 lakh and paid up capital is the same. The registered office of the corporate debtor is F.89/11, Okhla Industrial Area, Phase-I, Near ESI Hospital, New Delhi-110020, Registration No. is 184011.
(3.) In part IV, the petitioners have revealed the particulars of operational debt. Under this part the total amount of debt, details of transaction on account of which debt fell due and the dates of its falling due have also been given. It has been disclosed that the total amount of debt which has remained unpaid to the operational creditor is a sum of USD 1,661,743.04 (excluding interest). The basis of the unpaid operational debt is stated to be a judgment dated 5.10.2015 delivered by District Court, Eastern District of New York-United States of America. The operational creditor is stated to have issued a notice dated 12.4.2017 to the corporate debtor demanding the aforesaid amount, which was duly received by the representative of the corporate debtor on 24.4.2017. The total amount of debt owed by the respondent corporate debtor to the operational creditor is USD 1,661,743.04 (excluding interest). The amount of debt is stated to have fallen due on 5.10.2015 when in a suit filed by the operational creditor in the US Court it was awarded that amount along with interest in respect of post judgment period jointly and severally against Mr. Gaurav Marya, Director of FAPL and Franchise India Holdings Limited.;