Ch. Mohd. Sharief Tariq, Member - (1.) Under adjudication is the Petition originally came to be filed before Hon'ble High Court of Madras and the same has been transferred to this Bench and renumbered as TCP/89/(IB)/CB/2017. The prayer made is to admit the application and to initiate the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (I & B Code) by appointing an Interim Resolution Professional (IRP). Heard the Counsels appearing on behalf of the Financial Creditor and for Corporate Debtor in the presence of Managing Director of Corporate Debtor and perused the Petition along with the documents placed on record.
(2.) Counsel for the Financial Creditor drew our attention towards certain documents such as the balance sheet of the Corporate Debtor for the year 2012-2013, which is placed at pages 1 to 12 of the typed set of papers filed by the Petitioner, wherein the outstanding debt is reflected at page 12. The break-up amount is given at page 18 of the said typed set, wherein the Financial Creditor's name (Mr. A. Prem Kumar), is shown and as on 31.03.2012, an amount to the tune of Rs. 31,10,382/- is shown as outstanding debt against the Corporate Debtor. In support of which the Financial Creditor has placed on record the Income Tax Return for the 2013-2014 filed on 24.12.2013 which is placed at page 57 of the additional typed set of papers, which reflects the outstanding debt claimed by the Petitioner. The Financial Creditor has also served the statutory notice dated 25.10.2014 upon the Corporate Debtor, copy of which is placed at page 54 of the typed set filed before Hon'ble High Court, wherein the outstanding debt in respect of the Financial Creditor/Petitioner along with other Financial Creditor has been shown.
(3.) Reply has been given by the Corporate Debtor which is placed at page 59 of the typed set of documents filed before Hon'ble High Court, wherein the investment made by the Financial Creditor/Petitioner is admitted. However, the defence taken by the Corporate Debtor is that the amount of outstanding debt is paid to the father of the Petitioner. However, the father of the Petitioner has already filed an Affidavit denying the factum of payment of the outstanding debt. The Affidavit is taken on record. From the documents placed on file and the arguments submitted, this Bench is satisfied that the Corporate Debtor defaulted in making payment of the outstanding debt. In other words, the Corporate Debtor failed to make payment of the outstanding debt claimed by the Financial Creditor. The Financial Creditor proposed the name of the Interim Insolvency Resolution Professional after seeking written consent in Form-2. Therefore, TCP/89/(IB)/CB/2017 is admitted and we order the commencement of the Corporate Insolvency Resolution process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed.;