R.P. Nagrath, Member - (1.) This petition has been filed by M/s. Giridhar Infracon Private Limited stated to be the Financial Creditor against the Corporate Debtor' under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short to be referred here-in-after as the 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for short 'the Rules') to initiate insolvency resolution process for the default committed by the Corporate Debtor' to return the amount of Rs. 2 crores advanced as loan on 15.04.2014, cleared to the account of Corporate Debtor on 17.04.2014.
(2.) It is alleged that the 'Financial Creditor' (for brevity the 'petitioner') is engaged in the business of Real Estate and Construction activities and having its Head Office in New Delhi. The 'Corporate Debtor' (for brevity the 'respondent') is also engaged in the business of inter-alia, Residential & Commercial Real Estate Development in NCR & other Regions. It is further averred that after various discussions, deliberations and meetings between the petitioner and the main Director of the respondent, Mr. Yogesh Sharma and Mr. Ishpal Bhardwaj, the petitioner agreed to grant and disburse a loan of Rs. 2.5 crores to the Corporate Debtor-respondent. It is alleged that the amount of Rs. 2 crores was disbursed as loan against the deposit of title deed and equitable mortgage of the immovable property was created in favour of the petitioner by virtue of the Memorandum of Entry Recording Deposit of Title Deeds dated 15.04.2014. The original sale deed dated 21.09.2007 is said to be in possession of the petitioner and its copy is attached as part of Annexure 2. The loan was repayable alter two years along with interest.
(3.) It is further alleged that after receipt of Rs. 2 crores as loan, the respondent neither demanded disbursement of the balance amount of Rs. 50 lacs nor there was any occasion to disburse the same. The petitioner demanded the return of the amount after the expiry of a period of two years, but the respondent failed to repay the same. A legal notice dated 09.06.2016 was issued to the respondent, but no reply was sent,;