K. Anantha Padmanabha Swamy, Member - (1.) Under Consideration is a Company Petition filed by Delta Corporate Services Private Limited (in short, Petitioner/Operational Creditor) against M/s. Boss Profiles Limited (in short, 'Respondent/Corporate Debtor') under section 433(e) and (f), 434(i)(a) and 439(i)(b) of the Companies Act, 1956 before the Hon'ble Madras High Court which has been transferred to this tribunal pursuant to the Companies (Transfer of Pending Proceedings) Rules, 2016. Now, pursuant to the Central Government notification number GSR 119(E) dated 07.12.2017, this petition needs determination as per the provisions of the Insolvency and Bankruptcy Code 2016 (In short, 'IB Code 2016').
(2.) Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition.
(3.) Shri T. Sundaranathan, the learned counsel appearing on behalf of the petitioner/OC submitted that the Petitioner is in business of providing various corporate services to companies and other business concerns whereas the Respondent/CD is carrying on business as Manufacturers, dealers, importers & exporters of architectural ceramic product. It is submitted that one Mr. Jaishankar Nair who was a Financial Consultant and Advisor for the respondent company and known to Mr. Pradeep Kumar Panda, one of the directors of the petitioner company, introduced one Mr. Nagrajan Ragasvaiyer who was one of the previous directors of the respondent company. Out of the above acquaintance, the respondent company had requested the petitioner to provide funds to the extent of Rs. 1,50,00,000/- to meet its requirement in order to negotiate one time settlement of its dues with UCO bank, Dena Bank and Union Bank. The petitioner submits that the 1st defendant company had stated that necessary arrangements and their inflow estimates were made in order to repay the above amount within a short time of three months. The petitioner company agreed with their request and advanced Rs. 1,50,00,000/- on 16.08.2010 for a short period of 90 days to be repaid on or before 17.11.2010. It is further submitted that the respondent had also executed a promissory note dated 16.08.2010 to show his bona fide, issued the same to the petitioner as a security and also gave two cheques of Rs. 75,00,000/- each as security.;