- (1.) The petitioners claim to be financial creditors having given loans to the Respondents/Corporate Debtor. As the Corporate Debtor has failed to repay the same, the present petition has been filed u/s. 7 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as the 'IBC') for initiation of the Insolvency Resolution Process. The petition has been jointly filed by Dr. Shilpa Gupta and by a financial firm, Parag Gupta & Associates, in which her husband Mr. Parag Gupta, is a partner.
(2.) The Corporate Debtor has one asset, being an immovable property No. HS-34A, Sector-Pi-01, Greater Noida allotted by the GNIDA. As huge amounts had to be paid to the GNIDA towards the plot allotted, it is averred that the petitioners were induced into giving loans which were to be repaid along with 12% interest. The same was required to salvage the Corporate Debtor from financial crisis which would have otherwise resulted in cancellation of the allotment of the land by the GNIDA in their favour.
(3.) The Financial Creditors submit that collectively a total of Rs. 1,01,71,263/- was given by them directly to Greater Noida Authority for and on behalf of the Corporate Debtor, and at their instance. Details of the loans given vide Demand Drafts on various dates by petitioner No. 2, Parag Gupta & Associates, from its Bank Accounts in favour of GNIDA have been given in para 8 of the petition. These have been tendered between 01st October, 2012 to 5th February 2013 directly towards the liability of the Corporate Debtor. The amounts given by Petitioner No. 1 Dr. Shilpa Gupta to Greater Noida towards liquidating the outstanding liability of the Corporate Debtor has been given in Para No. 9 of the petition.;