Rajeswara Rao Vittanala, Member - (1.) The present Company Petition bearing CP (IB)/220/7/HDB/2017, is filed by Mr. Tilak Raj Panjabi and another (Petitioners/Financial Creditors) under Section 7 of Insolvency and Bankruptcy Code, 2016 R/w Rule 4 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules 2016, by seeking to initiate Corporate Insolvency Resolution Process (CIRP) in the matter of Syberplace E Solutions Private Limited (Respondent / Corporate Debtor).
(2.) The brief facts, leading to filing of present CP, are as follows:- (a) Syberplace E Solutions Private Limited (Corporate Debtor) approached Mr. Tilak Raj Panjabi & another (Financial Creditors) in the year 2014 and requested funds by way of unsecured loans from the Financial Creditors with a promise to pay monthly interest @ 24% per annum on the said unsecured loans. Accordingly, Financial Creditor No.1 has provided two unsecured loans of Rs. 5 lakhs each to the Corporate Debtor on 16.04.2014 and 28.01.2016. The Financial Creditor No.2 also provided unsecured loan of Rs. 10 lakhs on 22.02.2014. (b) In pursuant to the above two unsecured loans of Rs. 5 lakhs each made by the Financial Creditor No.1, the Corporate Debtor made interest payable @ 24% only on the first loan of Rs. 5 lakhs up to the month of April, 2016. However, no interest was paid on the second loan of Rs. 5 lakhs till date. The Corporate Debtor had even deducted tax at source and even issued the tax deduction certificates in Form 26AS to the Financial Creditor No.1. (c) So far as the loan made by the Financial Creditor No.2 is concerned, the Corporate Debtor made interest payment @ 24% up to May, 2016. In this case also, the Corporate Debtor had deducted tax at source and issued tax deducted certificates in Form No 26AS in the name of the wife of Financial Creditor No.2 (d) Having failed to pay its debts, the Financial Creditor No.1 issued a letter dated 19.11.2016 demanding repayment of the Principal amount of Rs. 10 lakhs together with agreed interest. The Financial creditor No.2 also issued another letter dated 12.06.2017 and an e-mail dated 13.06.2017 demanding repayment of the principal amount of Rs. 10 lakhs together with interest. The total outstanding amount from the Corporate Debtor is Rs. 26,22,330/-including interest as on 31.07.2017. (e) The Petitioner also issued a letter dated 19.11.2016 in this regard and when the Respondent failed to pay the debt, the present petition is filed.
(3.) Heard Shri D. Narendar Naik, Learned Counsel for the Petitioner.;