Mukul Kumar Shrawat, Member - (1.) Petitioner Financial Creditor Vir Vikram Vaid has submitted the Petition on 31st May 2017 on Form No. 1 [Rule 4(1)] to initiate Insolvency Resolution Process by invoking the provisions of Section 7 of the Insolvency & Bankruptcy Code 2016 for claim of Financial Debt of Rs.38,00,000 (Principal); from the alleged financial Corporate Debtor M/s. Offshore Testing & Inspection Services (I) Pvt. Ltd.
(2.) At the outset it is pertinent to record that the Petitioner Mr. Vir Vikram Vaid is one of the Director of the Respondent Company.
(3.) Particulars of alleged financial debt as stated in the petition are as follows:- a) The alleged Financial Creditor issued the following cheques from his personal Savings Bank Account to the Corporate Debtor's Current Bank Account maintained in Punjab National Bank:- b) Out of the above amount of Rs.65 lakhs, the Company repaid an aggregate amount of Rs.27 lakhs by transferring the following amount on the following date from the Company's same Current Bank Account to the alleged Financial Creditor's Savings Bank Account, maintained in the said Punjab National Bank, as under:- c) The aforesaid financial transactions are evidenced by Banker's Certificate dated 27th May, 2017 of Punjab National bank, Mumbai-400071 certifying to the aforesaid transfer of funds as per the aforesaid dates, amounts and instruments of transfer, which is annexed to the Petition. d) Accordingly, out of the original total financial debt of Rs.65 lakhs, a sum of Rs.27 lakhs was repaid, thus the outstanding principal debt amount remained Rs.38 lakhs (Thirty Eight Lakhs only). The Financial Creditor has further claimed 18% interest per annum on the outstanding principal debt amount of Rs.38 lakhs from 27.04.2016 to 26.05.2017. e) The Annual Report of the Corporate Debtor for 2012-2013 and 2013-2014 containing the Balance Sheet of the Corporate Debtor acknowledged the "Long term borrowing of Rs.30 lakhs from Mr. Vir Vikram Vaid." f) The audited Balance Sheet and Profit and Loss Account of the Corporate Debtor for the Financial Year ending 31st March 2015, was signed by Mr. Shaleen Vaid and by the Petitioner-Financial Creditor as the two Directors, acknowledged and admitted that an amount of Rs. 38 lakhs is due and owing as a debt and liability by the Corporate Debtor to the Financial Creditor as "Long Term Borrowing from Mr. Vir Vikram Vaid." g) In the Petition it is alleged that Mr. Shaheen Vaid, the other Director of the Corporate Debtor, through his Advocate sent a reply dated 19th May 2016 to the Advocates of the Financial Creditor, wherein did not flatly deny the Corporate Debtor's liability to pay the said Financial Debt of Rs.38 lakhs as on 31st March 2015, plus further interest thereon at the rate of 18% per annum, but referred to various false and fallacious matters to obscure the Corporate Debtor's undeniable liability to pay its said financial debt to the Financial Creditor. h) Legal Notice in Rejoinder by the Financial Creditor dated 31st August 2016, denying all the false contentions of the said Reply Legal Notice of Mr. Shaleen Vaid dated 19th May 2016, and reiterating the contents of the earlier statutory demand notice of 27th April 2016 is also annexed to the Petition. i) As per the Petitioner, it was clearly established that the Company had failed to pay the said Director the aforesaid financial debt of Rs.38 lakhs. The Company also failed to secure or to compound the said debt to the Creditor's satisfaction. j) The Financial Creditor Shri Vir Vikram Vaid has also executed a Special Power of Attorney appointing his son Mr. Abhishek Vaid, as his constituted Attorney. k) The Petitioner has also confirmed that the IRP as suggested by him is fully competent to act as Interim Resolution Professional.;