- (1.) This is an application seeking to invoke the provisions of Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating insolvency process against the respondent.
(2.) Brief facts can be discerned from the perusal of the application which are as follow:- (i) The applicant had made available to the respondent, unsecured loan to the extent of Rs. 10,50,000/- in total in three tranches vide cheque payment as follows:- (ii) The total sum of loan is Rs. 10,50,000/- as detailed above (Annexure I). It is repayable by the respondent company to the applicant on or before 30.09.2016 at the rate of 16% interest. An MOU was also entered into between the parties to this effect ( Annexure II). (iii) The respondent on 11.04.2016 repaid a sum of Rs. 5,00,000/- as evidenced by Annexure III and the balance sum of Rs. 5,50,000/- is due and payable as evidenced by the certificate issued by the Chartered Accountant of the applicant (Annexure IV). (iv) On 09.10.2016 a demand letter was issued by the applicant to the respondent seeking the repayment of Rs. 5,50,000/-, being the balance amount due with a further reminder on 10.11.2016 in view of inaction on the part of the respondent to the earlier letter, both the demand and reminder letters have been placed on record. (Annexure V colly). (v) The applicant also sent a notice under Section 433(e) of the Companies Act, 1956 dated 30.11.2016 ( Annexure VI). The proof of dispatch and delivery have been (Annexures VII and VIII). The applicant has also sent a notice under Section 8 of the Insolvency and Bankruptcy Code, 2016 calling upon the respondent to repay the undisputed and admitted amount of Rs. 5,50,000/- towards principal amount and Rs. 4,11,814/- towards interest and the notice was sent (Annexure IX). The proof of dispatch and delivery have been placed on record (Annexure X and XI respectively). (vi) The respondent company has not denied the liability to the applicant and has expressed its inability to pay the amounts vide its communication dated 17.01.2017 (Annexure XII). That the latest available annual accounts of the respondent company discloses that the liabilities far exceeds the assets and it is a fit case for winding up as is evident from Annexure XIII. (vii) Mr. Manish Agarwal, Chartered Accountant has been named as the Insolvency Resolution Professional who is registered with the Insolvency and Bankruptcy Board of India as evidenced from the certificate issued and that the said resolution professional has also given his consent to act as such.( Annexure XIV).
(3.) Based on the facts and submissions, the following reliefs prayers are being sought: a) Present application may kindly be admitted for further hearing; b) Order for appointment of interim resolution professional; c) Order for any consequential relief as are available under the Insolvency and Bankruptcy Code; d) Waive any requirement as may be permissible under the law; e) Any other order or orders or relief or reliefs as this Hon'ble Tribunal, deem fit and proper, under the circumstances of the whole case, may also kindly be allowed;;