V.P Singh, Member - (1.) The Applicant/Petitioner, Premier Enclave Pvt. Limited has filed this petition under section 7 of Insolvency & Bankruptcy Code,2016 (hereinafter to be referred as the I.B. Code) , read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, Balaji Polysacks Private Limited CIN: U51109WB1995PTC075042 Brief facts of the case are mentioned below:-
(2.) The Applicant/Petitioner is a Non-Banking Financial Institution and in course of its business of lending had extended financial assistance of Rs.25,00,000/- (Twenty Five lakhs) in the form of loan to the Corporate Debtor i,e. Balaji Polysacks Pvt. Ltd. For a period of 120 days interest @ 9% p.a. Dated January 29th, 2013. And also by a letter dated February 4th, 2013, the Corporate Debtor has acknowledged receipt of from the Yes Bank, Kolkata for Rs.25,00,000/- as loan. A copy of the letter dated February 04th,2013 has been annexed and marked as Exhibit-'D' at page 16 of the petition.
(3.) The Applicant/Petitioner has stated that a total outstanding exposure (with the principal amounts, accrued interest and penal interest) as on 15th September 2017was Rs.29,69,109/-. The details of outstanding dues along with date of default committed by the Corporate Debtor has also been given in the Demand Notice in Annexure 'A-3'.;