- (1.) This is an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity the 'Code') by a Non-Banking Financial Company with a prayer to initiate Corporate Insolvency Resolution Process against the 'Corporate Debtor'-M/s Mayfair Capital Private Limited (for brevity the 'Corporate Debtor'). It is appropriate to mention that the 'Financial Creditor' has been registered as a NBFC under Section 45 1A of the Reserve Bank of India Act, 1934 on 18.05.1994 (Annexure P/1 & P/2). It is engaged in the business of providing financial assistance and management consultancy along with related services
(2.) The Corporate Debtor-respondent is a Company incorporated under the provisions of the Companies Act, 1956 and its authorized share capital is 25,62,00,000/-. The paid up share capital of the Corporate Debtor is 1,27,99,390/-. The aforesaid information is supported by the master data concerning the Corporate Debtor obtained from the official website of the Registrar of Companies (Annexure P/3).
(3.) The Corporate Debtor availed a loan of Rs. 44,50,00,000/-(Rupees Forty-Four Crores and Fifty Lakhs) by way of Inter Corporate Deposit from the Financial Creditor. In that respect, an Inter Corporate Deposit Agreement was executed between the parties on 25.04.2014 (Annexure P/4). The amount of loan was disbursed to the Corporate Debtor over a period of two months between 28.04.2014 to 06.06.2014 by way of RTGS/NEFT from the IDBI Bank. A copy of the bank statement of the Financial Creditor has been placed on record (Annexure P/5) and the entries from the same have been extracted in form of the table produced in para 3 of the application. The amount of loan was lent to the Corporate Debtor for a period of 24 months from the date of ICD Agreement. In other words, it was payable on 24,04.2016 as the Corporate Debtor has agreed to repay it on or before the aforesaid date. It was to bear a simple rate of interest of 9.5% per annum. The interest was payable quarterly on arrears. On account of interest a sum of Rs. 8,17,70,274/- (Rupees Eight Crore Seventeen Lakh Seventy Thousand Two Hundred and Seventy-Four) is outstanding till 07.03.2017 which is evident from the ledger account of the Corporate Debtor as maintained by the Financial Creditor during the ordinary course of its business (Annexure P/6). The Corporate Debtor has also alleged that TDS certificate for tax deducted for the year 2014 and 2015 have not been provided which amounts to a sum of Rs. 7,41,573/- (Rupees Seven Lakh Forty-One Thousand Five Hundred and Seventy-Three only).;