- (1.) This is a petition filed under section 7 of Insolvency and Bankruptcy Code by M/s Chharia Holding Pvt. Ltd., to seek initiation of Corporate Insolvency Resolution Process in accordance with the Insolvency and Bankruptcy Code 2016 against the corporate debtor namely M/s Brys International Pvt. Ltd.
(2.) The petitioner financial creditor has stated that the corporate debtor was given short term loan in three tranches of Rs. 1 crore 50 lakhs on 9.12.2013, Rs. 50 lakhs on 13.12.2013 and Rs. 25 lakhs on 24.01.2014. It is asserted that loan amount became payable but the corporate debtor requested for more time for repayment. Accordingly, an MoU dated 01.07.2014 was entered into. A copy of this MoU has been filed along with the application. As per this MoU, the loan assistance was allowed upto 30.04.2015 and the loan carried interest at the rate of 10 per cent per annum. It is further stated that cheque dated 30.04.2015 for a sum of Rs. 2.25 Crores, issued by the corporate debtor in favour of the applicant financial creditor as a security, has now lapsed. By way of collateral security allotment of Flat No, 541 in the proposed project Brys Buzz was also offered to the financial creditor.
(3.) The instant application has been filed on 28.04.2017 as the loan advanced by the applicant financial creditor has not been repaid, despite recalling of the same vide letter dated 06.01.2016 and 19.07.2016. It is stated that the corporate debtor had defaulted both in repayment of principal amount and accrued interest. However, from the copy of TDS return filed with the application it is seen that the corporate debtor had deducted TDS on interest and deposited the same with the Income Tax Department for the period commencing from 31.12.2013 to 30.09.2014. Subsequently, there has been default in deducting TDS and depositing the same with Income Tax Department, The applicant has stated that this default was notified vide letters dated 22.09.2015, 23.09.2015 and 5.10.2015, but no response was received from the Corporate debtor.;