B.S.V. Prakash Kumar, Member - (1.) The Corporate Debtor filed this Company Petition u/s. 10 of the Insolvency and Bankruptcy Code mentioning that committed default in discharging its debts expressing its inability to repay the debt incurred by the company as mentioned in the Application Form filed by the Corporate Debtor herein.
(2.) On perusal of the Company Petition it is evident that Bank of India, Santacruz (W) Branch, Mumbai issued a notice on 06.04.2016 calling upon the debtor company to repay the outstanding amount of Rs. 158,26,037.75 to the Bank which is due and payable by the Debtor Company in respect to the cash credit facility plus further interest on the outstanding dues at contractual rate at the rate of 13.2% p.a. plus penal interest at 2% p.a. with effect from 01.04.2016 with monthly rests within seven days of receipt of the notice failing which the Bank stated they would take legal action and proceedings against the Debtor Company.
(3.) As the company failed to repay the amount in default, the Petitioner filed this application stating that the Company committed default on 01.04.2016 by not repaying a sum of Rs. 158,26,037.75 payable to the Bank of India. The Petitioner further submits that the properties namely 701, Building - 24b, 7th Floor, Ashok Nagar, Kalyan Road, Opp. Jain Temple, Bhiwandi, Thane, Maharashtra - 421302 valued at Rs. 31,71,000 and another property at 206, Building - 24b, 2nd Floor, Ashok Nagar, Kalyan Road, Opp. Jain Temple, Bhiwandi, Thane, Maharashtra - 421302 valued at Rs. 20,59,000 have been given as security. Apart from this, the Petitioner has filed certificate of charge of registration dated 12.08.2014. The Petitioner has also filed Book of accounts of the Company evidencing default to the Creditor lying in the account bearing No. 025130110000001 showing default of Rs. 49,99,923.74 as on 01.04.2016 and another account bearing No. 00400110000027 showing default of Rs. 15,32,60,114.61 as on 31.03.2016, total coming to Rs. 15,82,60,037.75. The Petitioner has also filed auditor's statement of the Corporate Debtor for the last two years i.e. F.Y. 2014-2015 and 2015-2016 and the provisional financial statement of the Debtor Company for the Financial Year made up to date not earlier than 14 days from the date of filing Application i.e. 14.02.2017.;