Vijai Pratap Singh, Member - (1.) This application has been filed under section 7 of the Insolvency and Bankruptcy Code and under Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by 10 Financial Creditors jointly represented by the petitioner No. 1, M/s. Naviplast Traders Private Ltd. & Others for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor on account of default for not making payments to different creditors total amounting to Rs. 3,17,74,253/-. Details of debt amount of all the creditors has been given in a chart which is exhibit "B" of the petition at page Nos. 33 and 34.
(2.) The total amount of debt disbursed by all the ten creditors as given at page No. 32, which is exhibit "A" of the petition, which shows that the petitioner No. 1 granted debt of Rs. 10 lakhs, petitioner No. 2 granted debt of Rs. 25 lakhs, petitioner No. 3 granted debt of Rs. 50 lakhs, petitioner No. 4 granted debt of Rs. 25 lakhs, petitioner No. 5 granted debt of Rs. 50 lakhs, petitioner No. 6 granted debt of Rs. 25 lakhs petitioner No. 7 granted debt of Rs. 50 lakhs, petitioner No. 8 granted debt of Rs. 50 lakhs, petitioner No. 9 granted Rs. 10 lakhs and petitioner No. 10 granted debt of Rs. 20 lakhs, total amount of debt of Rs. 3.15 crores were disbursed to Corporate Debtors on different dates outstanding amount as on 31.01.2017 of all the Corporate Debtors in common was Rs. 3,17,74,253/-.
(3.) The petitioner has also filed copy of the Board Resolution which is Exhibit "C" which shows that petitioner No. 1 vide Resolution dated 16.01.2017 unanimously passed resolution to initiate Corporate Insolvency Resolution under section 7 of Insolvency and Bankruptcy Code, 2016. The petitioner has also filed money receipt, bank statement with financial creditors evidencing the loan amount granted by each financial creditor to the Corporate debtor, dishonour of cheques issued by Corporate Debtor towards repayment of loan and payment of interest, receipt of interest via NEFT and receipt of a part of the loan amount are annexed with the petition. The petitioner has also annexed copies of letters received by all financial creditors from the Corporate Debtor evidencing receipt of loan which has been annexed with the petition. The petitioner has also annexed copies of cheques as drawn in favour of each financial creditor by the Corporate Debtor towards repayment of the loan and payment of interest which were dishonoured. Copies of all these documents relating to all the applicants are Exhibit "C" to "L" (page 35 to 207 of the petition). All the documents which have been filed alongwith the Petition are notarised by the Notary on dated 10th March, 2017 which bears the signature and petition has been signed by Chinmoy Guchhait as Director of Naviplast Traders Pvt. Ltd. who has been authorised by the Board Resolution to present the petition under section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating corporate insolvency process. On the basis of documents filed by the petitioner, it appears that the Corporate Debtor has committed default in making payment of Rs. 3,17,74,253/-;