Bikki Raveendra Babu, Member - (1.) Jhaveri Trading & Investment Pvt. Ltd. filed this petition under section 7 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") read with Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code.
(2.) Oasis Textiles Ltd. is a company incorporated under the Companies Act, 1956 having its registered office at Vapi, Gujarat State. The said company borrowed an amount of Rs. 1,23,50,000/- by way of Inter Corporate Deposit from M/s. Jhaveri Trading & Investment (P) Ltd. (petitioner) and entered into agreement dated 09.03.2017. As per the terms of that agreement, respondent shall repay the loan amount with interest @ 12% per annum in instalments as listed herein below:-
(3.) Respondent also executed demand promissory note dated 10.03.2017 according to which the respondent shall repay the loan amount to the petitioner or its order on demand. Respondent also executed receipt evidencing receipt of Rs. 1,23,50,000/- from the petitioner by way of RTGS as Inter Corporate Deposit for a period of 90 days from 09.03.2017 to 06.06.2017 bearing interest @ 12% per annum. Respondent also issued cheques towards repayment of principal and interest amount in favour of the petitioner. Petitioner filed copies of the statement of accounts maintained by Central Bank of India. Respondents addressed letter dated 7th April, 2017 requesting the petitioner not to transfer cheque dated 8th April, 2017 till further instructions. On 9th May, 2017 petitioner issued a notice to the respondent company demanding repayment of the loan with interest within five days from the receipt of notice, but the respondent have not repaid the loan amount.;