B.S.V. Prakash Kumar, Member - (1.) This Bench having pronounced the order of admission in the open court after hearing this Application; the reasons for passing such order are as follows.
(2.) The financial creditor filed this CP against the corporate debtor, viz. Neelkanth Township and Construction Pvt. Ltd. to initiate Corporate Insolvency Resolution Process u/s. 7 of Insolvency and Bankruptcy Code, 2016 (I & BC) stating that the corporate debtor defaulted in redeeming the debenture certificates issued by the corporate debtor on 26.12.2007, 13.2.2008 and 30.3.2009 on the dates of maturity mentioned in the debenture certificates issued by the corporate debtor.
(3.) It is pertinent to mention that this financial creditor had filed CP 21/I & BP/2017 seeking the relief as sought now, but whereas this Bench, by looking at the variation between the claim amount and default amount, dismissed that application with an observation that application was filed showing claim amount as Rs. 226,16,79,437 basing on the record and information disclosing default for repayment of principal amount of Rs. 51 crores. While dismissing the above application, this Bench gave liberty to the financial creditor to file fresh application restricting its claim to Rs. 51 crores to which record is available showing the corporate debtor defaulted in redeeming the debentures as agreed.;