- (1.) Oral Order dictated in the open court on 04.12.2017 It is a Company Petition filed u/s 7 of the Insolvency and Bankruptcy Code by the Financial Creditor namely Superways Enterprises Pvt. Ltd. against the Corporate Debtor namely Topworth Steel & Power Pvt. Ltd. on the ground that the Corporate Debtor after availing an Inter-Corporate Deposit (ICD) facility for an amount of Rs. 10 crores, defaulted in making repayment, on the demand made by the Petitioner herein, hence this petition for initiation of Corporate Insolvency Resolution Process (CIRP) against this Corporate Debtor.
(2.) The case of the Petitioner is that the Petitioner disbursed Rs. 10 crores as Inter Corporate Deposit (ICD) to the Corporate Debtor on 25.01.2016 and when this creditor made a demand for repayment of those ICDs on 31.03.2017, it was mutually agreed by an oral agreement between the parties that the ICD amount of Rs. 10 crores was repayable by the Corporate Debtor to this creditor along with interest @17% p.a. payable on monthly basis after deduction ofTDS. As security against this aforesaid amount granted by the creditor, the Corporate Debtor had issued an undated cheque bearing No. 694455 dated 31.03.2017 for an amount of Rs. 10 crores drawn on Oriental Bank of Commerce, Mumbai, in favour of the Petitioner evidencing that the debt granted was repayable on demand. As this ICD was payable on demand, the Petitioner issued a letter dated 21.03.2017 to the Corporate Debtor informing that the undated cheque No. 694455 for an amount of Rs. 10 crores dated 31.03.2017 deposited for clearance and the same was returned on 03.04.2017 with remarks "drawer's signature differs', on which when the Petitioner issued a demand notice dated 28.04.2017 to the Corporate Debtor for repayment of ICD amount along with interest, the Corporate Debtor, without making any dental, replied that the amount has not become due as per the terms & conditions between them.
(3.) On the Letter sent by the Petitioner saying that their account shows debit balance of Rs. .11,72,78,518 as on 28.02.2017, the Corporate Debtor confirmed that the balance as per their books of accounts as on 28.02.2017 is only Rs. 10,28,08,492.;