- (1.) Per SMT. INA MALHOTRA, MEMBER (J) This Petition has been filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the "Code") against the Respondent / Corporate Debtors on grounds of its unpaid financial debt.
(2.) Brief facts of the case are that the Petitioner had granted an overdraft facility of Rs.30 lakhs to the Respondent which was subsequently reduced to Rs.25 lakhs. Defaults were made in the overdraft aecount. It is submitted by the Financial Creditor that as per the account maintained by them, an amount of Rs.30,7.1,271.50 is to be recovered which the Corporate Debtor despite repeated requests and reminders have failed to liquidate. The Corporate Debtor has also failed to respond to the notice of default dated 13.11.2017.
(3.) The present petition has been filed under the required format and is annexed with the details of the overdraft loan accounts including the properties mortgaged as security for availing the loan. The Statement of account duly maintained by the Operational Creditor has been filed along with and is annexed with the affidavit as required under Section 65 of the Evidence Act. The Financial Creditor has proposed the name of the Insolvency Professional whose certificate of eligibility and consent has been taken.;