GAY PRINTERS Vs. PAWAN BUILDWELL PVT LTD

JUDGEMENT

(1.) This is an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 (for brevity 'the Rules') with a prayer for initiation of Corporate Insolvency resolution process in respect of Respondent company.

(2.) The applicant is a registered partnership firm claimed to be a financial creditor having its registered office at 59-A, Sainik Farms, New Delhi-110062. The respondent company M/s. Pawan Buildwell Pvt. Ltd. against whom initiation of Corporate Insolvency resolution process has been sought for, has its registered office at 59-A, Sainik Farms, New Delhi. Since the registered office of the respondent company is in Delhi, this Tribunal having territorial jurisdiction over the place is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency resolution process in respect of the respondent corporate debtor under sub-section (1) of Section 60 of the Code.

(3.) The applicant in its application has stated that it is a registered partnership firm with date of incorporation as 1.4.1967. The applicant claimed that it gave a loan of Rs.70,00,000 on 2.4.2014 and further an amount of Rs. 30,00,000 on 7.4.2014 (Total one crore) to the respondent company on the understanding that the respondent was liable to pay interest @15% per annum to the applicant and it was further agreed that the respondent will deposit TDS on interest @15% per annum for the amount of Rs. 1,00,00,000 in the PAN account of the applicant in the month of April each year.