INNOVENTIVE INDUSTRIES LTD Vs. KUMAR MOTORS PVT LTD

JUDGEMENT

(1.) It is a Company Petition filed u/s. 7 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor on the ground that this Corporate Debtor defaulted in making repayment of Rs.24,06,52,849.50 along with interest, hence the Financial Creditor moved this application for initiation of Insolvency Resolution Process against the Corporate Debtor.

(2.) The Corporate Debtor borrowed Rs.8,70,03,374 on various dates Rs.3.00 crores through RTGS on 8.9.2011, Rs.5.00 crores by way of cheque on 25.10.2011, Rs.20.00 lakhs through RTGS on 7.4.2012, Rs.50 lakhs through a cheque bearing No. 558847 on 5.5.2012 and Rs.3,374 through Bank transfer on 9.9.2012.

(3.) The Petitioner has claimed an amount of Rs.24,06,52,849.50 as on 15.6.2017 for the Corporate Debtor having defaulted in making payment on 1.5.2013 with a further additional point saying that the Corporate Debtor defaulted on 4.8.2015 when the Company petition under Section 433-434 of the Companies Act, 1956 was filed before Hon'ble High Court of Bombay.