KETAN MEHTA Vs. ABNM RESTAURANT PVT LTD

JUDGEMENT

(1.) Mr. Ketan Mehta (Financial Creditor) filed this petition under section 7 (1) of the IBC, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 for corporate insolvency resolution process against the respondent M/s. ABNM Restaurant Private Ltd. (Corporate Debtor) .

(2.) Brief facts as construed from the perusal of the following records are the following: The corporate debtor has availed various credit facilities by way of financial assistance from the (Financial Creditor) Mr. Ketan Mehta. Mr. Ketan Mehta had granted credit facilities of an overall limit of Rs. 1,09, 22,999.00 (Rupees One Crore Nine Lakh Twenty-Two Thousand Nine Hundred Ninety-Nine only) an agreed amount of debt granted to the corporate debtor as per an executed Agreement between the Corporate Debtor and Financial Creditor dated 25.07.2016 marked and annexed as (Annexure-I, Ex-E; P.30) .

(3.) The various dates of disbursement which can be identified in the Bank Statement of the Financial Creditor marked and annexed as (Annexure-I, Exhibit-D; P. 19) . The total amount of debt/ amount claimed to be in default started from the month of January 2017 till July 2017 of Rs. 1,674,297 (Rupees Sixteen Lakh Seventy-Four Thousand Two Hundred Ninety-Seven Only) is shown in (Annexure-I, Ex-C, P. 18) .