INDERPREET SINGH Vs. MARINERS BUILDCON INDIA LIMITED

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 rule') with a prayer for initiation of Corporate Insolvency process in respect of Corporate Debtor.

(2.) Mariners Buildcon India Ltd. (Corporate Debtor), was incorporated on 09.05.2005. Corporate debtor approached, Mr. Inder Preet Singh (Financial Creditor) to avail some temporary unsecured loan and financial creditor gave an amount of Rs. 800,000/- through RTGS, UTR No. ICICR12014082900014869 on 29th August, 2014. It is submitted that the said loan amount and the accrued interest @ 18% per annum has been admitted by Corporate debtor vide acknowledgment dated 30th August, 2014.

(3.) Further it is submitted that the interest was to be paid quarterly but no interest has been paid by the Corporate Debtor. As per the decided terms the amount was to be repaid on 25th February, 2015. After repeated demands financial creditor sent a demand notice on 22nd May, 2017 and the same was delivered on 25th May 2017.