TRIPAT KAUR Vs. KALIBER ASSOCIATES PVT LTD

JUDGEMENT

(1.) The petitioner, as proprietor of a firm under the name and style of M/s. Gallerie Nvya, has filed the present application u/s. 7 of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'IBC').

(2.) As per averments, she has claimed to be a Financial Creditor, having given an unsecured loan of Rs. 1.5 crore to Respondent Corporate Debtor. The said amount was transferred on 21.01.2012 to the Corporate Debtor's account vide RTGS from her Account maintained with Barclays Bank. This loan which was to be repaid on demand attracted an interest of 18% per annum. The Corporate Debtor had been remitting interest regularly as agreed and after deduction of the TDS u/s. 194A of the Income Tax Act, paid Rs. 2,02,500/- per month. The Financial Creditor has filed a copy of her bank statements showing the credit of the monthly interest from the period 01.04.2012 to 31.03.2013. This payment of interest is duly corroborated by her Form 26AS reflecting the deposit of the TDS u/s. 194A which is in respect of Income from Interest (other than securities). The said receipts also find due confirmation in the ledger account of the Corporate Debtor.

(3.) The payment of interest in terms of the aforesaid is also duly evidenced for the F.Y. 2013-14. For the period 2014-15, the Corporate Debtor remitted Rs. 50,00,000/- on 10.12.2014 as part repayment of the loan. This was repaid along with eight cheques of the monthly interest of Rs. 2,02,500/- for the period 01.04.2014 to 30.11.2014 (after deduction of TDS). It is submitted that the interest on the balance loan of 1 crore was duly paid to her for the period 01.12.2014 to 31.03.2015. The TDS on the aforesaid was also deposited by the Corporate Debtor and is reflected in her Form 26AS.