IDBI Bank Limited Vs Wind World (India) Infrastructure Private Limited (NCLT Mumbai)
NCLT Mumbai held that application under section 7 of the Insolvency and Bankruptcy Process for initiation of Corporate Insolvency Resolution Process [CIRP] against Wind World (India) Infrastructure Private Limited [Corporate Debtor] admitted since Financial Creditors have proved existence of debt and default.
Facts- The Present Company Petition is filed u/s. 7 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’/ ‘the Code’) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by IDBI Bank Limited (‘the Financial Creditor/Petitioner’) for initiating Corporate Insolvency Resolution Process (‘CIRP’) against Wind World (India) Infrastructure Private Limited (‘the Corporate Debtor/Respondent’) for a default amount of 55,19,28,246.50/- including interest as on 29th May 2018.
Conclusion- It is clear that the Adjudicating Authority only has to determine whether the “debt” was due and remained unpaid. If the adjudicating authority is of the opinion that a “default” has occurred, it has to admit the application. In the present case, sufficient evidence has been adduced by the Petitioner to prove the debt and default.
Held that the Financial Creditors have proved existence of debt and default. Further the debt is in excess of Rs. 1 Crore and thus above the threshold limit mandated in Section 4(1) of the Code. Also, the Petition filed is within limitation. Therefore, we hereby admit this company petition and also looking at the consent given by the Insolvency Professional, we hereby appoint Megha Agrawal as an IRP, with a direction to the Financial Creditors to pay remuneration to the IRP and his expenses until the constitution of CoC. Accordingly, this company petition is admitted.
