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2019 (9) TMI 1384 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - It was pleaded that in terms of ‘Debt Asset Swap Agreement’ dated 20th December, 2014, ‘the Aditya Estates Private Limited’ (‘Corporate Debtor’) defaulted to pay the debt - HELD THAT:- In addition to ICICI Bank India and Corporate Debtor, ICICI Bank UK PLC has been separately included in the ‘Debt Asset Swap Agreement’ as a confirming party. Though ICICI Bank UK PLC has not separately signed the ‘Debt Asset Swap Agreement’ inspite of that it is stated therein as a party, however, the same is immaterial as the ‘Corporate Debtor’ has undertaken obligation under the ‘Debt Asset Swap Agreement’ and ICICI Bank UK PLC being a beneficiary of the obligation undertaken by the Corporate Debtor and other parties under the said Agreement - The subsequent ‘Multi-Party Undertaking’ dated 14th April, 2015 placed on record shows that it was executed in favour of both ICICI Bank India and ICICI Bank UK PLC by ‘Corporate Debtor’ re-asserting the rights in favour of ICICI Bank UK PLC to claim its outstanding dues qua ‘M/s Assam Oil Company Ltd’ from the proceed of the sale of the property owned by the ‘Corporate Debtor’. Clause 5.1 of the said Agreement, created right in favour of ICICI Bank UK by the ‘Corporate Debtor’. Therefore, it is clear that an unequivocal obligation has been undertaken by the ‘Corporate Debtor’ under the Agreement to repay the loans availed by ‘M/s Assam Oil Company Ltd’ from ICICI Bank UK PLC. The acknowledgement liability of financial debt by Corporate Debtor towards ICICI Bank UK PLC for ‘M/s Assam Oil Company Ltd’ is further fortified by the amendments made to its ‘Articles of Association’ by inserting Article 34(c) whereby it lists of Creditors ICICI Bank UK has been shown as lender, in relation to the debts owned by ICICI Bank UK from ‘M/s Assam Oil Company Ltd’. ICICI Bank U.K. PLC has successfully made out a case that it is the ‘Financial Creditor’ of the ‘Corporate Debtor’ and the Adjudicating Authority has rightly admitted the application under Section 7 of I&B Code - Appeal dismissed.
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