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2019 (5) TMI 1917 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - allocation of voting share to the CoC - HELD THAT:- Admittedly, Value Infracon India Pvt. Ltd.'- (Corporate Debtor) defaulted in repayment of outstanding dues of the Appellant, the Appellant has issued notice under Section 13(2) of the 'SARFAESI Act, 2002' on 25th February, 2017. The liability of the Appellant qua the 'Corporate Debtor' admittedly cannot be jointly calculated with two other entities namely Value Infratech India Pvt. Ltd.' and Value Infrabuild India Pvt. Ltd.', they not being the 'Corporate Debtor' in the present case. The Corporate Debtor (Value Infracon India Pvt. Ltd.) facing separately triggered application under Section 7, the Appellant cannot claim the dues which is payable by other Co-borrowers, the other 'Corporate Debtor' in the 'Resolution Process' against the present 'Corporate Debtor' - the amount having been separately disbursed as per request of three different entities who signed jointly, it is clear that individual entities like Value Infrabuild India Pvt. Ltd.' received a sum of ₹ 29,55,00,000/-; Value Infracon India Pvt. Ltd.' received a sum of ₹ 1,00,00,000/- and Value Infratech India Pvt. Ltd.' received a sum of ₹ 6,65,00,000/- in their respective Bank Accounts. Having received such amounts separately, the Appellant cannot claim all the payments from the 'Corporate Debtor' pursuant to the Loan Agreement dated 17th September, 2014 where in after 19th September, 2014 letter was issued. In view of the fact that the three entities were provided amounts separately in their respective Bank Accounts, the Adjudicating Authority rightly held that the Appellant as a 'Financial Creditor' can claim its voting shares based on the amount actually disbursed in favour of Value Infracon India Pvt. Ltd. Appeal dismissed.
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