Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (6) TMI 350 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- It is incumbent upon the Financial Creditor while filing this petition to place on record before this Authority, the Financial Contract' and demonstrate without any ambiguity from the financial contract, the amount disbursed as per the loan/debt, the tenure of the loan/debt, the interest payable and the conditions of repayment.ln the present case, it is evident that the Financial Creditor has placed on record the Board Resolution passed by the Corporate Debtor requesting for the Loan Amount of ₹ 50,00,000/- and has also attached the Promissory Notes, however, the Financial Creditor has failed to show that the amount has been disbursed by the Financial Creditor for time value of money and admittedly no loan agreement was entered into between the parties setting out the details of the tenure of the loan/debt, the interest payable and the conditions of repayment. On the other hand, it is assumed to be an oral loan agreement. It is an admitted fact that the Resolution Plan does not crystalize the amount that is due and payable to the Financial Creditor - the Resolution Plan has a saving Clause for the Financial Creditor i.e. Clause 4 which states that the Disputed Creditors, i.e. the Financial Creditor herein, shall be paid on the basis of the outcome of the adjudication of the legal proceedings. The claim of the Financial Creditor was rejected by the Resolution Professional at the first instance in its entirety and based on the list of admitted claim given by the Resolution professional, the Resolution Applicant has submitted the Resolution Plan to the Committee of Creditor and the same was also approved by this Tribunal, thereby the amount which is payable to be Financial Creditor has not been crystallized. The Financial Creditor ought to have approached the appropriate forum for the adjudication of the claim. However, the Financial Creditor is now trying to adjudicate the amount that is due and payable by the Corporate Debtor to the Financial Creditor by filing this Application and by agitating this issue once again before this Tribunal. Application dismissed.
|