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2021 (6) TMI 186 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - Financial Creditors - HELD THAT:- It is a fact that the Business Loan Agreement (BLA) was entered into between the parties i.e., Zydus Healthcare Limited/Financial Creditor with Genesys Biologies Private Limited/Corporate Debtor on 28.09.2018 whereby the Financial Creditor advanced a loan of ₹ 10.00 crores to the Corporate Debtor on the basis of the terms & conditions of the BLA. Further, a Deed of Corporate Guarantee was executed in favour of the Financial Creditor by Amicus Formulation (India) Pvt. Ltd./Corporate Guarantor and a separate Deed of Personal Guarantee was also signed by five persons, who are also directors of the Corporate Debtor, namely - 1. Mr. Rajendra Rao Juwadi; 2. Mr. Vamshider Rao Joganpally; 3. Mr. Venkat Reddy Yelma, 4. Mr. Venkata Krishna Rao Dasari; and 5. Mr. Tulsi Ramu Chatadi. It is also a fact that the Corporate Debtor has committed default of repayment of loan amount on 30.09.2019. The Financial Creditor was assured during the month of October and November, 2019 by the Corporate Debtor for repayment of the outstanding along with interest - the Corporate Debtor did not make any repayment of principal and interest amount towards the discharge of financial debt of ₹ 12,41,50,950.96 claimed by the Financial Creditor till the date of the application. Hence, this application was filed. There is a Business Loan Agreement entered into between both the parties and whereby the Financial Creditor advanced a loan of ₹ 10 crores on the basis of the terms and conditions of BLA. The BLA was amended several times in view of the governing circumstances and finally by way of final amendment dated 01.06.2019, the date of repayment of the loan amount was extended upto 30.09.2019 by mutually agreed terms by both the parties. However, the Corporate Debtor committed default in repayment of loan amount on 30.09.2019 under the provisions of Clause 7 of BLA - the contention raised by the Corporate Debtor regarding the insufficient stamp duty and raising a contention that this is an investment not as a loan is not tenable in the light of the BLA entered into between both the parties as regards the amount given to the Corporate Debtor. There is a financial debt which was given by the Financial Creditor and the Corporate Debtor has defaulted in making repayment as per the BLA amended several times in this regard - Application admitted - moratorium declared.
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