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2021 (6) TMI 608 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - mismatch between the date of default and date when OTS entered - date of default if any could be only after the acceptance of this OTS, which is not satisfied in the present case - HELD THAT:- The Adjudicating Authority found that there was debt due and default and the Application filed by the Bank was complete and that the same deserves to be admitted. It can be seen that there was an earlier Offer of settlement dated 09th November, 2015 and there was yet another offer by way of OTS on 29th March, 2016. After the grant of Loan, the Corporate Debtor made default in payment of instalments - Considering the record, the Loan Account of the Corporate Debtor was in default on 27th December, 2014 and if on 29th March, 2016, the Corporate Debtor entered into the OTS as at Annexure A-6 that is in the context of the Debt already due and in default. Date of Default will not shift. The OTS is only an Acknowledgment of debt due and arrangement how the debt in default would be paid. Annexure A-6 has one condition of “₹ 60 Lakh to be deposited immediately”. On being asked, Learned Counsel for Appellant states that, not ₹ 60 Lakhs, but part of it was paid. There are no substance in the appeal - appeal dismissed.
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