Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2022 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (4) TMI 528 - AT - Insolvency and BankruptcyInitiation of CIRP - - time limitation - assignment of debt - It is the main case of the Appellant that since the ‘interest' portion has never been reflected in the Balance Sheet since 2012, it cannot be claimed now at this belated stage and is barred by Limitation - HELD THAT:- In the Assignment Agreement dated 04/12/2014 entered into between the UTI and the first Respondent, it is specifically stated in Clause (E) that ‘the Borrower had failed to make payment in respect of the Financial Assistance due and payable to the Assignors in accordance with the applicable terms and conditions and an aggregate sum of ₹ 79,26,21,750/- as on 30/09/2014 in respect of the Financial Assistance granted by Assignors is outstanding against the Borrower, as per books of accounts maintained by the Assignors.’ - it is clear that the debt has been assigned to the first Respondent and as on the date of the assignment it is stated that an amount of ₹ 79,66,21,750/- is ‘due and payable’ by the ‘Corporate Debtor’. Be that as it may, it is not within the domain of the Adjudicating Authority to decide the ‘amount of debt’ at the stage of admission of Section 7 Application. Quantum of payment of debt - HELD THAT:- The same does not fall for consideration before the Adjudicating Authority at the stage of ‘admission’ of the Application under Section 7 of the Code. The only requirement is that the minimum outstanding debt should be more than the threshold amount provided for under the Code. The actual amount of ‘Claim’ is to be ascertained by the Resolution Professional after collating the ‘Claims’ and their verification which comes at a later stage - this Tribunal is satisfied that there is an admission of ‘debt’ and ‘default’ as defined under the Code - there are no illegality or infirmity in the Impugned Order. Appeal dismissed.
|