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2022 (9) TMI 1068 - AT - Insolvency and BankruptcySeeking release of Corporate Debtor from the rigor of Corporate Insolvency Resolution Process - non-payment of installment and interest the loan accounts, categorized as NPA - Section 13(2) of the SARFAESI Act, 2002 - HELD THAT:- The amount reflected in the Balance Sheet as on 31.03.2018 at page no. 357 of the ‘Affidavit in Reply’ reflects Principal amount of Rs. 30,11,22,262/- and interest outstanding Rs. 388,47,984/- the details of security are also reflected therein. In Note-VII interest accrued and due on borrowings of these non- convertible debentures is reflected in other current liabilities at Rs. 50,57,75,337/-. All these reflects that there is a large amount due as far as the job of reconciliation is concerned the code goes by the filing of claim and its scrutiny in accordance with the Code and related Regulation to be verified in primarily by the Interim Resolution Professional/Resolution Professional followed by the scrutiny and approval by Committee of Creditors and its acceptance by the Adjudicating Authority. There is no iota of doubt that the debentures being a long term borrowing a debt under Section 5 (8) - it is very much clear that the debt is due and payable in law and the amount is exceeding the basic threshold of the Code and hence, we are in agreement with the order of Adjudicating Authority and accordingly, the order of Adjudicating Authority is upheld. The Appeal is accordingly dismissed.
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