TMI Blog2018 (7) TMI 968X X X X Extracts X X X X X X X X Extracts X X X X ..... ot be a ground to reject the application under Section 7, as the Adjudicating Authority is only supposed to see whether the application is complete or not and whether there is any ‘debt’ or ‘default’. We find no merit in this appeal. - Company Appeal (AT) (Insolvency) No. 210 of 2018 - - - Dated:- 14-5-2018 - Mr. S.J. Mukhopadhaya, Chairperson And Mr. Bansi Lal Bhat, Member (Judicial) For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aring on behalf of the appellant submitted that though there is debt but there was no default . This aspect has not been properly considered by the Adjudicating Authority. She referred to Company Appeal (AT) (Insolvency) No. 210 of 2018 a Restructured Agreement dated 20th October, 2014 between the Financial Creditor and the Corporate Debtor whereunder the Restructured Liability was laid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s : a. The Company undertake to repay the principal amount of the Restructured Liability in approx. 7 years with 16 unequal quarterly instalments. Detailed repayment working is given in Schedule I. b. Interest will be charged @12.50% p.a. compounded on quarterly rests. However interest for the period July 2014 to March 205 will be on simple basis provided the same is paid by December ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ital s improvement, acquiring Plant Machinery and towards Capital Gain Tax. 5. The dates of payment of instalments and the amount of demand as shown in the Schedule is as follows: 6. Admittedly, the Corporate Debtor failed to pay instalments in terms of the schedule I annexed to the agreement . What is the reason for default of payment cannot be a ground to reject the applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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