TMI Blog2018 (11) TMI 1351X X X X Extracts X X X X X X X X Extracts X X X X ..... L in respect to the same debt, I don’t think any further evidence is required to prove VIL defaulted in making repayment to this Petitioner. Another specious argument the Corporate Debtor Counsel raised is that the consideration has not been received by this Corporate Debtor therefore, for having this Petitioner proceeded against VIL, this Petition will not lie against this Corporate Debtor, against which, the answer is as to the definition of “debt” under IBC, it has been envisaged that debt means a liability or obligation in respect of a claim which is due from any person. Here for there being an obligation in respect of this claim against this Corporate Debtor as well, and the same not being discharged till date, it squarely falls within the definition of “debt” as mentioned under the IBC. For it need not be said separately that the Corporate Debtor has not denied the fact of lending this loan to this specified companies of Videocon Group, we are of the view that we need not take pains to say that it is a financial debt. For the Petitioner having proved the existence of debt as well as existence of default, this Petition is hereby admitted against this Corporate Debtor. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is ₹ 456.90 crores. 5. The following table is submitted by the Petitioner to show the amount in default as on 31st December 2017: (Figures in Rs. crore) Loan Agreement Principal in Default Interest in Default Penal Interest Total Outstanding SBI RTL 51.8 260.46 3.03 315.29 SBBJ RTL 2.5 13.85 0.16 16.51 SBH RTL 7.5 40.99 0.46 48.95 SBM RTL 6.25 31.62 0.35 38.22 SBP RTL 1.14 5.83 0.06 7.03 SBT RTL 5 25.59 0.31 30.9 456.9 6. It is stated in the Petition that the Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a debt as defined in Section 3(11) of IBC, also there is default in this case within the meaning of Section 3(12) of IBC and no evidence of dispute with regard to the claim amount. 9. In the Rupee Term Loan (RTL) Agreement dated 8.8.2012, this Corporate Debtor along with other associate companies, while executing this Agreement in favour of the Financial Creditor herein, agreed that each obligor, including this Corporate Debtor, shall be liable to the secured parties on a joint and several basis for all the obligations and liabilities of all other obligor/co-obligors and Videocon Industries Ltd. (VIL) shall be liable for all the obligations and the liabilities of other obligors/co-obligors as an obligor and as an obligor s agent. It is further stated that the liability of the obligors to the secured parties shall not be discharged until and unless the obligors have paid in or discharged the outstandings owed to the facility agent, the lenders or the onshore security trustee and the offshore security trustee under the financing documents to the satisfaction of the lenders. These obligors in this Agreement are coined as specified companies of Videocon Group. It is being further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to the RTL Agreement and also filed letter giving balance confirmation details of VIL as on 30.6.2017. The Counsel has also filed a certificate under Banker Books Evidence Act, 1891 as Exhibit 13. Looking at the totality of the historical facts of this case, it is clear that the applicant has furnished all the material papers disclosing existence of debt as well as the existence of default. 11. To which, the Corporate Debtor Counsel submits that the remedy against this Corporate Debtors lies in Civil law but not under the provisions of this Code. The Corporate Debtor Counsel has further stated that this Petition is not maintainable in view of the fact that there is no disbursement of the funds in favour of the Corporate Debtor therefore, this Petition shall be liable to be dismissed. 12. As to the objection raised by the Corporate Debtor that this Petition lies before Civil Court and not before NCLT, our answer is that the RTL Agreement entered between the Banks and the specified companies of Videocon Group including this Corporate Debtor, obliging that they are jointly and severally liable to repay this debt by all or by any one of them as if each one of them is principa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. III. That the provisions of sub-section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from 05.09.2018 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, as the case may be. V. That the public announcement of the corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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