9911796707
TMI Blog2018 (12) TMI 1372X X X X Extracts X X X X X X X X Extracts X X X X ..... 20, 1998 having its registered office at Rajapalayam Road, NH 208, T. Pudupati Post, Thirumangalam, Madurai-625 704. 2. The total amount of debt granted to the corporate debtor are as follows: (i) Sanction limit-Rs. 3,00,00,000 ("Inland Bill Discounting") (renewal). Date of disbursement-December 30, 2009. (ii) Sanction limit-Rs. 1,00,00,000 ("cash credit") (renewal). Date of disbursement-December 30, 2009. (iii) Sanction limit-Rs. 2,50,00,000 ("Inland letters of credit") (renewal). Dates of disbursement-December 30, 2009. The above loans were obtained by the corporate debtor from Axis Bank Ltd. (hereinafter referred to as "the assignor of financial creditor"). The Axis Bank Ltd., has assigned the aforesaid debts disbursed to the financial creditor herein and this regard, assignment agreement dated August 10, 2012 was executed/registered between Axis Bank Ltd., in favour of the financial creditor (annexure 7). The amount claimed to be in default by the corporate debtor are as mentioned below: Particulars Amount (Rs.) Principal amount outstanding as on 31-12-2017 2,40,66,657.67 Interest at 15.50 per cent. as on 31-12-2017 3,40,10,491.97 Legal expenses incurred by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the SARFAESI Act (annexure 7). 6. This financial creditor issued two sale notices to the borrowers as per the provisions contemplated in the SARFAESI Act. The auction failed on account of want of buyers and also on account of conditional order of stay obtained by the respondent/corporate debtor before the Debts Recovery Tribunal, Madurai (annexure 44). The corporate debtor filed an application S. A. No. 197 of 2014 under section 17 of the SARFAESI Act before the Debts Recovery Tribunal, Madurai, challenging the sale notice issued by the financial creditor. The Debts Recovery Tribunal granted a conditional order of stay directing the financial creditor to go-ahead with the auction but not to confirm the sale. Further, the Debts Recovery Tribunal directed the corporate debtor to deposit Rs. 95,00,000 in three instalments. Due to non-payment of monies as per the above conditional order, the stay granted was automatically vacated by the Debts Recovery Tribunal. The said S. A. is still pending adjudication. 7. The financial creditor moved a petition under section 14 of the SARFAESI Act before the learned District Collector and Executive Magistrate, Madurai seeking his assistance taki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 40,10,491.97. Apart from this a legal expense amounting to Rs. 37,88,278.89 is shown as incurred by the financial creditor. The financial creditor has deducted a sum of Rs. 10 lakhs on the basis of an alleged repayment by the respondent thereby indicating a sum of Rs. 6,08,65,428.53 being the amount repayable by the respondent, the same has been denied. 10. It has been submitted that the respondent has availed of certain loan facility from the applicant and in lieu of the same the respondent had executed certain financial and loan documents for availing the said loan facility in the year 2009. The respondent had also created a charge by a way of equitable mortgage over the land and machinery of the respondent herein. Since the respondent was unable to repay the debt their account was declared NPA and the applicant had initiated steps to recover the amount by bringing the property for auction under the SARFAESI Act. The applicant had initiated proceedings under section 14 of the SARFAESI Act before the District Collector/Magistrate to take over the physical possession of the property of the respondent and had taken possession of the property, TVKL Properties P. Ltd., came forward t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... td., and the owner of the respondent Mills in whose name the properties are registered. 13. The owner of the property M. Thiagarajan had expressed his willingness for such a private sale. However, he was under the honest impression that due to a decree passed by the Debts Recovery Tribunal, Madurai and the subsequent attachment issued by the Recovery Officer that the Registrar of land in Thirumangalam had blocked any transactions being carried over on the said property as the same is reflected in the encumbrance certificate for these lands. At that time it came to the notice of the corporate debtor that the IDBI Bank had also moved an application before the Debts Recovery Tribunal to attach the said property which was mortgaged to the applicant without the knowledge of the applicant and the respondent. Under such circumstances the TVKL Properties P. Ltd., requested the applicant to take steps to remove the attachment by the Debts Recovery Tribunal, Madurai issued in favour of the IDBI Bank and complete the process of transferring the property in favour of TVKL Properties P. Ltd. 14. It has been submitted that TVKL Properties P. Ltd., on November 18, 2016 informed the financial cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was alone paid as against a huge sum of Rs. 6,08,65,428.53. It is submitted that merely because the applicant is a financial creditor cannot by itself file statement of accounts without any justification by not giving credit to the amounts duly paid by the corporate debtor. 17. It has been alleged by the corporate debtor that it is because of the incapacity of the financial creditor to take any step to retrieve the property and hand over the same to TVKL Properties P. Ltd., without any encumbrance that the entire arrangement between the respondent and TVKL Properties P. Ltd., collapsed. Further, the financial creditor ought to have produced correct statement of accounts reflecting all the payments made by the respondent, while making a claim indicating a huge amount of Rs. 6,08,65,428.53. On the contrary the applicant has in its statement of account found in pages 147 and 148 clearly suppressed a payment of Rs. 2.16 crores made by the respondent and its proposed assignee TVKL Properties P. Ltd., during the year 2015-16. A mere payment of Rs. 1 lakh is reflected to be repaid on June 30, 2014. At any rate even if assuming any amount is due to be paid will only be the balance amount ..... X X X X Extracts X X X X X X X X Extracts X X X X
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