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TMI Blog2021 (1) TMI 717X X X X Extracts X X X X X X X X Extracts X X X X ..... arties are represented by their original status in the Company Petition for the sake of convenience. 2. These brief facts of the case as per petitioner are as follows: The Applicant/Respondent granted an inter-corporate loan of Rs. 25 lacs for 90 days to the Corporate Debtor, which was repayable with 15% interest per annum. The Applicant remitted the said amount by transferring the fund to the corporate debtor acknowledged by the corporate debtor. The Corporate Debtor duly paid an aggregate of Rs. 2,69,075/- from 14th June 2017 to 31st March 2018. Since 01st April 2018, the Corporate Debtor failed and neglected to pay the outstanding loan amount. Thereupon the Applicant/Financial Creditor raised the demand. In response to that, the Corporate Debtor issued two cheques bearing No.806211 drawn on HDFC Bank dated 11th June 2018 for Rs. 25 lacs and Cheque No.806210 drawn on HDFC Bank. But the Bank dishonoured both the cheques. The Applicant contends that the Corporate Debtor has committed default as on 20th January 2018 for a sum of Rs. 28,03,083/- which includes the principal and interest. 3. The Adjudicating Authority admitted the petition by its order dated 12th March 2020, which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fund transfer dated 14th June 2017 as an inter-corporate loan from the Financial Creditor 'Monotrone Leasing Private Limited'. It is also acknowledged in the receipt that Inter-Corporate Loan was extended with a condition of 15% interest per annum and for a short period of 90 days only. 9. The contents of Money Receipts above is further corroborated by the copy of the bank statement, which is annexed with the Appeal paper book. Photocopy of the same is given as under: 10. The above bank statement shows that on 14th June 2017 at 19:11:37 hrs a sum of Rs. 25 lacs was transferred to the corporate debtor BD Motor's account. 11. Thus, the contention of Financial Creditor is fully authenticated from the Money Receipt and bank transaction statement. The Appellant contends that the transaction may be treated as the 'Inter-Corporate Deposit', but it can not be treated as the Financial Debt. In case the Inter-Corporate Deposit is made for a certain period, which was to be paid back with interest then such transaction will also fall in the definition of 'Financial Debt'. The interest is the product of instant transaction, which is undoubtedly the time value of m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, which was received by my client, through account payee cheque on 14th June 2017. The said loan was agreed to be paid with interest and no period was decided for the further repayment of the same. Accordingly, our clients have repaid the sum of Rs. 2,98,973/-. At the time of taking the financial assistance ........... Our above said clients after taking the said financial assistance from your client have repaid a sum of Rs. 2,98,973/- till date, which includes the principal, as well as the interest, as it was agreed upon." 17. Thus, it is clear that the Corporate Debtor admits that up to 26th November 2018 he has paid only Rs. 2,69,075/ against the loan of Rs. 25 lacs, which was to be repaid with 15% interest per annum, within 90 days from the date of disbursal of loan. But the Corporate Debtor defaulted in repaying the amount. Therefore, it remains undisputed that the Corporate Debtor owes more than Rs. 1 lacs and committed default in repaying the same. 18. Hon'ble Supreme Court in case of Innoventive Industries Ltd. v. ICICI Bank, (2018) 1 SCC 407: 2017 SCC OnLine SC 1025 : (2018) 1 SCC (Civ) 356 at page 437 has held that: "27. The scheme of the Code is to ensure that w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n filed with the adjudicating authority by registered post or speed post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the receipt of the Application. It is at the stage of Section 7(5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the "debt", which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default has occurred, the Application must be admitted unless it is incomplete, in which case it may give notice to the Applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. Under sub-section (7), the adjudicating authority shall then communicate the order passed to the financial creditor and corporate debtor within 7 days of admission or re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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