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TMI Blog2021 (2) TMI 787X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor') on the ground, that the Corporate Debtor committed default in making payment to the extent of Rs. 2,70,00,000/-, under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Petitioner had advanced a total sum of Rs. 2,70,00,000/- (Rupees Two Crores Seventy Lakhs only) to the Respondent as an unsecured, short-term interest-free loan from his own fund to avoid shortfall in fund flow during crisis. The amount advanced as under: Sr. No. Date on which the amount was advanced Amount advanced 1 16.02.2016 Rs. 30,00,000/- 2 26.02.2016 Rs. 60,00,000/- 3 01.03.2016 Rs. 20,00,000/- 4 02.03.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Thereafter, the Applicant issued another notice dated 27.02.2019 calling upon the Respondents to repay the dues along with interest at the rate of 21% per annum, in response to the above notice the Respondent has issued reply dated 07.03.2019, no further reply was received from the Respondent. 7. Further it is submitted that the Counsel for the Petitioner that the loan amount is an admitted debt owing to the fact that the receipt of the amount of Rs. 2,70,00,000/- as an unsecured, interest free loan has never been disputed by the Corporate Debtor. Infact the same amount has been confirmed by the Corporate Debtor by issuing the confirmation of accounts for the period 01.04.2017 to 30.06.2018. 8. The Petitioner has enclosed the copies of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ove. Under no circumstances, money lend by Mr. Dinesh Changela, was from free sources, nor the said money was used for any purposes of business, other than converting the sundry creditors liability to loan liability. g. Also, as per foreign avoidance tax compliance Act, which is compulsory for every non-resident from 1st January 2016 onwards, money shown as loan should have been part of FATCA disclosure in UK Income Tax and also in Indian Income Tax. In absence of any information of Mr. Dinesh Changela we are not in position to comment on this matter. h. Mr. Dinesh Changela is a U.K. Citizen and is having Tax identification No. in UK and would be filing his return of income in U.K. A request should be made through NCLT to collect Global ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t; (b) any amount raised by acceptance under any acceptance credit facility or its de-materialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d).......................; (e) ..........................; (f)...........................;" 11. It is the contention of Respondent that there is no stipulation of interest in the amount alleged to have been advanced by the Petitioner to the Corporate Debtor and in the absence of stipulation of payment of interest the loan will not fall under the definition of Financial debt. In support of the above contention, the Corporate Debtor relied upon the following orders passed by the Hon' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o grant unsecured loan to 'Saroj Realtors and Developers Private Limited' with 24% interest payable annually and for return of the principal amount along with interest on or before 31st March, 2016, but the Board of Directors of the 'Corporate Debtor' in their meeting held on 29th March, 2014 decided to accept the amount as 'interest free unsecured loan'. From the aforesaid decision of the 'Corporate Debtor', we find that the 'Corporate Debtor' never accepted to take loan with 24% interest and given no undertaking to repay the amount with interest within specific period. On the basis of such evidence, the Appellants cannot claim to owe 'financial debt' from the 'Corporate Debtor' and thereby cannot be claimed to be a 'Financial Creditor' as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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