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TMI Blog2021 (5) TMI 319X X X X Extracts X X X X X X X X Extracts X X X X ..... ulted in repaying a sum of Rs. 4,48,71,131/- (Rupees Four Crores Forty eight Lakhs Seventy One Thousand One Hundred and Thirty One only) which includes principal loan amount of Rs. 3,42,02,700/- and interest @ 12% per annum from 1st October, 2016 to 31st March, 2018 amounting to Rs. 61,56,486/- and interest @ 12% per annum from 1st April, 2018 to 31st October, 2019 amounting to Rs. 45,11,945/- from their respective dates till 31.10.2019. This petition is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), R/w Rule 4 of the Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the petition and initiation of Corporate Insolvency Resolution Process against the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he principal amount of Rs. 3,42,02,700/- and also incurred extra expenditure of Rs. 1.00 crore. It is also averred that Financial Creditor had put severe pressure on the Corporate Debtor for releasing the funds along with interest including serving of legal notice. iv. It is averred that on 05.03.2018, both the parties agreed and entered into a Loan Agreement on the terms and conditions to return the money in 12 equated monthly instalments starting from 01.04.2018 and in case of any default in payment of instalments, interest will be charged @ 12% per annum from the due date i.e. 1st October, 2016 to till the payment of the instalment. But the Corporate Debtor failed to make even a single instalment for which the Financial Creditor had gi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... furnished alongwith the application, which is extracted as under: "7. Initiation of Corporate Insolvency Resolution Process by Financial Creditor (3) The Financial Creditor shall, alongwith the application furnish- (a) record of default recorded with the information utility or such other record or evidence of default as may be specified; 4. It is averred that it is trite law that Financial Creditor has to submit the information utility along with the application but the Financial Creditor failed to do so. As such, the application is liable to be dismissed. 5. It is averred that the present proceedings initiated by the Financial Creditor are not maintainable or sustainable in law and facts. 6. It is averred that the Respondent herei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t as per the Loan Agreement. Hence, the present application is filed for recovery of their dues. Counsel for Corporate Debtor also contended that due to the default in repayment of the goods supplied, both the parties agreed and converted the due amount into a loan by entering a Loan Agreement on 05.03.2018 which will be repaid in twelve (12) equal instalments from April, 2018 to March, 2019. 10. The Counsel for Corporate Debtor would contend that this application filed under Section 7 of Insolvency & Bankruptcy Code, 2016 is not maintainable as the alleged transaction between the Financial Creditor and Corporate Debtor shall not constitute the financial debt as provided under Section 7(1) of the Insolvency & Bankruptcy Code, 2016. 11. Fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he goods as per the purchase order issued by the Corporate Debtor. However, the amount due under the purchase order issued by the Corporate Debtor was not paid even though the goods were supplied as per the purchase order issued by the Corporate Debtor. In view of the default, both the parties have converted the due amount into a Loan Agreement on 05.03.2018 repayable in twelve (12) instalments starting from April, 2018 to March, 2019. Thereby, the operational debt has become financial debt in view of the Agreement entered into between the parties. Accordingly, the Financial Creditor who supplied the goods initially, the Applicant herein who was the supplier of goods initially has become the Financial Creditor as per the terms of the Loan A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... overy of any property by an owner or lessor where such property is occupied by or in 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 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 the date of the Order till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 or passes an order for liquidat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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