TMI Blog2021 (6) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... ng as the 'debt' and 'default' is proved. Corporate Debtor submitted that the terms of the loan Agreement could not be honoured by the Corporate Debtor as defaults were committed in making the payment of interest amount to the Financial Creditor owing to the financial crisis and a difficult financial position of the corporate debtor due to unforeseen circumstances - the documents submitted by the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment of loan amount. Application admitted - CIRP is initiated - moratorium declared. - IB-486/(ND)/2020 - - - Dated:- 1-4-2021 - P.S.N. Prasad, Member (J) And Dr. V.K. Subburaj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quently on last day of each month. c. That the Respondent defaulted in making the payment of interest amount to the applicant. Subsequently, on 28.11.2019, the applicant stated that the Loan Amount was recalled and applicant demanded the Respondent to repay the Loan amount along with the agreed interest within a period of 15 days from the date of receipt of Letter. d. The applicant states that the Respondent vide letter dated 10.12.2019 assured the applicant regarding payment of arrears of interest by 31.12.2019. However, the applicant submits that the Respondent failed to pay the interest amount as agreed. 2. Consequent to the notice issued by this Tribunal, the Respondent filed its reply in which the following contentions ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Applicant regarding the difficult financial situation of the company and requested for a postponement of the repayment of the dues with an assurance of repaying the same as soon as possible. That the Respondent alleges that the same was duly accepted by the Applicant. Further it is submitted that the Respondent had bona-fide intentions to repay the debt on time, and took serious efforts on its part to honour the promise. v. That the notice issued by the applicant vide dated 28.11.2019, to repay the loan amount together with interest within a period of 15 days from the date of receipt of the notice was completely contrary to the assurances and mutual understanding between the parties. vi. The Respondent submits that vide letter d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equired to consider the question of dispute between the parties as long as the 'debt' and 'default' is proved. 5. The Corporate Debtor in his reply to the present petition has submitted that he had entered into a Loan Agreement on 25.07.2019, where under the terms of the Loan Agreement Financial Creditor agreed to lend a sum of ₹ 15,00,000/- (Rupees Fifteen Lakhs Only) to the Corporate Debtor along with that the terms of the Loan Agreement also stipulated that the Corporate Debtor shall pay interest @ 18% PA on the loan facility on a monthly basis wherein, the Interest was payable on the last day of each month commencing from 31.08.2019. The Loan Agreement further stipulated that the Corporate Debtor was to repay th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondent 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 Respondent. (2) The supply of essential goods or services to the Respondent as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the complet ..... X X X X Extracts X X X X X X X X Extracts X X X X
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