TMI Blog2022 (6) TMI 919X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 10A of the IBC prescribes that no insolvency proceedings can ever be instituted against any entity whatsoever for the default caused/committed in the period between 25.03.2020 to 24.03.2021. This petition is therefore liable to be dismissed. This Bench is of the view that because of insertion of Sec 10A in IBC, this case is clearly attracted by the provisions of Sec 10A as the date of default in this case is 01/10/2020. As per Sec 10A, no IBC proceedings can be initiated against the Corporate Debtor for the default which has occurred between the period from 25/03/2020 till 24/03/2021, keeping in view of the extended period of Sec 10A, the application filed by the Operational Creditor against the Corporate Debtor cannot succeed and is hereby dismissed. - CP (IB) No.495/MB/2021 - - - Dated:- 16-6-2022 - Mr. Rajesh Sharma Hon ble Member (Technical) And Mr. Kishore Vemulapalli Hon ble Member (Judicial) For the Petitioner : Mr. J P Sen, Sr. Advocate a/w Ms. Jyoti A. Singh and Mr. Sakil Ansari, Advocates, i/b AJA Legal and Associates. For the Respondent : Mr. Mustafa Doctor, Sr. Advocate a/w Mr. Shyam Kapadia i/b Mr. Parikshit Desai, Advocates. ORDER P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s.40,00,00,000. iv. In addition to the above facilities, the Financial Creditor had also provided 1) Moratorium Funded Interest Term Loan (MFITL) on moratorium interest amounting to Rs.12,63,42,192/- (Rupees twelve crore sixty-three lakh forty-two thousand one hundred ninety-two only); and 2) Funded Interest Term Loan (FITL) on Term Loan 1, Term Loan 2 and Overdraft Facilities amounting to Rs.27,17,80,710/- (Rupees twenty-seven crore seventeen lakh eighty thousand seven hundred ten only) b. The Financial Creditor in its Company Petition submits (annexed as Annexure F on Page 43 of the Petition) that the total amount outstanding as on 05.04.2021 was Rs.494,64,35,548/- (Rupees four hundred ninety-four crore sixty-four lakh thirty-five thousand five hundred forty-eight only) wherein Principal Amount stood at Rs.458,58,40,573/- (Rupees four hundred fifty eight crore fifty-eight lakh forty thousand five hundred seventy-three only) and Interest Amount stood at Rs.36,05,94,975/- (thirty-six crore five lakh ninety-four thousand nine hundred seventy five only). c. Vide Daily Order dated 28.02.2022, the bench had directed the Financial Creditor to provide a break-up of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that it is in denial of every statement, submission, allegation and contention made by the Financial Creditor in the present Section 7 petition. b. While highlighting the various credit facilities availed from the Financial Creditor, the Corporate Debtor submits that although the Financial Creditor has mentioned 01.01.2020 as the Date of Default on the pretext that there was an initial default on the said date, no documentary evidence was made available which would prove that a default had indeed occurred. c. In the Written Submissions of the Corporate Debtor, it has mentioned that they have paid interest towards the abovementioned Credit Facilities to the tune of Rs.130,69,00,000 until December, 2019 which is at pp.26-30. d. The Corporate Debtor acknowledges that there were some delays in payments during December, 2019 and January, 2020 due to reduced cash flows which were exacerbated due to the outbreak of the Covid-19 pandemic, however, subsequent payments were made towards interest in February, 2020 and March, 2020 which can be seen from the Bank Statements on page 1066 (annexed as part of Annexure AA (Colly) Part III on Page 1005 to 1069 of the Petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01.10.2020 as mentioned in the NESL Report as annexed by the Financial Creditor himself at p.502 as Annexure N1- N8 of the petition to show the record of default available with the Information Utility as on 01.10.2020 and not 01.01.2020 as mentioned by the Financial Creditor in Part IV of the petition. This petition, therefore, falls within the period of enforceability of Sec. 10A of IBC, 2016. The proviso to the Section 10A of the IBC prescribes that no insolvency proceedings can ever be instituted against any entity whatsoever for the default caused/committed in the period between 25.03.2020 to 24.03.2021. This petition is therefore liable to be dismissed. 11. Further, the Corporate Debtor in its written submissions submitted as Annexure B at pp. 25-52 submitted the copies of a summary statement along with the ledger account and Bank Statement evidencing the opening of new loan accounts for refinancing the interest between 01.01.2020 to 31.08.2020. On pp. 26, 27, 29, 30 of the Written Submission of the Corporate Debtor, it is clearly reflected that the FITL provided by the Financial Creditor was from the period of January, 2020 to September, 2020. The default in the payment of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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