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TMI Blog2022 (4) TMI 1411X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor from which, it is evident that the Financial Creditor is a Bank Registered under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having its branch office at Chennai. Part- II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Limited Company with CIN:U31300TN1999PLC043708 which was incorporated on 09.12.1999 and the Registered Office of the Corporate Debtor as per the Application is stated to be situated at No.251 (Old) and 292, Avvai Shanmugam Salai, Gopalapuram, Chennai - 600086. As per Part III of the application, the Financial Creditor has proposed the name of one Mr.M.V.Gangadharan, as the Interim Resolution Professional, who has also filed his consent in Form - 2. 3. From Part-IV of the Application, it is seen that a sum of Rs.14,08,75,444.17/- (Rupees Fourteen Crore Eight Lakh Seventy- Five Thousand Four-Hundred Forty-Four and Seventeen Paise only) is being claimed by the Financial Creditor as the financial debt as on 15.10.2018 along with the future interest. Part - V of the Application discloses the details of the documents which have been filed by the Financial Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor to pay the amount immediately. In turn, the Corporate Debtor has filed S.A.No.20 of 2016 before the DRT-III, Chennai and obtained an order (13.01.2016) against the Financial Creditor to stay all proceedings pursuant to the sale notice dated 19.12.2015, subject to the condition that the CD has to remit Rs.1 crore to the credit of the loan account on or before 24.01.2016 and a further sum of Rs.3.5 crore (Rupees Three Crore Fifty Lakh only) to the credit of the loan account on or before 10.02.2016. 9. It was further submitted that the Corporate Debtor has complied with the above order, but failed to pay the balance amount as undertaken. After that, the Corporate Debtor requested for OTS Rs.14 crore (Rupees Fourteen Crore only) as offered earlier vide letter date 22.08.2016, which was again denied by the Financial Creditor. 10. It was further submitted that the Corporate Debtor nowhere denied availment of the loan and classification of the loan as NPA and in the series of communication exchanged between the Financial Creditor and the Corporate Debtor, the former demanded to repay the outstanding. 11. It was further submitted that the Corporate Debtor had filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editor herein is entitled for 9% rate of interest on due amount from the sanction till realisation of the credit facility and rejected the counterclaim of the Corporate Debtor. Aggrieved by the order of DRAT the Corporate Debtor had filed WP.No.33396, 33398 & 33399 of 2019 before Hon'ble High Court of Madras wherein interim injunction has been granted in favour of Corporate Debtor in the order dated 04.12.2019, which was further extended and still in force. 17. We have heard learned counsel for both parties. On perusal of the documents on record, it can be seen that in the order dated 14.11.2019, passed by DRAT Chennai in RA No.111/2019 it was held as follows "21. ... in view of the facts and circumstances of this case, the appellant bank is entitled for recovery of interest from the date of sanction till the date of filing OA also @ 9% p.a simple. From the date of order till date of realisation rate of interest is also @ 9% p.a simple. Loss to the bank is the gain for the borrower. The Presiding Officer has rightly rejected the counterclaim treating that relief in interest will be equal to the amount of counterclaim. ..." It is further seen that in the order dated 04.12.2019, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , reject such application:" makes clear that if the Adjudicating authority is satisfied with the default as stated in Section 7(5)(a), it can trigger CIRP against the Corporate Debtor. We may also refer to a decision of the Hon'ble Apex Court in Innoventive Industries Ltd Vs. ICICI Bank & Anr, wherein it was held as follows "30. On the other hand, as we have seen, in the case of a corporate debtor who commits a default of a financial debt, the adjudicating authority has merely to see the records of the information utility or other evidence produced by the financial creditor to satisfy itself that a default has occurred. It is of no matter that the debt is disputed so long as the debt is "due" i.e. payable unless interdicted by some law or has not yet become due in the sense that it is payable at some future date. It is only when this is proved to the satisfaction of the adjudicating authority that the adjudicating authority may reject an application and not otherwise" 19. It is also relevant to refer to the decision of the Hon'ble Appellate Tribunal in Canara Bank v. Deccan Chronicle Holdings Limited, wherein it was held that "7... 'Moratorium' will not affect any suit or cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y security interest created by the Corporate Debtor 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 Corporate Debtor. Explanation.-For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a_ similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during moratorium period; 23. However, during the pendency of the moratorium period in terms of Section 14(2) (2A) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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