9911796707
TMI Blog2022 (11) TMI 347X X X X Extracts X X X X X X X X Extracts X X X X ..... thority (National Company Law Tribunal, New Delhi, Bench - III) by which an application filed by the Appellant under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short 'Code') against the Respondent /Corporate Debtor for allegedly not repaying the loan amount of Rs. 86,36,250/- including the interest has been dismissed. 2. In brief, the case set up by the Appellant is that it had advanced a loan of Rs. 75.00 lacs with 12% simple interest per annum to Respondent vide cheque number 22333 which was encashed on 15.10.2015. As per the Appellant, it was a simple loan transaction repayable on demand and the financial assistance was given while mutually deciding that it would carry interest @ 12 % per annum which shall be payable quar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt is that there were no terms of the repayment of amount of loan as alleged. The Appellant had never raised any demand, therefore, there is no default on their part which would attract the provisions of Section 7 of the Code. It is also alleged that the Appellant has failed to establish that the amount claimed was in the nature of financial debt. It is further alleged that even if it is assumed for the sake of arguments that the amount in question is repayable by the Respondent but there was no demand, therefore, it does not fall within the ambit of default. On the aforesaid pleadings, the Adjudicating Authority has recorded a finding that there was a transfer of Rs. 75.00 Lacs to Respondent but the amount disbursed does not qualify as fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot mentioned even the date of default in column 2 of Part-IV which is required to initiate the proceedings under Section 7 of the Code. 6. We have heard Counsel for the parties and perused the record with their able assistance. 7. The Appellant has filed the application under Section 7 of the Code to initiate the CIRP against the Respondent by admission of the application. However, Section 7(1) provides that the application under Section 7 can be filed before the Adjudicating Authority to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor when a default has occurred. Similarly, Section 7(2) provides that the application provide under Section 7(1) has to be filed in the form and manner as prescribed. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bt has become due and payable and is not paid by the debtor or the corporate debtor, as the case may be. Thus, it is necessary for the Applicant/Appellant to have mentioned the date of default in the application but no such date has been mentioned and in this regard reference could be had to the averments made in column 2 of part - IV of Form-1 filed by the Appellant/Applicant which read thus: 2. Amount claimed to be in default and the date on which the default occurred (attach the workings for computation of amount and days of default in tabular form) That as of 01.01.2019 a sum of Rs. 86,36,250.00 is pending towards the Principal amount and interest accumulated thereon. The statement of account is filed herewith as Annexure ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
