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TMI Blog2023 (5) TMI 341X X X X Extracts X X X X X X X X Extracts X X X X ..... he Section 7 application filed by the Financial Creditor on the ground that application is barred by Section 10A. 2. Learned counsel for the Appellant challenging the order contends that the Adjudicating Authority has not adverted to the terms and conditions of the Guarantee Deed before coming to the conclusion that application is barred by 10A. It is further submitted that date of default mentioned in the application was 01.08.2019 and 01.02.2019 which was prior to 10A period, hence, application under Section 7 ought not to have been rejected. It is further submitted that there were clauses of Guarantee Deed also including indemnity, which has not been adverted to. It is submitted that even after 10A period was over, no payments were made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total Amount disbursed: Rs.300,00,00,000/- (Rupees Three Hundred Crores only 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) Details pertaining to Borrower 1 Date of default: 1 August 2019 Date of declaration as Non-Performing Asset: 31st October 2019 Date of invocation of guarantee provided by the Corporate Guarantor: 7th August 2020 Details of outstanding amount: (in Rs.) Principal outstanding 440,00,00,000 Normal Interest 64,99,23,288 Penal Interest 9,89,93,507 Total outstanding dues as on 26th August 2020 514,89,16,795/- (Rupees Five Hundred Fourteen Crores Eighty Nine Lakhs Sixteen Thousand Seven H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs, there was one disbursement and for Raghuleela Builders there were two disbursements. The Corporate Debtor stood Guarantor to the disbursement to both the Principal Borrowers. Default was committed by the Principal Borrowers on 01.08.2019 and 01.02.2019, respectively. The Financial Creditor chose to invoke corporate guarantee given by the Corporate Debtor on 07.08.2020 and 26.06.2020, which has been specifically mentioned in the Part IV of the application. The Adjudicating Authority took the view that since the bank guarantee against the Corporate Debtor were invoked on 07.08.2020 and 26.06.2020, which were within the period covered under Section 10A, the application is barred by 10A. 6. There is no dispute between the facts of the pres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e has been brought on the record as Exhibit 'L', where Clauses 1 and 3 of the Deed provides as follows: "1. The Guarantors doth hereby irrevocably and unconditionally guarantee the due repayment to the Bank at its Chanakyapuri branch at New Delhi on demand without demur and/or contestation and notwithstanding any dispute between the Bank and the Borrower of all the amounts including the principal sum of aggregating to INR 3,000,000,000 (Indian Rupees Three Billion Only) consisting of Term Loan I of INR 1,000,000,000 (Indian Rupees One Billion Only) and Term Loan II of INR 2,000,000,000 (Indian Rupees Two Billions Only), under the said credit facility and all indebtedness due and payable by the Borrower to the Bank thereunder or any part t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... harmless at all times till the credit facility is outstanding, due and payable by the Borrower, against all actions, proceedings, claims and demands, duties, penalties, taxes, losses, damages, cost (as between Advocate and Client) charges and expenses and other liability whatever which may be brought and made against or sustained or incurred by the Bank by reason of having granted/ continued/agreed to grant the credit facility to the Borrower. 12. The Bank may proceed against and recover from any of the Guarantors's property including any credit balance or security held / to be held in future, by the Bank on the Guarantors's account by sale and or otherwise and allocate and apply the net proceeds of sale and realisation thereof ..... X X X X Extracts X X X X X X X X Extracts X X X X
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