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TMI Blog2024 (5) TMI 1000X X X X Extracts X X X X X X X X Extracts X X X X ..... er Section 7 of the Insolvency and Bankruptcy Code, 2016 (In short 'Code') by Respondent No. 2 to 10 (Financial Creditors) against the Corporate Debtor for the resolution of an amount of Rs. 3,34,07,686/- including interest, has been admitted, moratorium under Section 14 of the Code has been imposed and Abhay Kumar was appointed as the Interim Resolution Professional (In short 'IRP'). 2. The Corporate Debtor, in the year 2015, availed loan from Respondent No. 2 to 10 of an amount of Rs. 3,25,00,000/- on interest. 3. Since, the Corporate Debtor defaulted in repayment of the loan, Respondent No. 2 to 10 filed the petition under Section 7 of the Code bearing CP (IB) No. 258(PB)/2018 (hereinafter referred to as 'first petition') before the Adjudicating Authority. 4. During the pendency of the first petition, a settlement was arrived at between the parties on 26.07.2018 and was reduced into a settlement agreement dated 26.07.2018 as per which the Corporate Debtor had agreed to pay to the Financial Creditor an amount of Rs. 4,34,00,000/- towards the loan amount including interest and a further interest @ 12% p.a on the reducing balance amounting to Rs. 49,27,988/-. 5. As per the sett ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order was passed by this Court:- "Learned counsel for the Appellant submits that the Appellant is ready to make the payment of entire amount as claimed in the Part IV of the Section 9 application i.e. Rs.3,34,07,686/-. He, however, submits that certain amounts have been paid after filing of Section9 application. In view of the aforesaid, we permit the Appellant to deposit the aforesaid amount i.e. Rs.3,34,07,686/- by way of FDR in name of Registrar, NCLAT within a period of 30 days from today. Issue notice. Learned counsel for the Respondent accepts notice. He may also obtain instructions. List this Appeal on 28.02.2024. In the meantime, in pursuance of the impugned order CoC shall not be constituted." 10. Thereafter, the following order was passed by this Tribunal on 28.02.2024:- "Counsel for the Appellant has submitted that in terms of the order dated 18.01.2024, the Appellant has deposited Rs.3,34,07,686/- by way of FDR in the name of Registrar, NCLAT, New Delhi. Counsel for the Appellant has argued that the Appellant has already paid a sum of Rs. 87 Lac to the Respondent No. 2 to 10 which is not denied by Counsel for Respondents. However, Counsel for Respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith interest. It is further submitted that the Appellant has not denied that the CD had defaulted in repayment of loan or was liable to pay unpaid loan amount to the Financial Creditors. It is rather submitted that answering respondents were mischievously influenced by the Corporate Debtor to enter into a settlement agreement on the pretext that the principal amount with interest shall be paid in instalments and as a security, agreement of sale was executed only in respect of one shop which was otherwise to be returned by answering Respondents to the Corporate Debtor after the entire payment is made. It is also submitted that because of the assurance given by the Corporate Debtor, the gullible answering Respondents withdrew their first petition but when the Corporate Debtor did not make the payment and the postdated cheques were dishonoured, answering Respondents were constrained to file the second petition, therefore, it is submitted that it was not a case where second petition has been filed on a settlement agreement. It is also submitted that if the argument of the Appellant is accepted then it would give a premium to the defaulting party like the Corporate Debtor who would brea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A in terms of Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (in short 'Regulations') which was duly published in the financial express (English edition) and Jansatta (Hindi Edition) newspapers on 07.01.2024 and collated all information relating to the assets, finances and operations of the CD for determining the financial position. 15. It is further submitted that he collated all the claims submitted by the creditors to the tune of Rs. 15,61,98,258/-. It is also submitted that he had also appointed two registered valuers, namely, INMAC Valuers Pvt. Ltd. and Fidem Corporate Advisor LLP for the purpose of conducting the valuation, including fair value and liquidation value assessments pertaining to the categories of assets owned by the CD i.e. land & building, plant and machinery and financial assets. 16. We have heard Counsel for the parties and perused the record. 17. There is no dispute that the Corporate Debtor availed the loan on interest from the Financial Creditor. Since, the instalments were not paid, the Financial Creditors filed the first petition which was admitted, moratorium was dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and further on the asking of the CD filed a joint application in the first petition not only to bring on record the settlement but also to withdraw the first petition being sanguine of the fact that CD would keep its words and shall honour all the post-dated cheques in time but they were not aware of the intention of the CD as it had not made payment beyond Rs. 1,10,00,000 and were still in the arrears of more than Rs. 3 Cr. The Financial Creditor then filed the second petition of the reduced debt about which the default is not in question, therefore, the Adjudicating Authority has rightly admitted the application. 20. At this stage, we would like to observe that if this kind of tricks, played by the CD with the FC are allowed and the plea raised by the Appellant is accepted that the second petition on the ground of settlement agreement is not maintainable then it would give a premium to the unscrupulous CD to get the petition filed under Section 7 withdrawn on the basis of the settlement which was not to be ultimately followed. Definitely, this kind of attitude and act on the part of the CD is not appreciated. 21. In so far as the issue raised by the Appellant about the amount o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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