Page 155 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
Hon’ble NCLT Principal Bench

1,06,00,000/ - bearing cheque No. 000019 dated 1€-).04.2014, Rs. 1,16,00,000/- bearing cheque No.

000020 dated 16.05.2014 86 Rs. 1,15,000/- bearing cheque No. 000021 dated 16.05.2014 all drawn on
Bank of India, New Friends Colony Branch, New Delhi.

8. It is then asserted by the Financial Creditors that subsequently to aforesaid transactions, on 14.05.2014
an addendum loan agreement (Annexure-7) with security was also entered into between Financial
Creditors alongwith one Mr. Vinay Lakra and Corporate Debtor alongwith Ms. Mahima Sharma in which

Ms. Mahima Sharma put her signature as a Guarantor. The said loan agreement (Annexure-7) was only
executed for the purpose of extending the time period for repayment of loan of Rs. 3,37.00,000/- upto

2001 June, 2014 without any interest. On the same very date, another loan agreement with security of
second floor with roof rights of the property situated at House No. 5, Punjabi Bagh Extension, New
Delhi-110026, was also entered into between the same parties. In pursuance of aforesaid loan agreement

dated 14.05.2014, an amount of Rs. 1,80,50,000/- and Rs. 40,00,000/- was paid by Financial Creditor
along with Mr. Vinay Lakra to the Corporate Debtor for a period of 55 days from the date of disbursal of
loan i.e. 16th May, 2014. Ms. Mahima Sharma being the guarantor in the aforesaid loan agreement had

given the possession of the second floor of her property bearing No. 5, Road No. 8, Punjabi Bagh Extra.
New Delhi - 110026 as security to the Creditor company. A copy of the loan agreement has been placed
on record (Annexure-8).

9. In discharge of aforesaid loan liability Corporate Debtor issued three postdated cheques dated
10.07.2014 in favour of Financial Creditors bearing cheque No. 000077 for an amount of Rs. 40,00,000/-,

cheque No, 000076 for Rs. 60,00,000/- & Cheque No 000078 for Rs. 1,20,50,000/- all drawn on Bank of
India, New Friends Colony Branch, New Delhi. Subsequently on 09.10.2014 at the request of Corporate

Debtor all the aforesaid six cheques were replaced with new dates of 30.10.2014. Thereafter again on
29.01.2015 facing similar situation all the aforesaid six cheques were again replaced with cheques dated
31.03.2015. On 09.06.2015 Financial Creditors presented five cheques bearing No. 000118, 000119,

000120, 000121 & 0001222 and thereafter on 18.06.2015 remaining single cheque bearing No. 000123
for encashment but same were returned back with the endorsement of "exceeds arrangement" (Annexure-
12). Thereafter Financial Creditors served a legal demand notice (Annexure-13) under Section 138 of

Negotiable Instrument Act upon the Corporate Debtor and proceedings (Annexure-14) in that regard are
pending adjudication before the Court of Chief Metropolitan Magistrate, Delhi.

10. The Financial Creditors have further claimed that the default has occurred when the cheques were
dishonoured on 10.06.2015 for the reason stated in the return memo 'exceeds arrangements'. The total

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