Page 166 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Principal Bench
facility is 30.06.2016 8; letter of credit is 23.05.2016. The computation of defaulted amount and the date

of default is as under: -

th
Sr. Facility Total overdue at [30 April], 2017 Date of Days of
No. (Principal + Interest + Overdue Interest) Default Default
(INR)

Term Rs. 51,77,50,626 (44,59,00,000 ± 3,66,10,533 + 3,52,40,093) 31.07.2016 274 days
1. loan
facility

2. Cash Rs. 20,19,14,420 (1 /,S0,00,000 + 1,08,04,990 + 1,61,09,430) 30,06,2016 304 days
Credit 23.05.2016 313 days
facility
3. Letter of Rs. 25,32,22,657 (21,80,57,874 + 1,42,23,938 + 2,09,40,845)
Credit

Total Rs. 97,28,87,703

22. The default has again occurred when a demand notice dated 02.03.2017 was issued (acceleration

notice) and the repayment of the! defaulted amount was required to be made within 45 clays from the date
of acceleration notice. The principal defaulted amount in most documents is the same. However, in one of
the documents it may vary as the calculation has been made for different dates, Therefore, it would not be

a material factor warranting the dismissal of the application on that ground. Any objection to the amount
of default shall remain available to the 'corporate debtor' before the 'Committee of Creditors'.

23. In order to arrive at a correct conclusion, it would be further necessary to examine the provisions of
Section 7 (2) and 7 (5) of the Code which read as under:

"Initiation of corporate insolvency resolution process by financial creditor.

7 (1) ................

7 (2) The financial creditor shall make an application under sub-section (1) in such form and manner and
accompanied with such fee as may be prescribed.

7 (3) ................

7 (4)................

166