Page 748 - IBC Orders us 7-CA Mukesh Mohan
P. 748
Order Passed under Sec 7
By Hon’ble NCLT Mumbai Bench
Date Disbursement
Amount (Rs.)
30-Sept-14 9,62,25,000
1-Nov-14 14,60,000
1-Dec-14 13,85,000
31-Dec-14 14,55,000
31-Jan-15 14,75,000
10-Feb-15 30,00,000
Total 10,50,00,000
2.2 As per the terms of the Agreement the tenure of the WCDL facility was 12 months from the date of
the first disbursement. It was agreed upon that irrespective of any demand raised by the Financial
Creditor, the Corporate Debtor was under obligation to repay the amount within the period as agreed
upon. It was also agreed upon that interest was payable on the first business day of each month. Records
of the case have demonstrated that the WCDL had fallen due on 1s' October 2015. It is informed that till
date the Debtor had failed to make the payment. According to the calculation annexed, the Corporate
Debtor was liable to make the payment as on 1st June 2017 of an amount of Rs. 12,43,33,291. The
Corporate Debtor was stated to be also liable to pay default interest as agreed upon in the said Agreement.
According to the Petitioner, the default interest was Rs.1,06,33,946.
2.3 There is a personal guarantor viz. Mr. Padmesh Gupta as per the execution of a personal guarantee
dated 29.09.2014. Due to the said admitted factual position the Financial Creditor has demanded
repayment of loan either jointly or severally by the Debtor or the Guarantor. A notice was issued under
section 433(1)(e) of Companies Act, 1956. In response, it was contested that the Financial Assistance was
granted to one Gupta Corporation Pvt. Ltd. and not to the Respondent.
3. FINDINGS;-
Prima facie the requirement of section 7 of the Code appears to have been fulfilled. The nature of the
Debt is undisputedly qualified as "Financial Debt" as defined under section 5(8)(a) of the Definitions
under I&B Code.
3.1 Records of the case have also established that there was a "Default" of nonpayment of Debt as defined
under section 3(12) of the Definitions under the Code.
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