Page 85 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
Hon’ble NCLT Principal Bench

hand, do not refer to the period upto 30.06.2017. It is thus stated that the Applicant has failed to provide

any evidence to support and corroborate its claims of purported default for the period up to 30.06.2017.

Thus, in absence of the mandatory evidence, it cannot be deciphered as to on what basis a sum of Rs.

4390,75,41,611 and US$ 49,684,877 has been claimed in the present Application.

(b) Calculations for the purported claims are incorrect and wrong:

The amounts as claimed by the Applicant (as detailed in Annexure 7 to the Application/Form 1) are
categorised as under:

1. Term Loan:

(a). Principal Amount

(b). Interest Amount

2. Working Capital Accounts:

(a). Principal Amount

(b). Interest Amount

(i) Discrepancies in the alleged principal as well as interest amounts under Term Loan:

In Part IV, Sr. No. 2 of the Application, an amount of Rs. 4390,75,41,611 and US$ 49,684,877 has been

claimed to be the 'amount in default' and details thereof have been provided in Annexure - 7 (Pg. 143-156,
Vol- I of the Application). It is stated that a perusal of Annexure-7 shows various discrepancies in the
alleged claimed principal amount and without assigning any basis for the alleged interest amount. This

fact gets corroborated from perusal of the corresponding individual loan documents. Apart many others,
some of the glaring discrepancies in the alleged amounts as claimed under the heading"

20. There are further allegations of wrongful clubbing of Working Capital Accounts under the
heading of "Principal Amount in Default" which are as under:-

"(ii) Wrongful clubbing of Working Capital Accounts under the heading of "Principal Amount in
Default"

It is stated that in the calculation of the alleged default amount in Annexure 7 to the Application, the
various Working Capital Accounts have been wrongly clubbed under the heading of "Principal Amount in
Default". In this regard, it is pertinent to mention that at Pg 142, the Applicant itself has stated that "The

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