9911796707
TMI Blog2017 (7) TMI 1242X X X X Extracts X X X X X X X X Extracts X X X X ..... t to be referred here-in-after as the 'Code'). The application is filed in Form No. 1 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules'). The registered office of the respondent-corporate debtor is New Nogli, Rampur Bushahr, Shimla, Himachal Pradesh and therefore, the matter falls within the territorial jurisdiction of this Tribunal. 2. According to the petitioner, the respondent-Corporate Debtor borrowed Rs. 20,00,000/- from the petitioner by executing loan agreement dated 03.03.2015 to be returned on or before 31.03.2016. Annexure A-7 is the original loan agreement entered into between the parties. It was also agreed that in case of default, the respondent would be l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the petition on behalf of the company before DRT or NCLT or other appropriate forum with regard to the balance principal dues against the respondent along with interest on delayed payment. 5. The petitioner sent copy of the petition along with the entire paper book by registered post to the Corporate Debtor on 25.05.2017 and postal receipt is at page 79 of the paper book. 6. When the matter was listed for the first time on 30.06.2017, notice was directed to be issued to the respondent for hearing for today i.e. 11.07.2011. Mr. Muneesh Malhotra, Advocate, who was present on behalf of the respondent accepted the notice. Mr. Malhotra, Advocate filed his memo of appearance and was directed to file the power of attorney along with the resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pondent Mr. Srinivas was further authorised to execute Power of Attorney in favour of Mr. N. Venu Gopal for the said purpose and to engage Advocate/Solicitor, sign Vakalatnamas and to institute the instant petition against the respondent-Corporate Debtor. 10. The petitioner has also filed the letter dated 08.12.2016 sent by the petitioner/financial creditor to the respondent confirming the receipt of Rs. 10,00,000/- out of the outstanding amount and reminding the respondent that the petitioner has not received any interest on the principal amount and rest of the loan amount. The important document in this case would, however, is the copy of letter dated 20.01.2017 (Annexure A-9) wherein the respondent had admitted the balance outstanding t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e plea of the petitioner that the total amount of default inclusive of interest should be considered as Rs. 24,87,370/- cannot be accepted in these proceedings because the calculation has to be made in the summary proceedings, not on the basis of the interest compounded @ 18% monthly in case of default. As per the terms of the agreement, the interest was to commence in case, the amount is not repaid on or before 31.03.2016. This was not a business transaction, but a case of simple loan. So, the interest can be calculated for the purpose of preparing the resolution plan at simple rate of 12% per annum on the defaulted amount on the basis of the terms of the loan agreement dated 03.03.2015. If the petitioner intends to claim the interest at t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
