2019 (10) TMI 500

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..... bits from enforcing such obligations, the consequences of violation will automatically follow - By the language of this agreement between the parties, the Maturity Premium is to be construed as amount due as stated under this document, because the corporate debtor admittedly defaulted in repaying as agreed, therefore in the event of default, this debenture holders are entitled to claim even Maturity Premium as well. The debenture holders are only entitled to ₹ 20,94,152 default interest upon the default amount, as to the remaining balance default interest claim of ₹ 1,94,72,660 the debenture holders are not entitled because the remaining balance of default interest claim is not due as on the date of admission of this case, th .....

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..... btor before completion of maturity period. 3. As against this rejection, the applicant counsel has submitted that as per Clause 7 (Maturity Premium) of Annexure-2, the debenture holders on whose behalf this Trustee has filed this Application, shall be entitled to Maturity Premium such that the Internal Rate of Return (IRR) on the subscription amount after accounting for interest and Maturity Premium is equivalent to 21% per annum for the entire period of the debentures because it is an amount, the debenture holders are entitled to receive after expiry of the maturity period of 36 months. He has further stated that it is not an amount that will accrue in the event of default of payment, this has to be paid notwithstanding as t .....

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..... created upon themselves are violated, unless and until law prohibits from enforcing such obligations, the consequences of violation will automatically follow. 8. By the language of this agreement between the parties, the Maturity Premium is to be construed as amount due as stated under this document, because the corporate debtor admittedly defaulted in repaying as agreed, therefore I am of the considered view that, in the event of default, this debenture holders are entitled to claim even Maturity Premium as well. 9. Henceforth, the Resolution Professional is hereby directed to include Maturity Premium payment as part of the claim of the debenture holders which is about ₹ 8,07,50,000. 10. .....

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