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TMI Blog2019 (5) TMI 1877X X X X Extracts X X X X X X X X Extracts X X X X ..... uestion further is as to whether the claim lodged by the petitioner-International Finance Corporation which was based on the same set of facts and documents in the holding Company namely Punj Lloyd Limited-Guarantor and that has already been admitted by Mr. Gaurav Gupta, IRP of that Company as is evident from the aforesaid list. This cannot again be raised for admission in the present proceeding - thus, on account of duplicacy of the claims the petition cannot be entertained. Petition dismissed. - C.P. NO. IB-1322(PB)/2018 - - - Dated:- 13-5-2019 - CHIEF JUSTICE (RTD.) M.M.KUMAR HON BLE PRESIDENT AND DR. DEEPTI MUKESH HON BLE MEMBER (J) For the Financial Creditor: Mr. Arun Kathpalia, Sr. Adv. with Mr. K. Datta, Mr. Jafar Alam, Mr. Vishal Binod, Mr. Saahil Kaul, Advocates For the Corporate Debtor: Dr. U.K Chaudhary, Sr. Adv. With Mr. Manish Shekhari, Mr. Vivek Jam, Mr. Sumit, Mr. Himanshu Randa, Ms. Manisha Choudhary Ms. Samridhi Gogia, Advocates And Ms. Anju Jam, Adv. JUDGMENT M.M.KUMAR, PRESIDENT The International Finance Corporation (for brevity Financial Creditor ) has filed the instant petition under Section 7 of the Insolvency and Bankru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r that is undergoing a corporate insolvency resolution process . However, liberty was granted to the Financial Creditor to file its claim before the Insolvency Professional namely Mr. Gaurav Gupta in accordance with law which shall be duly considered. 7. On perusal of records, including the Form-1 filed by the Financial Creditor - ( International Finance Corporation ) against the Principal Borrower-Corporate Debtor and the Guarantor namely Punj Lloyd Limited it is clear that amount which has been claimed from the Guarantor-Punj Lloyd Limited, the amount claimed from the Principal Borrower as stated in present case is also included in it, and reliance has been placed on same loan agreement dated June 6, 2008 including other documents. 8. At this stage, it is desirable to notice the claim of the Financial Creditor - ( International Finance Corporation ), the record of default etc. as shown in two separate sets of Form-i, one against Punj Lloyd Upstream Limited - ( Principal Borrower ) and another against Punj Lloyd Limited - ( Guarantor ), as quoted below: Punj Lloyd Upstream Limited - ( Principal Borrower ) Relevant Extract of Form-1 Part-IV ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... abular form) The total amount of default, as on 17 September 2018, amounts to USD 11,651,746.6 (Eleven Million Six Hundred and Fifty One Thousand Seven Hundred and Forty Six US Dollars and Six Cents) and GBP 75,000 (Seventy Five Thousand Pounds Sterling). Puni Lloyd Limited - ( Guarantor ) Relevant Extract of Form-i Part-IV PARTICULARS OF FINANCIAL DEBT 1 Total Amount of Debt Granted Date(s) of Disbursement Total amount of financial debt granted: USD 32,500,000 (Thirty-Two million and five hundred thousand US Dollars) The details of the aforesaid financial debt and dates of disbursement are set out hereinbelow: March 2008 Agreement with the Corporate Debtor (i) The Applicant through a loan agreement dated 4 March 2008 executed with the Corporate Debtor ( March 2008 Agreement ) had extended facilities amounting to a total of USD 20,000,000 to the Corporate Debtor. (ii) The Corporate Debtor drew down the entire loan of IJSD 20,000,000 on 01 April 2009. A copy of the March 2008 Agreement is annexed herewith as A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Fee 40,000 Total amount in default 19,050,927.26 Guarantee Agreement and June 2008 Agreement Principal Outstanding 8,333,332.00 Interest 2,213,274.6 Default Interest 1,105,140.0 Total amount in default 11,651,746.6 Hon ble English High Court Order GBP 75,000 Note: The Hon ble English High Court also directed payments of the amounts due to the Applicant under the March 2008 Agreement and the Guarantee Agreement. However, those amounts are not restated here to avoid confusion. The relevant details of the Order passed by the Hon ble English High Court, including the amounts awarded under the Order, are set out hereinbelow at Part V, point 2 of the present Application. Total amount in default as of 17 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same Financial Creditor for same set of claim and default cannot be admitted against the other Corporate Debtor (the Corporate Guarantor(s) or the Principal Borrower ). Further, though there is a provision to file joint application under Section 7 by the Financial Creditors , no application can be filed by the Financial Creditor against two or more Corporate Debtors on the ground of joint liability ( Principal Borrower and one Corporate Guarantor , or Principal Borrower or two Corporate Guarantors or one Corporate Guarantor and other Corporate Guarantor ), till it is shown that the Corporate Debtors combinedly are joint venture company. 13. In light of the aforesaid facts and circumstances of the case, the question further is as to whether the claim lodged by the petitioner-International Finance Corporation which was based on the same set of facts and documents in the holding Company namely Punj Lloyd Limited-Guarantor and that has already been admitted by Mr. Gaurav Gupta, IRP of that Company as is evident from the aforesaid list. This cannot again be raised for admission in the present proceeding. Such a course obviously is not permissible in law a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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