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TMI Blog2021 (7) TMI 855X X X X Extracts X X X X X X X X Extracts X X X X ..... Agreement") to settle outstanding loan obligations of the Corporate Debtor and bring the Corporate Debtor out from the corporate insolvency resolution process ("CIRP"). The Corporate Debtor was ordered into CIRP in furtherance of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC") filed by the Financial Creditor against the Corporate Debtor before the Hon'ble National Company Law Tribunal, Mumbai ("Hon'ble NCLT") bearing C.P. (IB) No. 556 (MB) of 2018 ("First Application"). The First Application was heard and adjudicated by the Hon'ble NCLT and upon admission, the CIRP proceedings were initiated against the Corporate Debtor by order dated 14 February 2019. 3. The Corporate Debtor had issued post dated cheques to the Financial Creditor for an amount equivalent to Rs. 6,25,00,000 to be disbursed on various dates, and had agreed to clear the bank loan account to the Central Bank of India, Turbhe Branch by 31.08.2019 and agreed to pay the amount as per the Settlement Agreement but the Corporate Debtor defaulted in repaying the same in a time bound manner. 4. Further, after entering into the settlement agreement, the Corporate Debtor approached th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after excluding Interest and Advance 6,07,00,000 (+) advance payable, on or before signing of the Settlement Agreement i.e. 28 February 2019 ("Advance") 75,00,000 Sub-Total: 6,82,00,000 (+) interest being levied for the duration of repayment of amounts to be paid by the Corporate Debtor, till 5 October 2019 (as stated in the repayment schedule of the settlement agreement)("interest") 18,00,000 (+) insolvency resolution professional (IRP) fees (as per actuals) 4,50,000* (+) outstanding amounts under the Bank Loan Account 2,25,54,018* Total: Loan Amount 9,30,04,018 *fees as communicated by the IRP to have been received by him as per actuals. **outstanding amounts under the Bank Loan account is an indicative figure as provided to the Financial Creditor by the Central Bank of India, Turbhe Branch as on 25 February 2019 and the amount payable to the bank shall be crystallised as per actuals on full and final payment. 7. The Corporate Debtor had agreed to repay the Loan Amount in the manner as outlined in Clause 1(b) of the Settlement agreement. The Corporate Debtor had issued the said post-dated cheques to the Financial Creditor for an amount equivalent to 6,25 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Small Finance Bank- in favour of Satish Sadashiv Rane- Financial Creditor Due on 20 July 2019 05 August 2019 INR 75,00,000 Equitas Small Finance Bank- in favour of Satish Sadashiv Rane- Financial Creditor Due on 05 August 2019 05 September 2019 INR 75,00,000 Equitas Small Finance Bank- in favour of Sujeet Satish Rane Due on 05 September 2019 05 October 2019 INR 1,00,00,000 Equitas Small Finance Bank- in favour of Sujeet Satish Rane Due on 05 October 2019 On or before 3 August 2019 All outstanding amounts under the Bank Loan Account= INR 2,25,54,018** **outstanding amounts under the Bank Loan Account is an indictive figure as provided to the Financial Creditor by the Central Bank of India, Turbhe Branch as on 25 February 2019 and the amount payable to the bank shall be crystallised as per actuals on full and final payment. Central Bank of India, Turbhe Branch Due on or before 31 August 2019 Out of the Loan Amount, the Corporate Debtor has made due payments towards the IRP fees and has also paid the agreed Advance to the Financial Creditor. As on date, the outstanding loan amount due and payable by Corporate Debtor to the Financial Creditor amounts to INR 6,25,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nds in the account of the Corporate Debtor. The Corporate Debtor/its representative, on 22 May 2019 responded on email stating: "Dear Sir, We will send you a sum of Rs. 50,00,000/- on or before 05/06/2019. Kindly ignore our earlier email dated 25.04.2019 on this subject. We will inform you about the further schedule of payment after getting clarity of our cash -flows. Kindly do not deposit any of the cheques given to you. kindly do not pursue any legal options. Thanks & Regards,". 11. In spite of providing the assured date for repayment, the Corporate Debtor continued to default in its repayment obligations and no payment was received on 05 June 2019 as well. In fact, the Corporate Debtor sent another email dated 05 June 2019 stating that the Corporate Debtor will make a payment of INR 50,00,000 (Indian Rupees Fifty Lakh only) on or before 13 June 2019 instead of the earlier date of 05 June 2019. Thereafter, the Financial Creditor deposited post-dated cheque of 05 June 2019 on 06 June 2019 for INR 50,00,000 (Indian Rupees Fifty Lakh only) which was also dishonoured. The Corporate Debtor has breached its promises and has tried ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The corporate Debtor vide letter dated 22 May, 2019 promised to pay an amount of Rs. 50,00,000/ and requested not to take any legal action. All the terms of payment were again defaulted and the cheque in June were also dishonored. Hence the petitioner exercised his rights under the Settlement Agreement and has filed the present petition. The loan Agreement was subsumed in the Settlement Agreement dated 28.02.2021 and this replaced all previous arrangements between the parties. The said settlement Agreement was taken on record in the order of Hon'ble NCLAT vide its order dated 07.03.2019.There is a debt and default of payment terms of settlement Agreement dated 28.02.2019 and all ingredients of Sec7 of I & B code are thus satisfied and petition is thus admitted. 15. The matter was listed on 9.08.2019, when the corporate debtor failed to appear and notice was issued, thereafter on 26.08.2019, the corporate debtor appeared and handed over a cheque of Rs. 1 Crore to the petitioner prove his bonafides and explore the possibilities of settlement. On 17.09.2019, the Learned Senior Counsel for the Corporate Debtor sought three weeks time to make a clear proposal and handed over a demand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. (b) that the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (c) that the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (d) that the order of moratorium shall have effect from .12.2020 till the completion of the CIRP or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under section 33, as the case may be. (e) that the public announcement of the CIRP shall be made immediately as specified under Section 13 of the Code. (f) that this Bench hereby appoints Mr. Sudha Pravin Navanada ..... X X X X Extracts X X X X X X X X Extracts X X X X
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