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TMI Blog2019 (9) TMI 1564X X X X Extracts X X X X X X X X Extracts X X X X ..... jection raised by the corporate debtor that the application is barred by limitation is not sustainable. Maintainability of petition - petition is filed jointly without entering into any agreement between the first and second applicants - HELD THAT:- As per Section 7 (1), there is no bar in filing an application either by self or jointly with other. financial creditors. Thus, the second objection raised by the respondent is also not sustainable. Default in repayment of the financial debt has occurred or not - HELD THAT:- On perusal of record it is found that on one hand the respondent has stated that the amount in question has not become payable and on the other hand respondent denies having taken any loan from the applicant. Record also shows that the respondent has been making continuous efforts to resolve the issue and has written number of letters to the applicants for purchasing time to make part payment. While going through the documents so filed by the petitioner, it is found that, corporate debtor admitted and acknowledged liability by letters of acknowledgement of debt/balance confirmation letters from time to time in favour of the petitioner - In the instant case, the docu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the total loan of ₹ 80.00 crores disbursed to the corporate debtor, on maturity, as on 30.09.2017, the respondent is in default of ₹ 230,08,11,067/- (Rupees two hundred thirty crores eight lacs eleven thousand sixty-seven only). The said amount includes interest @ 18% up to 31.07.2018. 5. In support of their claim, the petitioners have submitted copy of the following documents: - Sr. No. Particulars Page No. 1 Form No. 2 - written communication by proposed IRP 9-10 2 Board resolution and authorisation letter of Mr. Shailesh Thakur 11-14 3 Working computation sheet as on 31.07.2018 15 4 Financial contracts reflecting amendments and waivers to date 16-43 5 Entries in a bankers book in accordance with the Bankers Books Evidence Act. 44-45 6 Other documents to prove the existence of financial debt with amount and date of default | 46-84 7 Proof of service 6. The respondent/corporate debtor filed reply in affidavit inter alia stating that the application filed by the financial creditors under Section 7 of the I & B Code is barred by limitation since the credit facilities were availed somewhere in the year 2012. 'That, the instant application is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l of the record it is also found that the unsecured loan sanctioned by the applicants has been acknowledged by the respondent company from time to time. Further, copy of letter dated 16.05.2018 placed at page No. 82 of the application shows that the respondent had assured to pay ₹ 5.00 crores by 5 July, 2018 to the applicant No. 2. In respect of applicant No. 1, the respondent had issued letter dated 16.01.2018 showing his inability to repay the Outstanding amount and requested for some accommodation. Vide letters dated 30.06.2015 and letter dated 30.06.2017 issued to applicant No. 1 & 2, placed at page No. 49 & 50 and page No. 54 & 55 respectively, the respondent has confirmed having executed demand promissory notes and outstanding thereon. Thus, objection raised by the respondent with regard to limitation is not sustainable. Otherwise also when the date of maturity as per the demand promissory note is shown as 30.09.2017, the limitation starts from 30.09.2017 and the application is filed on 28.08.2018 well within time. 11. The second objection raised by the respondent is that the petition is not maintainable as the petition is filed jointly without entering into any agreem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s acknowledged the debt. 17. In the instant case, the documents produced by the Financial Creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'financial debt'. 18. To decide the issue, it is desirable to refer to the Judgment delivered by the Hon'ble Supreme Court, in the matter between M/s. Innoventive Industries Ltd. Vs. ICICI Bank & Anr., in Civil Appeal Nos. 8337-8338 of 201 7, in Para No. 30 has clearly held as follows; "30. On the other hand, as we have seen, in the case of a corporate debtor who commits a default of a financial debt, the adjudicating authority has merely to see the records of the information utility or other evidence produced by the financial creditor to satisfy itself that a default has occurred. It is of no matter that the debt is disputed so long as the debt is "due" i.e. payable unless interdicted by some law or has not yet become due in the sense that it is payable at some future date. It is only when this is proved to the satisfaction of the adjudicating authority that the adjudicating authority may reject an application and not otherwise. " 19. Along with the application, the applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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