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TMI Blog2021 (11) TMI 471X X X X Extracts X X X X X X X X Extracts X X X X ..... pay the loan, the Financial Creditor vide letters dated 15.11.2017, 01.12.2017 and 20.12.2017 requested the Corporate Debtor to refund the interest amount - The Financial Creditor has attached copy of Balance sheet of the Corporate Debtor for the Financial Year 2014-2015 which reflects the debt payable to the Financial Creditor. The Financial Creditor has also attached the MOU dated 24.02.2014 and the 2nd MOU dated 19.02.2016 executed between the Financial Creditor and the Corporate Debtor which shows that the amount of loan was disbursed and the Corporate Debtor was also liable to pay an interest on the said loan @ 18% p.a. The nature of Debt is a Financial Debt as defined under section 5 (8) of the Code. It has also been established ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Financial Debt the total amount of Debt granted is stated to be ₹ 1,10,00,000/- (Rupees One Crore Ten Lakhs Only) the Principal loan and interest amount of ₹ 33,99,999/- up to 31.11.2019. The date of Disbursement was 24.02.2014. SUBMISSIONS BY THE FINANCIAL CREDITOR 4. The Financial Creditor is an Individual and had given friendly loan of an amount of ₹ 1,10,00,000/- (Rupees One Crore Ten Lakhs Only) to the Corporate Debtor @ 18% per annum for a period of two years and was extended for a further period of two years up to March, 2018. 5. The Financial Creditor further submits that by a Memorandum of Understanding (MOU) dated 24.02.2014 executed between the parties, the Financial Creditor had given a loan am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial Creditor submits that during the tenure of the MOU, the Corporate Debtor paid the interest @ 18% on the said loan amount of ₹ 1,10,00,000/- up to 24.04.2016. The total interest amount paid during the said period is ₹ 35,64,000/-. Further, for the payment of the said interest amount, the Corporate Debtor had given post-dated cheques to the Financial Creditor. 10. After the expiry of the said MOU, the Corporate Debtor approached the Financial Creditor and showed its inability to pay the outstanding loan amount and requested extension for further period of two years up to March, 2018 for the repayment of the loan amount on the terms as contemplated in the MOU. 11. Further, by the 2nd MOU dated 19.02.2016 executed between ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Economic Offences Wing. 15. The Financial Creditor submits that as per the accounts maintained by the Financial Creditor, the Corporate Debtor failed to pay an amount of ₹ 1,43,99,000/- i.e. principal loan amount of ₹ 1,10,00,000/- and interest of ₹ 33,99,000/- @ 12% up to 31.11.2019. 16. The Financial Creditor states that the debt was duly disbursed. The Corporate Debtor failed to repay the loan amount and the date of default is 24.10.2017. 17. The Petitioner draws the attention of this Bench towards the Bank Statement of Account of the Corporate Debtor to corroborate the amount claimed. Relevant certificates under section 2(a) of the Bankers' Book Evidence Act, 1891 has also been produced on record. 18. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed its inability to pay to the Financial Creditor due to insufficiency of funds. There is no dispute as to loan amount disbursed by the Financial Creditor to the Corporate Debtor. 22. Due to persistent failure on the part of the Corporate Debtor to repay the loan, the Financial Creditor vide letters dated 15.11.2017, 01.12.2017 and 20.12.2017 requested the Corporate Debtor to refund the interest amount. 23. The Financial Creditor has attached copy of Balance sheet of the Corporate Debtor for the Financial Year 2014-2015 which reflects the debt payable to the Financial Creditor. The Financial Creditor has also attached the MOU dated 24.02.2014 and the 2nd MOU dated 19.02.2016 executed between the Financial Creditor and the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as Interim Resolution Professional to conduct the Insolvency Resolution Process. 28. Having admitted the Petition/Application, the provisions of Moratorium as prescribed under Section 14 of the Code shall be operative henceforth with effect from the date of order, and shall be applicable by prohibiting institution of any Suit before a Court of Law, transferring/encumbering any of the assets of the Debtor etc. However, the supply of essential goods or services to the Corporate Debtor shall not be terminated during Moratorium period. It shall be effective till completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under Section 31 of the Code. 29. That as prescribed under Section 13 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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