TMI Blog2021 (12) TMI 1237X X X X Extracts X X X X X X X X Extracts X X X X ..... satisfied then this Adjudicating Authority can admit an Application filed by the Financial Creditor under Section 7 of IBC, 2016. It becomes clear that it is incumbent upon the Financial Creditor while filing this petition to place on record before this Authority, the 'Financial Contract' and demonstrate without any ambiguity from the financial contract, the amount disbursed as per the loan/debt, the tenure of the loan/debt, the interest payable and the conditions of repayment - the Applicant herein failed to demonstrate that the 'debt' has become due and payable and there's default, due to the lack of a 'Financial contract' in consonance to the present case and as such the Applicant does not qualify to be th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt - III of the Application discloses the fact that the Financial Creditor had proposed the name of one Ms. Deepa V. Ramani, as the Interim Resolution Professional, who has also filed his consent in Form 2. 5. From Part-IV of the Application, the total amount claimed in default is inclusive of 18% interest as on 31.03.2021 is ₹ 1,14,91,030/- (Rupees One Crore Fourteen Lakhs Ninety One Thousand and Thirty only). The computation dates of the debt claimed for a period of 1009 days i.e. from 27.06.2018 to 31.03.2021, as averred in the Application is extracted hereunder:- 6. Further Part-IV of the Application, shows the date of default is not mentioned. Part-V enlisted the following documents in order to prove the existence of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estion was posted to the Applicant as to the 'Financial contract' based on which the debt is being claimed. However the Ld. Counsel failed to produce any document evidencing the debt amount claimed. 9. It is well settled now, for an Application under Section 7 of IBC, 2016 to be admitted by the Adjudicating Authority, (i) there must be a debt and (ii) the said debt must be due and payable either in law or on facts and (iii) the said debt should partake the character of a 'Financial Debt' and (iv) upon non-payment of the said 'debt' would amount to default. Only if the above conditions are satisfied then this Adjudicating Authority can admit an Application filed by the Financial Creditor under Section 7 of IBC, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as evidence of the debt; (ii) a record evidencing that the amounts committed by the financial creditor to the corporate debtor under a facility has been drawn by the corporate debtor; (iii) financial statements showing that the debt has not been paid; or (iv) an order of a court or tribunal that has adjudicated upon the non-payment of a debt, if any. 12. The term 'Financial contract is defined in clause (d) sub-section 1 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016; (d) financial contract means a contract between a corporate debtor and a financial creditor setting out the terms of the financial debt, including the tenure of the debt interest payable and date of repayment; ..... X X X X Extracts X X X X X X X X Extracts X X X X
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