9911796707
TMI Blog2022 (8) TMI 1110X X X X Extracts X X X X X X X X Extracts X X X X ..... or and the Corporate Debtor noticing that lender has advanced an amount of Rs.6,35,24,668/- to the Borrower carrying interest @ 18% p.a., as stipulated in Schedule-1. Lender also agreed to advance additional sum of Rs.11 Crores to the Borrower in the manner as stipulated in Schedule-2. The loan agreement contained Schedule-I and II that dealt with principal loan and additional loan, terms and conditions for repayment, the moratorium and events of default. (b) The Corporate Debtor defaulted to make the payment. (c) Application under Section 7 was filed by the Financial Creditor in January, 2022 mentioning the date of default as 27.11.2021 and total debt as Rs.22,23,45,748/-. Notice was issued in Section 7 application. The Adjudicating Authority heard the Financial Creditor and the Corporate Debtor and by the impugned order admitted the application holding that debt and default is proved. (d) The Suspended Director of the Corporate Debtor has filed this Appeal challenging the order dated 25.04.2022. 2. We have heard Shri Abhijeet Sinha, learned counsel for the Appellant and Shri Amanpreet Singh Rahi, learned counsel appearing for the Respondent. 3. On 02.06.2022, noticing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was rightly filed and admitted by the Adjudicating Authority. It is submitted that the submission of the Appellant that Additional Loan of Rs.11 Crores was immediately transferred to Sister Concern of the Corporate Debtor hence there is no liability to repay the same is wholly erroneous. It is submitted that amount of Rs.11 Crores - Additional Loan was received by the Corporate Debtor from 10.06.201 to 18.06.2021 in eleven equal amounts in its bank account. Thereafter, this was transferred to personal accounts of Mr. Rajesh D. Vohra, who further paid his debt owed to M/s Bravo Builders Pvt. Ltd. Receipt of Rs.11 Crores is an admitted fact and this submission that there is no liability to repay Additional Loan is misleading and incorrect. Learned counsel submitted that interpretation of the Event of Default is not correctly done by the Appellant. The moratorium came to an end on 27.11.2021, hence, interest of two quarters immediately became due which was to be paid on 28.11.2021. It is submitted that Appellant has filed an affidavit dated 02.06.2022 in this Tribunal where he undertook to make entire payment of Rs.22,23,45,748/-, hence, Appellant cannot be heard to say that no amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BL 7,10,640 CMS176 4297833 Towards listing fees 2. 16.03.2021 Rushabh Precision Bearings Ltd. 3,87,46,714 2053 Repayment of Loan from Kotak Bank 3. 16.03.2021 Rushabh Precision Bearings Ltd. 2,25,39,513 2041 Repayment of Loan from Kotak Bank 4. 26.03.2021 Rushabh Precision Bearings Ltd. 3,36,635 CMS187 7757246 Repayment of Loan from Kotak Bank 5. 31.03.2021 National Stock Exchange of India A/c RPBL 12,41,166 CMS188 4884248 Towards listing fees Total 6,35,74,668 B. The tenure of the Principal Loan shall be three years. C. There shall be a 6 month moratorium period for repayment of interest from the date of execution of this Agreement. The interest shall be applicable and levied from the date of disbursement of the Principal Loan amount. The interest accrued for the first 6 months shall be paid immediately upon the expiration of the moratorium. D. The interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21 making the loan due. 12. With regard to Additional Loan, the submission of learned counsel for the Appellant is that the said amount after receipt was transferred to the Sister Concern of the Corporate Debtor. The bank statement of the Corporate Debtor has been brought on record which indicate that amount of Rs.11 Crores was received in 11 instalments of Rs.1 Crore each which amount was transferred in the personal account of the Appellant and thereafter to another entity M/s Bravo Builders Pvt. Ltd. Receipt of Additional Loan of Rs.11 Crores was not even denied. As per Schedule-2, interest of two quarters became due on 27.11.2021 and thus, in any event default was committed with regard to Additional Loan. 13. The Adjudicating Authority in the impugned order has after considering the submissions of the parties has returned finding that default was committed. In para 21 of the order following has been held by the Adjudicating Authority:- "21. The Bench also notes that any extension of period of repayment of interest is exclusively the prerogative of the lender and it is at his sole discretion. Therefore, the Corporate Debtor cannot take the plea that it should have been extend ..... X X X X Extracts X X X X X X X X Extracts X X X X
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