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TMI Blog2022 (8) TMI 1110X X X X Extracts X X X X X X X X Extracts X X X X ..... the entire amount of Principal and interest within a period of three months. Further on 02.06.2022, Appellant undertook to make payment of entire amount of Rs.22,23,45,748/-. The submission of the Appellant that no event of default took place in loan cannot be accepted. Nor, Appellant can be permitted to submit that no default took place in the payment of loan - the Adjudicating Authority did not commit any error in admitting Section 7 application. Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 536 of 2022 - - - Dated:- 24-8-2022 - [ Justice Ashok Bhushan ] Chairperson And [ Barun Mitra ] Member ( Technical ) For the Appellant: Mr. Abhijeet Sinha , Mr. Susheel Cyrial , Mr. Nirnimesh Dube , Mr. Ankur S. Kulkarni , Advocates For the Respondents : Mr. Amanpreet Singh Rahi , Advocate JUDGMENT ASHOK BHUSHAN , J. This Appeal by a suspended Director of the Corporate Debtor has been filed against the order dated 25.04.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court III, Special Bench by which order application filed by the Respondent M/s Shimnit India Pvt. Ltd. under Section 7 has been admitted. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by tomorrow. Prayer allowed. He may file the same by tomorrow. List this Appeal on 07th July, 2022. 4. When the Appeal was taken on 07.07.2022, learned counsel for the Appellant fairly submitted that amount has not yet been paid. Consequently, the interim order passed by this Tribunal was withdrawn. 5. Shri Abhijeet Sinha, learned counsel for the Appellant challenging the impugned order contends that event of default has not occurred in January, 2022 when the Financial Creditor filed Section 7 application. It is submitted that moratorium period on repayment of interest came to end on 27.11.2021 and thereafter only after failure of payment of interest for two consecutive quarters application under Section 7 could have been filed. It is submitted that no application could have been filed till 28.05.2022 since default, if any, can occur on 28.05.2022. It is submitted that insofar as Additional Loan of Rs.11 Crores is concerned, the same after being received by the Corporate Debtor was paid back to sister concern of the Corporate Debtor, hence, there is no liability with regard to Additional Loan of Rs.11 Crores. 6. Shri Amanpreet Singh Rahi, learned counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amount 91,34,876/- Total (A) 7,27,08,904/- Additional Loan 1. Principal Amount 11,00,00,000/- 2. Interest (at the rate of 18% PA) Amount 1,08,59,178/- Total (B) 12,08,59,178/- Further Loan 1. Principal Amount 2,65,00,000/- 2. Interest (at the rate of 18% PA) Amount 22,77,666/- Total (C) 2,87,77,666/- Grand Total (A+B+C) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 on the Principal Loan shall be payable on last day of every quarter and shall be calculated on the basis of 365 days to a year on reducing balance. The interest shall be payable quarterly from the date of first disbursement. E. That any failure to make payment towards the interest against the Principal Loan amount for 2(two) consecutive quarters (i.e. 6 months) shall trigger an event of default in terms of clause 8 hereinabove. SCHEDULE-2 (Additional Loan) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eafter 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 extended by another six months from 27.11.2021. The Bench also notes that, in fact, in their additional Affidavit filed on 16.03.2022, the Corporate Debtor also acknowledges that he has received Rs.11 crore from the Financial Creditor and hence there is a clear admission of default on part of the Corporate Debtor. 14. Even if for arguments sake, the event of default had not occurred with Principal Loan, the event of default did occur for Additiona ..... X X X X Extracts X X X X X X X X Extracts X X X X
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