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TMI Blog2022 (12) TMI 728X X X X Extracts X X X X X X X X Extracts X X X X ..... cate with Mr. Raunak Dhillon , Ms. Isha Malik , Mr. Nihaad Dewan , Advocates JUDGMENT ASHOK BHUSHAN , J. This Appeal has been filed by the Suspended Director of the Corporate Debtor - E Village Kendra Limited challenging the order dated 28.10.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Court-I admitting Section 7 application filed by IL & FS Financial Services Limited. Brief facts of the case are: (i) The Financial Creditor - IL & FS Financial Services Limited sanctioned Infrastructure Term Loan of Rs.90 Crores in favour of the Corporate Debtor by Sanction Letter dated 15.01.2018. A Loan Agreement dated 26.03.2018 was entered between the Corporate Debtor and the Financial Creditor. Anothe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n behalf of the Financial Creditor. The Adjudicating Authority after hearing the parties vide the impugned order dated 28.10.2022 has admitted Section 7 application. (vii) Aggrieved by the order admitting Section 7 application this Appeal has been filed. 2. We have heard Shri Debal Banerjee, learned senior counsel for the Appellant and Shri Krishnendu Datta, learned senior counsel appearing for the Respondent. 3. Shri Debal Banerjee, learned senior counsel appearing for the Appellant submits that the Financial Creditor in support of Section 7 application has not filed any statutory certificate as required by Section 65B(4) of the Evidence Act, 1872. The Financial Creditor was required to file the certified copies as prescribed under c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rsons) Regulations, 2016 by amendment w.e.f. 13.11.2020 which was not applicable at the time when Section 7 application was filed. Hence, it was not mandatory to file the copies of entries in Bankers Book in accordance with Bankers Book Evidence Act, 1891. In reply filed by the Corporate Debtor there was no denial to the facility and Loan Agreement executed between the parties. There is no denial of amount disbursed by the Financial Creditor. There is also no denial to default committed by the Corporate Debtor and the submissions which are now being advanced in support of the Appeal does not make any ground to reject Section 7 Application. 5. We have considered the submissions of learned counsel for the parties and perused the record. 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Corporate Debtor to Section 7 application, there was no denial of those documents. We, in this context, need to refer to reply affidavit filed by the Corporate Debtor to Section7 application which is on the record as Annexure B to the Additional Affidavit brought on record by the Appellant. Sanction Letter dated 15.01.2018 and Sanction Letter dated 24.03.2017 has been referred to in the reply as well as Loan Agreement. There was no denial of the Sanction Letter and Loan Agreement executed. What was sought to be alleged that put options were exercised by the Financial Creditor without the situation occurring for such options in terms of the Loan Agreements dated 26.03.2018 and 29.03.2018. There being no denial of the Sanction Letters ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Form-1, Item No. 8 of Part V is as follows: 8. LIST OF OTHER DOCUMENTS ATTACHED TO THIS APPLICATION IN ORDER TO PROVE THE EXISTENCE OF FINANCIAL DEBT, THE AMOUNT AND DATE OF DEFAULT 12. The Part V also contemplates other documents in order to prove the existence of Financial Debt, the amount and date of default, on basis of which the Adjudicating Authority has come to the conclusion that the Financial Creditor has successfully proved the debt and default. The most important factor to be taken into consideration is that the Corporate Debtor in its reply has neither denied debt nor the default. What is contended by the Corporate Debtor is that it was not proved by the documents as envisaged by Section 7 application. Section 7 appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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