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TMI Blog2023 (2) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 7 Application has been filed only on the ground of default in the settlement agreement rather section 7 application has been filed on the basis of original financial debt which was extended by the Financial Creditor to the Corporate Debtor. The mere fact that in earlier company petition, consent terms was arrived, which consent terms was breached by the corporate debtor, the financial debt which was claimed by the financial creditor would not be wiped out nor the nature and character of financial debt shall be changed on account of breach of the consent terms. Permitting such interpretation shall be giving premium to the corporate debtor who breach the consent terms. It is relevant to notice that in clause 9 of the consent terms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned Counsel for the parties. 2. This Appeal has been filed against the Order dated 10.10.2022 by which order, the Adjudicating Authority has admitted Section 7 Application filed by the Financial Creditor under I B Code, 2016. 3. An application under Section 7 was filed by the Financial Creditor- Debenture Holder on 20th December, 2019 being CP No. 45/IBC/NCLT/MB/MAH/2020. In the said Company Petition, a consent terms was entered between the parties with other stakeholders. According to the consent terms, the Financial Creditor-Respondent herein agreed to withdraw the Company Petition. It was further contemplated in the consent terms that in event, there is default of the terms of present consent terms on the part of the corporate de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tempo Appliances Pvt. Ltd. [2020 SCC OnLine NCLAT 1202] decided on 25.11.2020 as well as Judgement in Dr. Gopal Krishnan MS Anr. Vs. Mr. Ravindra Beleyur Anr. [CA(AT)(CH)(INS) No. 316 of 2022]. It is further submitted that there is no consensus for initiating Section 7 Application amongst the Debenture Holders and Respondents were only 12% Debenture Holder. 7. Learned Counsel appearing for the Respondent-Mr. Vikas Mohta refuting the submissions of Learned Counsel for the Appellant contends that nature of debt which was claimed under Section 7 Application remains the financial debt and by virtue of consent terms which was entered during earlier company petition, the nature of debt shall not be changed and present is not a case where ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the event of default committed by the Corporate Debtor, the Financial Creditor shall be entitled to claim the entire amount as may be due on the date of the default in terms of the Transaction Documents. 10. Now we come to the Section 7 Application which was filed by the Financial Creditor. Part-IV of the Application under which Particulars of Financial Debt has been given is as follows: PARTICUALRS OF FINANCIAL DEBT 1. TOTAL AMOUNT OF DEBT GRANTED DATE(S) OF DISBURSEMENT A SUM OF RS. 26,96,49,413 (RUPEE TWENTY SIX CRORES NINETY SIX LAKH FORTY NINE THOUSAND FOUR HUNDRED AND THIRTEEN ONLY) WITH FURTHER INTEREST THEREON TILL PAYMENT AND/OR REALIZATION ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication has been filed only on the ground of default in the settlement agreement rather section 7 application has been filed on the basis of original financial debt which was extended by the Financial Creditor to the Corporate Debtor. The mere fact that in earlier company petition, consent terms was arrived, which consent terms was breached by the corporate debtor, the financial debt which was claimed by the financial creditor would not be wiped out nor the nature and character of financial debt shall be changed on account of breach of the consent terms. Permitting such interpretation shall be giving premium to the corporate debtor who breach the consent terms. Another judgement which has been relied on by Learned Counsel for the Appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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