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TMI Blog2023 (5) TMI 341X X X X Extracts X X X X X X X X Extracts X X X X ..... t appeal are fully covered by the judgment in Pooja Ramesh Singh vs. State Bank of India . The Guarantee Deed contemplates demand by the bank, hence, unless demand is made by the bank to the Corporate Debtor, no default can be said to have been committed by the Corporate Guarantor and in the present case, demands for payment were invoked in the period covered under Section 10A. The date of default by the Guarantor shall arise only when demand is issued by the Bank to the Corporate Guarantor. The fact that the Corporate Guarantor has given indemnity to the Bank also shall operate only after default is committed by the Guarantor. Indemnity can be enforced against the Corporate Guarantor but it cannot itself change the date of default on part of the Guarantor. When the invocation of the bank guarantee is admittedly within the period of 10A, the Application which is based on invocation of guarantee is clearly barred by 10A. One of the submission pressed by learned counsel for the Appellant is that even after 10A period was over, no payments were made and default still continues, hence, the application could not have been rejected - HELD THAT:- When application filed under S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure of Facility: Term Loan Amount Sanctioned: Rs.500,00,00,000/- (Rupees Five Hundred Crores only) Details of disbursement of the Facility: Sr No. Date of Disbursement Amount (in Rs.) 1 4 th June 2015 431,00,00,000 2 13 th August 2015 31,29,20,000 3 2 nd September 2015 25,47,78,630 4 21 st April 2016 12,23,01,370 Total 500,00,00,000 Total Amount disbursed: Rs.500,00,00,000/- (Rupees Five Hundred Crores only Amount sanctioned in favour of Borrower 2: Nature of Facility: Term Loan I II Amount Sanctioned: Rs.300,00,00,000/- (Rupees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (in Rs.) Principal outstanding 264,00,00,000 Normal Interest 49,16,40,655 Penal Interest 60,89,37,415 Total outstanding dues as on 26 th August 2020 374,05,78,070/- (Rupees Three Hundred Seventy Four Crores Five Lakhs Seventy Eight Thousand Seventy only) Total outstanding dues: Rs.374,05,78,070/- (Rupees Three Hundred Seventy Four Crores Five Lakhs Seventy Eight Thousand Seventy only) along with further outstanding amount calculated @13.5% per annum and penal interest of 2.25% per annum, from 26th August 2020 until the date of the payment. Statement of Accounts in respect of Borrower 2 are annexed hereto and marked as Exhibit C-2 . 5. The Corporate Debtor Deserve Exim Private Limited was the Corporate Guarantor to a loan sanctioned to two different Principal Borrowers i.e. Radius Deserve Builders LLP and Raghuleela Builders Pvt. Ltd. For Radius Deserve Bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irrevocably and unconditionally guarantee the due repayment to the Bank at its Chanakyapuri branch at New Delhi on demand without demur and/or contestation and notwithstanding any dispute between the Bank and the Borrower of all the amounts including the principal sum of aggregating to INR 3,000,000,000 (Indian Rupees Three Billion Only) consisting of Term Loan I of INR 1,000,000,000 (Indian Rupees One Billion Only) and Term Loan II of INR 2,000,000,000 (Indian Rupees Two Billions Only), under the said credit facility and all indebtedness due and payable by the Borrower to the Bank thereunder or any part thereof for the time being outstanding under the said Credit Facility granted/agreed to be granted by the Bank to the Borrower and all interest, commission, costs, charges and expenses and all other monies whatsoever due owing and payable by the Borrower to the Bank thereunder ( the said dues ), in the event of failure on the part of Borrower in repaying the same to the Bank or discharging its liability thereunder (the decision of the Bank as to such default/failure of the Borrower being final, conclusive and binding on the Guarantors). 3. In the event of the Guarantors' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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