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TMI Blog2023 (7) TMI 637X X X X Extracts X X X X X X X X Extracts X X X X ..... t and had been credited to the accounts of the Corporate Debtor. The Corporate Debtor has also admitted taking the said loan amount before the Adjudicating Authority. As per the respective loan sanction letters, the tenure of each of the three loans was 36 months. The sanction letters also clearly provided that the loan was repayable on demand. The first loan was for an amount of Rs.25,00,000/- sanctioned on 20.05.2015 with an interest of 10% per annum. The second loan amount for Rs.4,70,00,000/- was sanctioned on 22.05.2017 with 12% interest per annum while the third loan was for Rs.1,00,00,000/- with 10% per annum which was sanctioned on 15.02.2018 - It is noticed that the first tranche of loan which had been disbursed on 26.05.2015 (a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt appeal filed under Section 61 of Insolvency and Bankruptcy Code, 2016 ( IBC in short) by the Appellant arises out of the Order dated 24.06.2022 (hereinafter referred to as Impugned Order ) passed by the Adjudicating Authority (National Company Law Tribunal, Jaipur Bench) in CP (IB) No. 64/7/JPR/2019. By the impugned order, the Adjudicating Authority has returned the Company Petition filed under Section 7 of the IBC by the Appellant/Financial Creditor seeking to bring the Corporate Debtor/Respondent under the rigours of Corporate Insolvency Resolution Process ( CIRP in short) for being factually deficient particularly in respect of loan account. Aggrieved by this impugned order, the present appeal has been preferred by the Financial Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor. The Learned Counsel for the Appellant contended that the Respondent was under legal obligation to pay the interest amount on the above loan amounts on a quarterly basis in terms of RBI guidelines as applicable for NBFCs having an asset size below Rs.500 crores. The Corporate Debtor having failed to maintain the requisite financial discipline of interest payment committed a default in repayment of the loan amount along with interest. The Appellant had issued a demand notice dated 07.01.2019 calling upon the Respondent to repay an outstanding amount of Rs.6,44,80,166/- including an interest amount of Rs.49,80,166/- due as on 31.12.2018. As there was no response from the Corporate Debtor to the said demand notice, the Appellant f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Adjudicating Authority had also held that there was variation in the manner of calculating the interest as one party made TDS deductions on quarterly basis while the other deducted TDS on the interest paid in March every year. The Adjudicating Authority has also recorded the findings that the Corporate Debtor had paid interest regularly till March 2018 and that the Financial Creditor did not file proper documents to substantiate his claims and that there was discrepancy in the filing of supporting documents. 6. We have duly considered the arguments advanced by the Learned Counsel for the Appellant and perused the records carefully. Though sufficient steps were taken by the Appellant for service of notice on the Respondent, the Resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the contention of the Appellant that the Corporate Debtor was also under obligation to pay interest on a quarterly basis in terms of RBI guidelines and that the same was not done by the Corporate Debtor. It is also the contention of the Learned Counsel for the Appellant that in terms of the aforementioned RBI guidelines once any one loan account of borrower/beneficiary becomes a Non-Performing Asset, the balance outstanding under other credit facilities including accrued interest made available to the same borrower/beneficiary also become Non-Performing Asset. The relevant RBI guidelines have been placed at Annexure-6 of the APB. We have also noticed that the Corporate Debtor had disputed the fact that a default had been committed in repay ..... X X X X Extracts X X X X X X X X Extracts X X X X
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