9911796707
TMI Blog2022 (10) TMI 1273X X X X Extracts X X X X X X X X Extracts X X X X ..... to 28.02.2021, no Application could have ever been filed. The Appellant's submission that cumulatively application can be filed taking all amounts, cannot be accepted. The said submission goes contrary to the statutory scheme delineated by Section 10A proviso. When Appellant could not have filed the Application for the default which was committed, the Adjudicating Authority did not commit any error in rejecting the Application as barred by Section 10A of the Code. In so far as the last two default on 31st March, 2021 and 30th April, 2021 is concerned, the Adjudicating Authority has noticed that the total amount of the aforesaid two defaults is only Rs. 37,50,000/- which is below the threshold as provided under Section 4 of the Code. Concl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Judgement of the Adjudicating Authority, following has been stated. "7. We find that as per the terms and conditions of the Sale Agreement dated 27.08.2020 as relied by both the parties, as per clause 2 of the said Sale Agreement the schedule for payment agreed between the parties is presented overleaf:- 2) Second Party agreed to pay the entire amount to first party as per schedule mentioned hereinafter. S. No. Bank Name Date Mode of Payment Amount 1. AU Small Finance Bank 16-09-2020 RTGS/NEFT 1,00,00,000/- 2. AU Small Finance Bank 30-09-2020 RTGS/NEFT 1,00,00,000/- 3. AU Small Finance Bank 31-10-2020 RTGS/NEFT 20,00,000/- 4. AU Small Finance Bank 30-11-2020 RTGS/NEFT 20,00,000/- 5. AU Small Finance Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been filed. The Appellant's submission that cumulatively application can be filed taking all amounts, cannot be accepted. The said submission goes contrary to the statutory scheme delineated by Section 10A proviso as noted above. When Appellant could not have filed the Application for the default which was committed, the Adjudicating Authority did not commit any error in rejecting the Application as barred by Section 10A of the Code. In so far as the last two default on 31st March, 2021 and 30th April, 2021 is concerned, the Adjudicating Authority has noticed that the total amount of the aforesaid two defaults is only Rs. 37,50,000/- which is below the threshold as provided under Section 4 of the Code. We thus are of the view that no error ..... X X X X Extracts X X X X X X X X Extracts X X X X
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