2018 (7) TMI 968

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....ppeal against order dated 2nd April, 2018 passed by the Adjudicating Authority (National Company Law Tribunal) Bengaluru Bench whereby and whereunder the application preferred by M/s. Edelweiss Asset Reconstruction Company Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'I&B Code') has been admitted, order of moratorium has been passed and Resolution Professional has been admitted with certain directions. 2. Learned counsel appearing on behalf of the appellant submitted that though there is 'debt' but there was no 'default'. This aspect has not been properly considered by the Adjudicating Authority. She referred to Company Appeal (AT) (Insolvency) No. 210 of 2018 a ....

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..... Principal amount will be repaid after adjusting interest, penalty and other charges if any, either from Sale of Secured Assets, Personal Property or internal cash accruals. Detailed Restructured Amortization Schedule is given in Schedule I. 5. Property of the hospital (Car Parking) located at Singasandra, Village Begur Hobli, Hosur Road, Bangalore will be sold by December, 2014. The property is likely to fetch Rs. 15 Cr, out of which Rs. 12 cr. Will be paid to EARC towards interest payment for the period July 1, 2014 to March 31, 2015 and residual towards principal repayment. The balance Rs. 3 Cr. Will be utilised by the Hospital for hospital's improvement, acquiring Plant & Machinery and towards Capital Gain Tax." 5. The date....