TaxTMI 
TaxTMI 
2017 (12) TMI 1724
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....the total debt requirement of Rs. 1964 crores to Visa Power Limited for setting up a 2X 270 MW Coal fiels independent power Plant at Raigarh, Chattisgarh involving a project cost of Rs. 2619 crores .Shri D.Chatterjee has filed this application on behalf of Bank of Maharashtra by authorisation letter dated 30/12/2015 annexed with the petition on page 28-37 marked and annexed as Annexure- 'I-A'. 3. The Corporate Debtor Visa Power Ltd., Identification No. is U40101WB2005PLC105797. The name and registration number of the proposed Interim Resolution Professional are Mr Anil Goel; Registration No. is IBBIPA-001/lP-P00118/2017-18/10253 email: [email protected] 4. The applicant has stated that a facility ag reement dated 05/03/2010 was executed the Corporate debtor (borrower)and the banks and Financial institutions (including the Applicant Financial creditor) termed as lenders and Punjab National Bank termed as the lead bank and SBICAP Trustee Company limited (security Trustee) laid down the terms and amount of the facility of Rs. 1964 crores to be provided by the various lenders in the consortium to the corporate Debtor. 5. The Financial Creditor sent various rem....
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....ebtor is not tenable. 12. We have heard the arguments of the Cd. Counsels for the parties and perused the record. On perusal of the records, it appears that the Financial Creditor has filed the documents to prove that up to 31st August 2017 Corporate Debtor is liable to pay Rs. 76.71 crores as principal amount and Rs. 17.37 crore as unpaid interest, total Rs. 94.08 crores. The petitioner has filed a statement of account, which is Annexure-IB at page 38 of the petition, which shows that up to 30th December 2015, the total due principal amount was Rs. 76.72 crores, which was disbursed to the Corporate Debtor on different dates between 29th September 2010 to 30th December 2015. It also shows that 0.01 crore was paid by the Corporate Debtor more than accrued interest until 31st December 2015, which got adjusted towards principal. Therefore, the total due principal amount remains Rs. 76.71 crores. It also appears that total due amount as on 01.09.2017 inclusive ot interest and principal was Rs. 94.08 crores. This statement is a certified copy, which is annexed as Annexure 1B. Interest calculation chart is also added as Annexure IC, which shows the details of interest calculation for ....
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....to 31st August, 2017 was Rs. 94,07 ,96,837/-; copy of date-wise mail and letters exchanged to recover the default amount and the response by the Corporate Debtor for extending the due date of payment (Annexure IV page 235 to 236); copy of balance-sheet of Corporate Debtor as on 31st March, 2016 (Annexure IW page 237 to 256). All the documents mentioned above filed by the Financial Creditors proves that total amount of due including principal and interest was Rs. 94.08 crores. Copy of the ledger a/c of the Corporate Debtor is certified by the Bank, which is Annexure IU, which is admissible in evidence. All these documents prove that total amount due was Rs. 94.08 crores which the Corporate Debtor failed to repay, in spite of issuing a recall notice. Thus, it is clear that the Corporate Debtor has committed default in making payment of Rs. 94.08 crores up to 31.08.2017. Financial Creditor has filed petition U/S 7 of the Insolvency & Bankruptcy Code in proper format, in Form No. 1, which is by all respect complete. Financial Creditor has also proposed the name of Shri Anil Goel as Interim Resolution Professional along with his Consent letter in Form 2. Shri Dhrubajyoti Chatterje....
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....of financial debt, the Adjudicating Authority has merely to see the records of the Information Utility or other evidence produced by the Financial Creditor to satisfy itself that a default has occurred. It is of no matter that the debt is disputed, so long as the debt is due, i.e. payable unless inter-dicted by some law or has not yet become due in the sense that it is payable at some future date. It is only when this is proved to the satisfaction of the Adjudicating Authority that the Adjudicating Authority may reject an application and not otherwise". By law laid down by the Hon' ble Supreme Court, it is clear that when an application under section 7 is filed, and it is proved that the amount is due and Corporate Debtor has committed default in making payment, then Adjudicating Authority is bound to admit the application. In this case, all the parameters given by the Hon 'ble Supreme Court is fully satisfied. Therefore, petition deserves to be admitted. It is also to be made clear that on account of any decision of Joint Lenders Forum, petition cannot be rejected . Hon 'ble NCLAT in the case of Innoventive Industries Ltd. v. ICICI Bank, 2017 SCC OnLine NCLAT 70 ....