2019 (10) TMI 209

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Srinivasan and Mr. Sudhir K. Makkar, Senior Advocates with Mr. Suresh Dobhal, Ms. Sonakshi Dhiman, Ms. Sylona, Ms. Saumya gupta and Mr. Abhishek Chaudhary, Mr. Nikhil Rahdev and Ms. Prarthna Dogra, Advocates for Respondent No. 1 Mr. Prashanto C. Sen, Senior Advocate with Mr. Ashish Mukhi, Ms. Raj Laxmi and Mr. Dhruv Malik, Advocate for IRP ORDER SUDHANSU JYOTI MUKHOPADHAYA, J. The 1st Respondent - 'Phoenix ARC Private Limited' filed an application under Section 7 of the 'Insolvency and Bankruptcy Code, 2016 (for short, 'the I&B Code') against 'Hotel Horizon Private Limited' (Corporate Debtor) alleging default of Rs. 93,86,52,393 as on 25th September, 2017. After notice and hearing the parties by the Adjudicating Authority (National....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....otice of this Appellate Tribunal, failing which, the judgment will be pronounced." 3. We have noticed the stand taken by the parties and heard the appeal on merit. 4. It was submitted that during the pendency of the matter before the 'Joint Lenders Forum' and finalization of 'corrective action plan', the petition under Section 7 of the I&B Code has been filed at the instance of 1st Respondent (Financial Creditor) which according to applicant cannot be entertained. However, in absence of any bar to entertain an application under Section 7 except in terms of Section 11(c) of the I&B Code, we hold that petition under Section 7 is maintainable even during the pendency of decision of a 'Joint Lenders Forum' or finalization of the 'correcti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....2. 8. The 'Term Loan I' was repaid by the 'Corporate Debtor' to 'IDFC' and the claim of the 1st Respondent does not constitute any part of the said 'Term Loan'. 9. The '2nd Term Loan' was secured by a 'Deed of Mortgage' with a further charge dated 27th November, 2009. The 2nd Term Loan was repaid partly to the tune of Rs. 17,10,20,020/-(Rupees Seventeen Crores Ten Lakhs Twenty Thousands and Twenty only) (out of Rs. 22,00,00,000/-) and the outstanding amount as claimed by the Assignee (Appellant) is Rs. 9,35,15,240/- (Rupees Nine Crores Thirty five Lakhs Fifteen Thousand and Two hundred Forty only). 10. No amount has been repaid by the 'Corporate Debtor' pursuant to 'Term Loan III' and the outstanding amount is Rs. 84,51,37,153/- (R....