2019 (10) TMI 500

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....moved by the Applicant/Financial Creditor namely IDBI Trusteeship Services Limited (Edelweiss Asset) assailing the rejection of the part of the claim of this Applicant by the Resolution Professional by saying that this Applicant/Financial Creditor is entitled to Maturity Premium as stated under Clause 7 and Default Interest at the rate of 2% per month under Clause 9 of Annexure-2 (Terms of Debentures) in the application. 2. On the claim of Rs. 56,61,10,227.74 made by this Applicant in Form-C, the (Resolution Professional after making hectic exercise, admitted the claim of Rs. 45,84,70,077 and rejected the remaining claim on the ground that this Applicant is not entitled for Maturity Premium and Default Interest as calculated by the Applica....

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....iod not being complete therefore Maturity Premium payment need not be paid is incorrect because the Corporate debtor, at the time of entering into this Debenture Trust Deed, has agreed in Clause 12.1.2 that on failure of meeting to the payment obligations, it will become an event of default in respect to principal amount, interest, Maturity Premium and Default Interest as mentioned in this agreement. Therefore, this Maturity Premium will become an amount due when the company has failed to pay the principal along with interest as agreed between the parties. 7. An agreement between the parties is a document sacrosanct deciding the rights of the parties and the same will remain binding upon the parries, therefore when the obligations created ....