2020 (9) TMI 556

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....fter referred to as the "NCLT" for brevity) on 16.03.2017. A loan, which was given way back in 2008, was restructured into two loans of Rs. 18.86 crores by an agreement dated 01.04.2016, and the second being a loan of Rs. 16.80 crores by agreement dated 24.06.2016, with an interest figure of Rs. 2.72 crores, the total amount coming to Rs. 38.39 crores. 3. To this section 7 application, a counter affidavit was filed by the corporate debtor on 15.05.2017, in which it was stated that though Rs. 35.66 crores have become due, yet a section 7 application was premature inasmuch as instalment payments that were agreed upon had not yet matured. It was on this basis that this first application was withdrawn by the appellant on 30.05.2017 with libe....

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.... "21. The Corporate Debtor in the previous round of litigation had candidly admitted the restructuring of the total loan amount of Rs. 35,66,61,986 by way of executing two contracts firstly being Agreement bearing No. 105996 dated 01.04.2016 for facility of Rs. 18,86,00,000/- and secondly being Agreement bearing No. 111305 dated 24.06.2016 for facility of Rs. 19,53,00,000/- as detailed in preceding para 5 of the order. It is also evident from a perusal of supplementary affidavit dated 03.08.2018 read with a copy of confirmation of transaction (Annexure-B) that a sum of Rs. 18,86,00,000/- was further disbursed by the Petitioner on 13.04.2016 to the Respondent after the aforesaid candid admission by it and the said amount is an indepe....

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....that a sum of Rs. 18,86,00,000/- was again disbursed to the 'Corporate Debtor' by the 'Financial Creditor' which is still due and payable is erroneous, without any basis and unsustainable." As a result thereof, the NCLAT allowed the appeal and set aside the NCLT order, thereby making it clear that the section 7 application will have to be dismissed. 7. We have heard learned counsel for the parties, including the parties in Civil Appeal No.1911 of 2020 and Civil Appeal No.3112 of 2020. A bare reading of the NCLT order shows that it is only after a perusal of the documents, pleadings, and the supplementary affidavit of 03.08.2018, including the counter affidavit in the earlier section 7 application, that the NCLT came to the conclusion ....