2022 (7) TMI 48

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....ciences Private Limited (hereinafter called "Corporate Debtor") alleging that the Corporate Debtor committed default in making payment to the Financial Creditor. This Petition has been filed by invoking the provisions of Section 7 Insolvency and Bankruptcy Code, 2016 (hereinafter called "the Code") read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present Petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of an aggregate sum of Rs. 1,52,93,750.44/- (Rupees One Crore Fifty-Two Lakhs Ninety-Three Thousand Seven Hundred Fifty Only) as on 24th August 2021 including the outstanding Principal of Rs. 1,13,67,672/- (Rupees One Cro....

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.... stand as Personal Guarantors of the unsecured loan amount. All of them shall be jointly and severally liable for conversion of the financial debt with interest into equity of the Borrower; d. That any failure on the part of the Borrower and/or Corporate Debtor shall be considered as an "Event of Default" and the entire financial debt shall become payable immediately including the principal and accumulated interest thereon. The Corporate Debtor and the Borrower also executed a Deed of Corporate Guarantee with the Financial Creditor on 18th October 2018. Copies of the Loan Agreement and the Deed of Corporate Guarantee have been duly attached to this Petition. 4. Subsequently, the Financial Creditor disbursed a sum of Rs. 1,13,67,672/- ....

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....e Debtor. Although the Agreements came to his knowledge after the demise of Mr. Sunil Chandore, Mr. Aashwiin Pardessi admits the liability of the Corporate Debtor to repay the outstanding amounts and states that they are not in a position to discharge their obligations under the Loan Agreement. FINDINGS 7. We have heard the submissions of the Counsel appearing for the Financial Creditor and the Counsel appearing for the Corporate Debtor. On perusal of the Petition, we find that the Financial Creditor has indicated the last date of payment as 21st August 2020. Further, the table showing the computation of the amount claimed to be in default and days of default annexed to the Petition as "Exhibit D" clearly displays the date of default as ....