TaxTMI 
TaxTMI 
2022 (7) TMI 574
X X X X Extracts X X X X
X X X X Extracts X X X X
....shtra, Mumbai. Its registered office is At Post: Rajuri, Tal: Karmala, Dist: Solapur MH 413203. Therefore, this Bench has jurisdiction to deal with this petition. 3. It is the case of the Financial Creditor that the Corporate Debtor approached the Financial Creditor for credit facilities aggregating to Rs.1573.42 Lakhs for setting up of a plant for the production of jaggery. Sanction of credit facilities with a credit limit of Rs. 1573.42 lakhs is detailed as under: Sr. No Date of Sanction Letter Particulars Amount in Lakhs Repayment Schedule (As per latest sanction letter) Interest and Penalty rate (As per latest sanction letter) 1. 28.05.2010 Medium Term Loan 684.49 2013-2017 Interest Rate- 12.25% p.a. Penalty- 1.50% p.a. 2. 15.03.2011 Additional Term Loan 288.93 2013-2017 Interest Rate- 12.25% p.a. Penalty- 1.50% p.a. 3. 25.01.2012 Cash Credit 600 Renewed on 11.12.2013 Interest Rate- 12.50% p.a. Penalty- 1.50% p.a. Total 1573.42 The Outstanding amount in default of the Corporate Debtor including interest is Rs. 2416.78 Lakhs (Rupees Twenty Four Crore Sixtee....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ancial Creditor maintained in the Electronic Form along with the Certificate under Section 2A(a) and the Certificates under Section 2A(b) and (c) of the Bankers Book Evidence Act, 1981. ii. Balance Sheet of the Corporate Debtor as on 31.03.2016, 31.03.2017 and 31.03.2018 as proof of acknowledgement of debt. iii. Letters dated 29.12.2016 and 17.09.2018 sent to the Financial Creditor by the Corporate Debtor acknowledging its debt and indicating to repay the same. 10. The Financial Creditor has attached the particulars of security held as on the date of its creation (Pg 23-24 of the Petition). 11. As regards the filing of the Additional documents before the admission of the Petition under Section 7 of the Code, 2016 is concerned, the Financial Creditor rely on the decision of the Hon'ble Supreme Court in the matter of Dena Bank vs C. Shivakumar Reddy and Anr. dated 04.08.2021 (Civil Appeal No. 1650 0f 2020), the relevant extract of which is reproduced here below: "144. There is no bar in law to the amendment of pleadings in an application under Section 7 of the IBC, or to the filing of additional documents, apart from those initially filed along with a....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the year 2016-2017 was not disputed by the corporate debtor. As a result, the NCLT held that the Section 7 application was not barred by limitation, and therefore, admitted the same. We have already set aside the majority judgment of the Full Bench of the NCLAT dated 12.03.2020, and the impugned judgment of the NCLAT dated 22.12.2020 in paragraphs 33 and 34. This appeal is, therefore, allowed, and the matter is remanded to the NCLAT to be decided in accordance with the law laid down in our judgment." 13. The Financial Creditor submits that the Petition is within the time limit provided under the residual entry 137 of the Schedule to the Limitation Act, 1963 by virtue of Sections 18 of the said Act, 1963. 14. The corporate Debtor vide its letter dated 29.12.2016 acknowledged its debt and default and further requesting for details of the loan account. (Page No. 39 to 41 of the Additional Affidavit). Also, the Corporate Debtor vide its letter dated 07.09.2018 requested the Financial Creditor to consider the proposal of One Time Settlement of dues. (Page No. 42 of the Additional Affidavit). Section 18(1) of the Limitation Act, 1963 states as follows: "(1) Where, befo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....considered before admission of the Petition. In view of the above, the facts and present Petition reveals that the Corporate Debtor has admitted the debt and the same is due and payable. 21. The Financial Creditor has proposed the name of Mr. Vinit Gangwal, Registration No. IBBI/IPA-002/IP-N00091/2017-2018/10235, as the Interim Resolution Professional of the Corporate Debtor. He has filed his written consent in Form 2 as required under rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with a copy of his Certificate of Registration. 22. The application made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 23. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP (....