TaxTMI 
TaxTMI 
2022 (9) TMI 1344
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....n was filed on 17 March, 2020 before this Adjudicating Authority on the ground that the Corporate Debtor has defaulted in the payment of sum of Rs.7,56,86,986.33 (Rupees Seven Crore Fifty Six Lakh Eighty Six Thousand Nine Hundred and Eighty Six and Thirty Three paisa only) as on 31 January, 2020 with interest accruing thereon from 01 February, 2020 @13.70% per annum with monthly rests in respect of the dues pertaining to Cash Credit Account @11.90% per annum with monthly rests in respect of the dues pertaining to the Term Loan Account from the Corporate Debtor. The date of default is stated to be as on 30 October, 2017. 4. It is submitted in the Petition, Part - II that the authorized share capital of the Corporate Debtor is Rs.12,00,00,000/- (Rupees Twelve Crore only) with paid up Capital as Rs.11,34,82,000/- (Rupees Eleven Crore Thirty Four Lakh Eighty Two Thousand only). 5. Submissions by the Ld. Sr. Counsel appearing on behalf of the Financial Creditor 5.1 The Corporate Debtor approached the Financial Creditor with a request for financial assistance. Upon due appraisal of the Corporate Debtor's request, the Financial Creditor sanctioned credit facilities on 05 September, 199....
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....2019 under section 13(2) of the SARFAESI Act, 2002 was issued upon the Corporate Debtor. Thereafter, proceeding was initiated against the Corporate Debtor before the Hon'ble Debt Recovery Tribunal and the same is pending adjudication. 6. Submissions by the Ld. Counsel appearing on behalf of the Corporate Debtor 6.1 There are two default amounts mentioned by the Operational Creditor and two corresponding different default dates i.e., Rs.5,99,44,914.41/- (Rupees Five Crore Ninety Nine Lakh Forty Four Thousand Nine Hundred Fourteen and Forty One Paisa only) as on 19 February, 2018 and Rs.7,56,86,986.33/- (Rupees Seven Crore Fifty Six Lakh Eighty Six Thousand Nine Hundred Eighty Six Hundred and Thirty Three Paisa only). Therefore, the application is defective and deserves to be dismissed. 6.2 The Operational Creditor has over the years, from time to time, granted and renewed credit facilities to the Operational Creditor for the purpose of its business as would also be evident from the application. The Corporate Debtor has always diligently abided by the terms and conditions of such facilities and has always been financially prudent in discharge of it's repayment obligations in r....
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....d fresh notice of demand dated 05 November, 2019 was served upon the Corporate Debtor, again under Section 13(2) of the SARFAESI Act, 2002, stating that the account had turned NPA on 19 February, 2018 and calling upon the Corporate Debtor and Guarantors of the Corporate Debtor to clear the outstanding amount. 6.8 The Financial Creditor, thereafter, proceeded to take symbolic possession of the properties mentioned in above paragraph and issued sale notice in respect of the said property. However, the actions taken were challenged before the Ld. Debts Recovery Tribunal, Kolkata, numbered SA 107 of 2020 by Motijug Agencies Limited, the corporate guarantor to the credit facilities in question in the instant application. The matter is pending adjudication. 6.9 On or about the month of March, 2020, an application was filed on behalf of the Financial Creditor under Section 7 of the Code against the Corporate Debtor. Further, in the meanwhile, the Financial Creditor was allowed for the sale of the Property described above by the Ld. Debts Recovery Tribunal, Kolkata. From such sale the Financial Creditor recovered around Rs.6,32,00,000 (Rupees Six Crores Thirty Two l,akhs only) out of the....
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....is matter nothing survived as SARFAESI proceeding has been disposed of since applicant has been given consent for sale of the property And property was sold and sale consideration was Rs.6.32 Crore and ,entire sale proceeds has been received and sale certificate and confirmation has been issued on 22/12/2020.'[at page 33 of the Reply]. 9. Considering the aforesaid fact, it is now clear that the sale was confirmed and the Financial Creditor has released a sum of Rs. 6.32 crores by selling one of the mortgaged properties of the Corporate Debtor. Hence, the amount due and payable would come to a sum of Rs.1.02 Crore (Approx) after deducting the sale proceed amount from the default amount as mention in this application. 10. With respect to the outstanding amount of Rs.1.02 Crore (Approx)it is evident from various communications between the Corporate Debtor and the Financial Creditor that the Personal Guarantor of the Corporate Debtor, who is also one of the Directors of the Corporate Debtor issued the cheque for the said outstanding amount [at page 39 & of the Reply]but the same was returned by the Financial Creditor on the ground that the Corporate Debtor owes a sum of Rs.56,92,29,8....