TaxTMI 
TaxTMI 
2022 (10) TMI 637
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.... 2. The brief facts of the case are as below: i. The Corporate Debtor is engaged in the business of setting up Electronic City/Technology Parks projects in India as well as abroad. ii. For the purposes of raising funds for development of its various projects, the Corporate Debtor, through its Directors, approached the Applicant for availing a term loan facility. The Financial Creditor disbursed the loan amount on regular intervals to the Corporate Debtor and as on 31.03.2014, the outstanding liability of Corporate Debtor towards the Financial Creditor was Rs. 803,98,00,000/-. iii. Thereafter, on 31.12.2014, there was a loan agreement on the basis of the balance outstanding for the long-term loan advanced to the Corporate Debtor earlie....
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....efore the Members of Technology Parks Limited. The audit was conducted on the basis of standalone financial statements of CD which comprise the Balance Sheet as on March 31, 2019. The balance sheet annexed with the Auditor's report admits its liability of Rs. 132,042.56 Lacs under the long term borrowing. The same includes the financial debt payable to the applicant. vii. The Applicant herein is under CIRP since 01.10.2020 and the RP was entrusted with the duty to take over the management of affairs of the Applicant and started verifying the limited documents available as the erstwhile Board of the Applicant failed to handover all the necessary documents. viii. The Applicant during the scrutiny of documents available with the CD fou....
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....s that the Corporate Debtor has defaulted in repayment of the financial debt, due and payable to the Applicant. 3. The Corporate Debtor in its reply dated 11.10.2021 has submitted that: i. The debt has not become due and payable and the instant application has been filed prior to the expiry of the term of the loan: Admittedly, the tenure of the loan was decided to be a period of ten years from 31st March, 2015 to 31st March, 2025, which has not expired as yet. It is also stipulated under the loan agreement dated 31.12.2014 that if the Applicant lender does not exercise the call option then the loan amount will be repaid with interest at Government Security rate, which interest will be payable on due dates to be agreed between the parties....
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....of loan to the applicant company as and when the same becomes due and payable. iii. It is submitted that the Respondent had entered into a Loan agreement dated 01.08.2016 with M/s. Alchemist Infra Realty Limited (hereinafter referred as "AIRL") wherein AIRL had acknowledged that the loan and advances outstanding as on 30.06.2016 is Rs. 329,05,00,000 (as rounded off) and the tenor of the loan was pegged at a maximum of 3 years from 30.06.2016 & the due date of repayment fell on 30.06.2019. However, AIRL has neither paid the principal amount nor paid any interest till now on the same and consequently the Respondent's claim against AIRL presently stands at an amount of Rs. 401,47,37,480/-. Consequently, the Respondent has preferred an ap....
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....emed to accept the same. iv. The Financial Creditor in terms of the Clause 5 and 11 of the loan agreement became entitled for the monthly simple interest at the rate specified on the Government Securities. It is further submitted that the Clause 10 of the loan agreement did not make it mandatory/compulsory for the Financial Creditor to confirm the timelines to the Corporate Debtor as the language of the said Clause stipulates "may be indicated". In view of the waiver by the Financial Creditor to exercise the option to convert the loan into equity shares, the Financial Creditor became entitled for simple interest (monthly) on the principal amount as the Clause 10 of the loan was merely directory in nature and in the scenario where due date....