2026 (1) TMI 273

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.... This is an application for condonation of re-filing delay of 75 days. We find sufficient cause for condonation of re-filing delay of 75 days. Re-filing delay is condoned. Company Appeal (AT) (Insolvency) No. 1382 of 2025:- Heard Learned Counsel for the Appellant and Counsel for the Respondent. 2. This Appeal has been filed against the order dated 01.05.2025 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, Court-I, by which order application under Section 7 filed by the Appellant has been rejected. Appellant has filed the application under Section 7 claiming a debt of Rs. 1,00,12,157/-. Appellant case was that amount of Rs. 2 Crore in the form of an Inter-Corporate Deposit was given to the Corporat....

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....d. 7. It is useful to extract paragraphs 21, 22 and 23 of the impugned order in which following observations have been made:- "21. Though the Corporate Debtor has challenged the genuineness of Term Sheet, however, the receipt of Rs. 2 Crores as an advance is not disputed. The Term Sheet has been relied upon by the Corporate Debtor to evidence the repayment obligation, liability of interest and the absolute obligation to repay the loan dehors any other transaction. There is no dispute that the said amount to the extent of Rs. 1.35 Crore was repaid and the balance amount is claimed to have been adjusted against the amount receivable from the Financial Creditor under other ledger accounts. The Corporate Debtor has accounted for any....

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....one of the signatories to the said audited financial statement in the capacity of director who was then CFO of the Financial Creditor as well. 23. The Financial Creditor has canvassed that Corporate Debtor's obligation to "repay" the outstanding amount of the ICD and interest thereon to the Financial Creditor is "absolute and unconditional and is not dependent or linked to any other transaction (past, present or future as may be)" and it could not have claimed set off of amount payable under the transaction of loan with any amount receivable under any other transaction. However, in our considered view, this averment in the term sheet does not take away the right of Corporate Debtor to claim appropriation of the amounts receivab....