TaxTMI 
TaxTMI 
2026 (2) TMI 191
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....ed by the National Company Law Tribunal, Mumbai Bench, Court-4 by which Section 7 application filed by the STCI Financial Ltd. has been admitted. 3. Brief facts of the case, necessary to be noticed for deciding this Appeal are:- "Loan amount of Rs. 20,00,00,000/- was taken by the Corporate Debtor (Man InfraProject Ltd.) on 27.11.2015. Two loan agreement was executed on 01.12.2015 of Rs. 10 crores each on the same date. The Corporate Debtor having committed default in servicing the loan, a Section 7 application was filed by the Financial Creditor being CP (IB) 312 of 2021 on 13.03.2021 claiming the default of Rs. 28,26,69,996/-. The Authorized signatory of the Corporate Debtor filed a reply to the Company Petition. Company Petition was heard, an I.A. No. 859 of 2024 was also filed in the CP (IB) 312 of 2021, which application was heard by the Adjudicating Authority and the Company Petition was initially dismissed on the ground of limitation on 24.02.2023, which order was set aside by this Tribunal by Judgment dated 07.12.2023, remanding the matter for fresh decision. After the remand by this Tribunal, the matter was heard and the Adjudicating Authority by the impugned order retur....
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....de following observations: "10. This bench notes that the last payment made in respect of loan Account-I and Loan Account -II were on 06.02.2018 and 07.02.2018 as reflected in the statement of account/ledger of the Respondent/Corporate Debtor which extended the limitation period upto 07.02.2021. The Petition is filed on 30.03.2021. The petition was supposed to be filed on or within 07.02.2021. However, considering the extension of period of limitation in view of the suo moto order due to the COVID 19 outbreak passed by the Hon'ble Supreme Court of India, the present petition is within limitation. 11. We take note of decision passed by Hon'ble NCLAT that there were other material which have been brought in this appeal including the One Time Settlement dated 23.03.2019, 07.07.2020 and 06.11.2020 which appellant sought liberty and the same was granted Based on the documents placed on record by Financial Creditor through its Additional Affidavit, it is clearly evident, that the Corporate Debtor has acknowledged its liability in respect of dues payable to the Financial Credito through various OTS proposals 23.03.2019 and 07.10.2020 the Corporate Debtor has admitted its....
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....ng was also initiated against the Corporate Debtor by the Financial Creditor in the year of 2017. It is submitted that the debt and default having been proved, Adjudicating Authority did not commit any error in admitting Section 7 application. 9. Ld. Counsel for the Respondent further submitted that no benefit can be claimed of Rule 120 of NCLT Rule' 2016 by the Appellant since in the Company Petition the Corporate Debtor was represented by the Counsel who could not have been displaced by a Counsel which was sought to be engaged by the Appellant in the I.A. 10. We have heard the Counsel for the parties and perused the record. 11. In part-IV of Section 7 application, details of loan and disbursement have been claimed including the amount claimed and date of default part-IV of the application, is as follows: PARTICULARS OF FINANCIAL DEBT 1. TOTAL AMOUNT OF DEBT GRANTED DATE(S) OF DISBURSEMENT Amount of Debt as on 24.03.2021; Rs. 28,26,69,996/- [Rupees Twenty Eight Crores Twenty Six Lakhs Sixty Nine Thousand Nine Hundred and Ninety Six only] Date of Disbursements; Corporate Loan against Property (Account No. A20064): Date of Disbursement Loan Amount....
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....rporate Term loan of Rs. 20 crores availed of by Man Tubniox Ltd. and Man Infraprojects Ltd. My client states that the aforesaid act of mortgaging the captioned property is illegal, immoral, unethical and amounts to criminal breach of trust and cheating. My client further states that despite POA in force act of Mrs. Anita Jagdishchandra Mansukhani of mortgaging the captioned plot to you calls for both civil and criminal action." 13. The said letter was issued at the time when Company Petition was not even in existence, thus, there was no issue pertaining to dispute regarding the sanction or the disbursement of the loan. Appellant filed an application being I.A. 859 of 2024 where prayers were made to record the Vakalatnama signed by the Applicant in favour of Advocate and requested the Court to discharge the earlier Advocate. Adjudicating Authority has considered the said application in para b, c & d by making following observations, rejected the application: "b) At the time of hearing the Advocate on Record submitted that she has appeared as Counsel for the Corporate Debtor in the main Company Petition and had filed reply to the main Company Petition No 312/2021. The Ad....