2026 (2) TMI 1218

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.... by the Ld. National Company Law Tribunal, Kolkata Bench, Kolkata in CP(IB) No.2137/KB/2019 whereby the Ld. NCLT had dismissed the petition filed under Section 7 of the IB Code. 2. The appellant had sanctioned two terms loans of Rs. 30,00,000/- (Rupees Thirty lakh only) each to the Respondent for a period of six months, repayable with interest @ 24% per annum compounded and payable monthly by two different loan agreements, both dated 11.10.2018. 3. In terms of these agreements the Respondent had also issued two Promissory Notes, both dated 11.10.2018 for Rs. 30 lakh each; in favour of the appellant. The loan was also secured by two mortgage deeds, both dated 11.10.2018. 4. The appellant disbursed a sum of Rs. 52,20,000/- through RT....

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....fault could not occur prior to 30 months and could occur only upon happening of any contingencies under Clause 9. It was argued Clause 7 cannot be read in isolation. It was argued loan and unpaid interest was payable only after 30 months and even then 60 days were given to borrower to repay, hence there was no default. Heard. 7. For appreciating the arguments raised by both the learned counsels, it would be appropriate to first analyse the terms and conditions of the loan agreement(s). Both loan agreement(s) have identical clauses viz.- Clause 1: The financial assistance was for a term of 30 months. Clause 2: The said loan/credit facility has been advanced against a fixed rate of interest @ 24% per annum compounde....

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....emaining sale proceeds to the Borrowers. 8. In addition to these two agreements, two promissory notes were also executed for a sum of Rs. 30 lakhs. Both promissory notes are also identical and contained a clause viz. the said loan/credit facility has been advanced against fixed rate of interest @ 24% per annum, compounded monthly payable every English calendar month in advance from the date of first payment. Though both the promissory notes and the agreements referred to above refer to undated cheques to be given but no details of such cheques are mentioned in the promissory notes. 9. In view of the totality of facts. we disagree with the finding of the Ld. NCLT. Clause 2 of the agreement(s) clearly stipulate the interest was payable ....