TaxTMI 
TaxTMI 
TaxTMI 
2026 (3) TMI 207
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....nst the Corporate Debtor- 'Shree Baladevjew Infrastructure Pvt. Ltd.', this Appeal has been filed. 2. Brief facts of the case necessary to be noticed for deciding the Appeal are:- 2.1. The Corporate Debtor was sanctioned a loan on 17.05.2013 by Dewan Housing Finance Corporation Limited (DHFL). Security documents were also executed. The total amount of Rs. 7.55 Crores was disbursed between 22.05.2013 to 29.01.2015. The Corporate Debtor committed default and account was classified as NPA on 31.05.2015. A demand-cum-recall notice was issued on 01.06.2015 to the Corporate Debtor, the co-borrower and the guarantors. No payment having been made, notice under Section 13(2) of the SARFAESI Act, 2002 was issued on 22.09.2015. Corporate Debtor vide letter dated 02.11.2015 agreed to pay the irregular amount within one month but also raised objections to notice under Section 13(2) of the SARFAESI Act. A possession notice under Section 13(4) of the SARFAESI Act was issued on 06.01.2016 seeking possession of the secured assets. Corporate Debtor again sought rescheduling by its letter received on 01.02.2016 which was refused by the Financial Creditor. Possession was taken by the Financial C....
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....eed ex parte during the aforesaid period. The order passed by the Adjudicating Authority is in violation of principle of natural justice. Due to Appellant being in judicial custody and he was required to attend his ailing father, Appellant could not attend the proceeding. Entire proceeding has been taken in absence of any representation from the Corporate Debtor. It is submitted that out of loan facility of Rs. 8 Crore only Rs. 7.5 Crore was disbursed. Corporate Debtor has already completed around 45-50% of the project and some further investment shall be able to complete the project and handover the same to the possession. Corporate Debtor has also repaid an amount of Rs. 2.85 Crore to DHFL. The project was delayed due to several reasons. Section 7 proceeding cannot be use for reviving dead claims. Application was required to be filed within three years from first date of default which was 01.12.2014 and NPA was declared on 31.05.2015. Application filed on 01.03.2025 was barred by time. 5. Counsel for the Respondent- Financial Creditor refuting the submission of the Appellant submits that the disbursal having not been disputed, the default was admittedly committed by the Corpor....
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....guarantors failed to pay the outstanding debt in terms of the Demand cum Recall Notice, and therefore, DHFL was constrained to issue a Notice dated 22.09.2015 under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ("SARFAESI Act"), calling upon the Corporate Debtor, TSFPL and its guarantors to pay the outstanding debt of Rs. 8,19,52,704/- (Rupees Eight Crores Nineteen Lakhs Fifty Two Thousand Seven Hundred and Four Only) payable as on 22.09.2015 along with further interest, non-compliance charges, incidental expenses, costs and any other charges, etc. from 23.09.2015 till the date of repayment within 60 (sixty) days from the receipt of this notice ("Demand Notice"). A copy of the said Notice under Section 13(2) of the SARFAESI Act dated 22.09.2015 is annexed herewith as ANNEXURE-15. 15. The Corporate Debtor vide its letter dated 02.11.2015, inter alia agreed to pay the irregular amount/instalment within a period of one month. Copy of the letter dated 02.11.2015 is annexed herewith as ANNEXURE-16. 7. There have been further letters by the Corporate Debtor requesting for restructuring. Prayer for restructu....
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....ating Authority, vide order dated 16.07.2025, directed effecting substituted service through publication in a local Odia daily newspaper. In compliance with the said direction, the Financial Creditor effected publication in the Odia daily "Sambad", Bhubaneswar and Cuttack Edition, dated 08.08.2025, and thereafter filed an affidavit of compliance dated 12.08.2025 enclosing a copy of the said publication, thereby evidencing due compliance with the directions of this Adjudicating Authority. 12. Subsequently, on 22.08.2025, Mr. Bijay Jena, learned counsel, entered appearance on behalf of the Corporate Debtor and sought time to file his Vakalatnama and reply. On the next date of hearing, 16.09.2025, the learned counsel reiterated the request for adjournment, submitting that the Managing Director of the Corporate Debtor had recently been released from judicial custody. Considering the submission, this Adjudicating Authority granted opportunity of two weeks to file the reply. a final 13. Despite the opportunities granted, there was no appearance on behalf of the Corporate Debtor on 07.10.2025, nor was any reply filed. Accordingly, vide order dated 06.11.2025, the Corpora....