2024 (1) TMI 1547

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.... ORDER [Justice Mr. Rakesh Kumar Jain (Oral)] This appeal is directed against the order dated 21.09.2022 passed by the National Company Law Tribunal, Kolkata Bench ( in short 'Adjudicating Authority') in CP (IB) No. 08/KB/2020, filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (the "Code"), by Respondent No. 1- International Asset Reconstruction Company Private Limited, which has been admitted. 2. Shorn of unnecessary details, Counsel for Appellant submits that two loans were granted by the IDBI Bank and the Bank of Baroda of Rs. 4.17 Crores on 27.03.1995 and Rs. 1.35 Crores on 17.03.1998 respectively. 3. It is further submitted that the IDBI Bank declared the account of the Corporate Debtor as non-performing ....

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....n terms of the Order passed by the Hon'ble Patna High Court, however, the Financial Creditor withdrew the OTS on 01.08.2014 because there was default on the part of the Appellant in making the payment of the OTS amount. 9. Despite the fact that the OTS was withdrawn on 01.08.2014, the Appellant kept on depositing the OTS amount in tranches i.e., on 26.03.2018 and 10.09.2018 and in this process deposited Rs. 1.80 Crores. It is also submitted that a post dated cheque of Rs. 70 Lakhs was bounced and a separate proceeding was initiated by the Respondent/ Financial Creditor under Section 138 of the Negotiable Instruments Act, 1881. 10. It is also submitted that the Corporate Debtor was in BIFR w.e.f 2005 and those proceedings were abat....

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.... 7 was within limitation. 16. We have perused para 32 to 49 of the Impugned Order but suffice it to say that there has been restructuring of debt on 29.01.2011. On the basis of restructuring, the amount of debt was fixed at Rs. 2.4 Crores to be paid by the Appellant which in fact was not paid by the Appellant and the loan account was again declared as NPA on 13.12.2012. Thereafter, another OTS came on 13.03.2014 at the instance of the Appellant for an amount of Rs. 2.5 Crores. The Appellant made the payment from time to time in that account though it is alleged that the OTS was withdrawn on 01.08.2014 but the last payment was made by the Appellant of Rs. 30 Lakhs on 10.09.2018. 17. In the background of the aforesaid facts and circumst....