TaxTMI 
TaxTMI 
2026 (5) TMI 1104
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....ssary to be noticed for deciding the Appeals are: (i) The Appellant sanctioned a non-revolving rupee term loan of Rs. 5,00,00,000/- to the Respondent by sanction letter dated 03.08.2024. The Master General Term Agreement and Facility Agreement were executed on 03.08.2024, various security documents were also executed. The facility amount of Rs. 5,00,00,000/- was disbursed on 05.08.2024. (ii) The default was committed by the Corporate Debtor in making payment of the instalment due on 05.03.2025. Notice dated 17.04.2025 was issued by the Appellant to the Corporate Debtor claiming total amount of Rs. 18,68,342/- which was due for payment on 05.03.2025. In pursuance of the notice dated 17.04.2025 no payment was made, however, the Appellant from the cash collateral adjusted amount against instalment due for March, 2025. The balance amount in the cash collateral was also adjusted towards April, 2025 instalments, which was to be paid. (iii) The default having been committed by the Corporate Debtor, on 02.05.2026, the Financial Creditor issued loan recall notice which loan recall notice mentioned total outstanding amount of Rs. 3,87,87,657/- as on 05.03.2025. ....
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....s also placed reliance on the Judgment of this Tribunal in CA(AT)((Ins.)No. 1302 of 2024, Keval Krishan Sharma Vs. Navneet Gupta, Resolution Professional of Majestic Hotels Ltd. & Ors. 6. We have considered the submission of the Ld. Counsel for the Appellant and perused the record. 7. The notice dated 17.04.2025 was part of Section 7 application which mention that default has been committed of payment of Rs. 18,68,342/-which was required to be paid on 05.03.2025. The default being committed notice dated 17.04.2025 was issued but no repayment was made. In pursuance of the notice, hence, the amount was recouped from the cash collateral as per the agreement between the parties. Subsequently, on 02.05.2025, loan recall notice was issued by the Financial Creditor giving details of facility agreement and defaults committed by the Financial Creditor. Total outstanding was mentioned in the loan recall notice including principal and interest accrued. After the loan recall notice when amount was not paid, Section 7 application was filed. In Part-IV of Section 7 application, the Appellant has given brief facts of the case, details of the facility agreement and the details with regard to....
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....ty Seven Lakh Six Hundred and Fifty Seven Only) ( "Outstanding Amount") to the Petitioner within 1 (one) day. However, neither the Corporate Debtor, the Personal Guarantor nor the Corporate Guarantor paid the Outstanding Amount. A copy of the Loan Recall Notice dated 02nd May 2025 is annexed and marked hereto as Exhibit "Q". It is submitted that the Petitioner had extended the said Facility to the Corporate Debtor pursuant to the Facility Agreement dated 03rd August 2024. As per the terms and conditions of the said Facility Agreement, the Corporate Debtor was under a binding contractual obligation to repay the principal loan amount along with interest at the rate of 15% per annum and penal interest at the rate of 2% per annum in case of default. The Corporate Debtor has failed and neglected to make payment of a sum of INR 3,87,87,657/- (Indian Rupees Three Crore Eighty Seven Lakh Eighty Seven Thousand Six Flundred and Fifty Seven only) as on 28th April 2025, together with applicable contractual interest and penal interest, despite the due date for repayment having elapsed on 05th March 2025, as per the repayment schedule provided under Schedule II of the Facility Agreement. The sai....
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.... The Borrower agrees to comply with Applicable Law including furnishing of necessary resolutions/authorisations to give effect to the Lender's right of conversion hereunder, (c) make disclosure of details pertaining to the Borrower and/or any of the Security Providers to RBI or any other credit information company or such other entities as specified under Clause 17 (Disclosure of information); (d) to enforce any/all Security provided to the Lender in terms of this MGTA, the relevant Sanction Letter and the other Facility Documents and to enter upon and take possession of the Secured Assets; (e) subject to the terms of the Facility Agreement and the relevant escrow agreement, any amounts lying to the credit of the Escrow Accounts and/or the DSRA may be utilised towards paying the Outstanding Due Amounts; (f) to receive all amounts payable in relation to the Receivables; (g) to exercise and enforce all rights and remedies available to the Lender under this MGTA, the relevant Facility Agreement and/or the other Facility Documents or under Applicable Law; (h) the Lender shall have a right to review the management set up or organ....