Arijit Banerjee, J. - (1.) By consent of the parties, the appeal and the application for injunction are taken up for hearing together.
(2.) It is not in dispute that the appellant-Company borrowed money from the respondent Financial Corporation. It appears that an aggregate sum of Rs. 54.61 crores approximately was taken on loan by the appellant-Company from the respondent-Corporation, starting from 2004-05. It is also not in dispute that a sum of Rs. 39.39 crores has been repaid by the appellant-Company to the respondentCorporation on account of principal and a further sum of Rs. 20.88 crores approximately has been repaid on account of interest at the agreed rate. The total amount due to the Corporation from the appellant-Company as on date on account of principal is Rs. 15 crores approximately and along with interest, it would come to Rs. 60.28 crores approximately.
(3.) The appellant-Company made repayment of the loan till March 2017. It defaulted in paying the instalment that was due in March 2017 and the same was ultimately paid in June 2017. Thereafter, there has been no further repayment by the appellant-Company and it has defaulted in payment of three instalments till date. Each instalment consists of about Rs. 1.5 crores on account of principal. It is submitted by Mr. Kar, learned Senior Counsel for the respondentCorporation that as of date, the appellant-Company is in default of about Rs. 6.5 crores. This is not disputed by learned senior counsel for the appellants.;