- (1.) This is a Company Petition filed u/s 7 of the Insolvency and Bankruptcy Code, 2016 by the Financial Creditor against the Corporate Debtor, stating that the Financial Creditor sanctioned loan facility of n,50,00,000 on 5.10.2015, disbursed the loan amount of Rs. 75,00,000 on 29.1.2016 to the Corporate Debtor herein on execution of a Facility Agreement on 5.10.2015 for H,50,00,000 and Demand Promissory Note for Rs. 1,50,00,000. The Petitioner says that the Corporate Debtor defaulted on 13.4.2016 in repaying the instalment, this Petition is filed to initiate Insolvency Resolution process against the Corporate Debtor.
(2.) To prove the case of the Petitioner/ the Petitioner has filed Facility agreement dated 5.10.2015, reflecting the limits sanctioned, interest clause and repayment clause and a Demand Promissory Note executed by the Company in favour of the Petitioner for Rs. 1,50,00,000 payable @14.5% interest. Though Promissory Note as well as Loan Agreement discloses interest component @ 14.5%, since the Petitioner and the Corporate Debtor together agreed for charging interest @36% on delayed payments, now the Corporate Debtor could not argue that 36% interest on delayed payments is exorbitant and usurious.
(3.) To further prove that the debt is in existence and the petitioner defaulted in repaying it, the Petitioner filed loan document, statement of account reflecting payments made by the Corporate Debtor, and CIBIL report reflecting that the Corporate Debtor defaulted in making repayment.;