B.S.V. Prakash Kumar, Member - (1.) It is Company Petition filed by the Petitioner namely Bell Finvest (India) Ltd. u/s. 7 of Insolvency and Bankruptcy Code against the Corporate Debtor namely Intercon Container Survey & Commodities Pvt. Ltd. on the ground that this Corporate Debtor defaulted in making repayment of dues amounting to Rs. 58,55,500 as on 20.06.2017, hence this Petition for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. The case of the Petitioner is that this Petitioner company is a Non-Banking Financial Company permitted by Reserve Bank of India (RBI) to carry the business of investing money for availing profit out of doing the same, in furtherance of it, when this Corporate Debtor approached the Petitioner for a loan of Rs. 30,00,000, on the loan application dated 17.03.2016, this Petitioner issued Sanction Letter dated 19.03.2016 with the condition that the rate of interest payable would be @ 2496 p.a. flat rate payable in advance for the entire tenure, after negotiation rate of interest was discounted to 24% as against the applicable rate of 36% p.a. It is being further conditioned that interest amount of Rs. 4,80,000 is payable in advance, EMI amount would be Rs. 3,75,000 p.m. It says that the company has to give corporate guarantee, and the directors have to give personal guarantee. This loan amount shall be paid in 8 months from the first day of disbursement. In case, the Corporate Debtor defaulted in making payment, an additional interest at the rate of 1% per day over and above the interest rate for defaulted/delayed period on the instalment amounts will be charged. Soon after this sanction letter was given, the Corporate Debtor entered into an agreement with the Petitioner on 28-3-2016, incorporating interest rate as mentioned above by confirming that it would forward to lender 8 post-dated cheques towards the EMI amounts.
(2.) On the agreement entered by the Corporate Debtor and by executing Promissory Notes, Deeds of Guarantees and Warrantees, this Petitioner disbursed 10 lakhs of rupees on 31.3.2016 and Rs. 15,20,000 on 31.3.2016 after remitting Rs. 4,80,000 towards the advance interest in the loan account of the Corporate Debtor.
(3.) According to the Petitioner since not even a single payment was made in furtherance of the agreement entered by the Corporate Debtor, the Petitioner herein was compelled to issue notice to the Corporate Debtor on 11.09.2016 under sections 433 and 434 stating that since the Corporate Debtor failed to make any of the instalments as agreed by the Corporate Debtor, it has been said that Corporate Debtor is liable to pay additional interest @1% per day on overdue outstanding amount which was in arrears since 30.04.2016 aggregating to arrears of additional interest amounting to Rs. 13,72,500 up to 10.09.2016. According to the interest rate agreed between them, as per this notice, the Corporate Debtor is liable to pay Rs. 48,62,500 as on 11.09.2016. By the time this Company Petition has been filed i.e. by 20.06.2017, the total due payable by the Corporate Debtor to the Petitioner has become Rs. 58,58,500 which is more than double to the principal amount within one year two months twenty days.;