DBS Bank India Limited (DBIL) vs M/s. Vayam Technologies Limited

Part II

PARTICULARS OF THE CORPORATE DEBTOR
1	NAME OF THE CORPORATE DEBTOR	M/s. Vayam Technologies Limited (borrower)
2	IDENTIFICATION NUMBER OF CORPORATE DEBTOR	U74900DL2000PLC107066
3	DATE OF INCORPORATION OF CORPORATE DEBTOR	01.08.2000
4	NOMINAL SHARE CAPITAL AND THE PAID UP SHARE CAPITAL OF THE CORPORATE DEBTOR AND/OR DETAILS OF GUARANTEE CLAUSE AS PER MEMORANDUM OF	Authorized Capital is Rs. 51,02,00,000/- (Rupees Fifty One Crore and Two Lakhs Only) Paid up Capital is Rs. 50,65,75,570/- (Rupees Fifty Crores Sixty Five Lakhs Seventy Five Thousand Five Hundred and Seventy only)

	ASSOCIATION (AS APPLICABLE)	This is as per the records on the website of Ministry of Corporate Affairs. Copy of the master date of the Corporate Debtor obtained from the website of Ministry of Corporate Affairs is annexed here and marked as ANNEXURE 3.
5	ADDRESS OF THE REGISTERED OFFICE OF THE CORPORATE DEBTOR	Having its registered office at Thapar House, 124 Janpath, New Delhi – 110001

Part-IV

PARTICULARS OF FINANCIAL DEBT
1	TOTAL AMOUNT OF DEBT GRANTED	The Corporate Debtor was granted debt of Rs. 25,00,00,000/- (Rupees Twenty Five crores) vide offer letter 01.08.2011 and the working capital credit facility was renewed from time to time on 13.09.2012 and 22.11.2013
	DATE(S) OF DISBURSEMENT	The dates of Disbursement of the amount to the Corporate Debtor by the Financial Creditor as follows –
		Date	Facility Number	Disbursement Amount
		01.08.2011	CDT/ADMIN/334/2011 (working capital credit facility)	25,00,00,000
		13.09.2012	CDT/ADMIN/539/2012 (Supplemental working capital credit facility)	Fund Based Limit 7 Crore	Non-Fund Based Limit 15 Crore
					Total Limit 22 Crore
		22.11.2013	CDT/ADMIN/655/2013 (Renewal of working capital credit facilities)	22 Crores

2

AMOUNT CLAIMED TO BE IN DEFAULT AND THE DATE ON WHICH THE DEFAULT OCCURRED (ATTACH THE WORKING FOR COMPUTATION OF AMOUNT AND DAYS OF DEFAULT IN TABULAR FORM)

That total amount of default is Rs. 48,31,28,726.42/- (Rupees Forty Eight Crores Thirty One Lakhs Twenty Eight Thousand Seven Hundred and Twenty Six and Paisa Forty Two Only) till 22.09.2021 Vide Recovery Certificate No. 347/2019, on 24.07.2019, the Financial Creditor has been awarded Rs. 23,29,19,212.46/- (Rupees Twenty-Three Crore Twenty Nine Lakhs Nineteen Thousand Two Hundred Twelve and Paisa Forty Six Only) along-with interest @18% p.a. with effect from O.A. i.e., 08.10.2015 till realisation. Copy of the Recovery Certificate No. 347/2019 in MA NO. 135/2017 in O.A. NO. 466/2015 dated 24.07.2019 is annexed herewith as ANNEXURE 5. Computation of amount and days of default in tabular form is annexed herewith as ANNEXURE 6.

Part-V

PARTICULARS OF FINANCIAL DEBT (DOCUMENTS, RECORDS AND EVIDENCE OF DEFAULT)

1.	PARTICULARS OF SECURITY HELD, IF ANY, THE DATE OF ITS CREATION, ITS ESTIMATED VALUE AS PER THE CREDITOR. A.) Immovable Properties: a) E-7/10, IInd Floor, Vasant Vihar, New Delhi (MOE Dated 17.05.2013)

b)

Ground Floor, Plot No. 6, Street No. E/4, Vasant Vihar, New Delhi (MOE Dated 17.05.2013)

c)

SCS Plot No. 81, situated at Sector 14, Gurgaon, Haryana (MOE Dated 17.05.2013)

Copy(s) of Letters/Memorandum of Entry (Evidencing extension of Equitable mortgage) all dated 17.05.2013 in respect of property situated at E-7/10, IInd Floor, Vasant Vihar, New Delhi, Ground Floor, Plot No. 6, Street No. E/4, Vasant Vihar, New Delhi and SCS Plot No. 81, situated at Sector 14, Gurgaon, Haryana are annexed herewith and marked as ANNEXURE 7 (Colly).

d)

The Corporate Debtor extended the Equitable Mortgage in respect of the property situated at D-319, Sector 63, Noida vide letter dated 20.03.2012 evidencing the deposit of the title deed, the charge was duly registered with the ROC, Delhi and Haryana on 07.04.2012. (MOE Dated 17.05.2013)

Copy of Letters/Memorandum of Entry (Evidencing extension of Equitable mortgage) dated 17.05.2013 in respect of the property situated at D-319, Sector 63, Noida is annexed herewith and marked as ANNEXURE 8.

B) Movable Properties:

e)

Pledge of 25 lacs equity shares of the Corporate Debtor. Copy of the letter dated 17.05.2013 whereby 25 lakh equity shares in reference to Pledge Agreement dated 11.10.2010 executed in favour of the Canara Bank Consortium is annexed herewith and marked as ANNEXURE 9.

f)

10% of the amount of the dividend payable, if any to be invested in FD with Lead Bank and held as collateral security by way of pledge

h)

Agreement for Commercial Letter of Credit was duly signed and executed by the Corporate Debtor in favour of the Financial Creditor. Copy of Agreement for Commercial Letter of Credit dated 05.08.2011 is annexed herewith and marked as ANNEXURE 10.

i)

Demand Promissory Note of 25 crores with interest thereon at rate mutually agreed with monthly rates and/or rates which may from time to time be prescribed by the Bank for value received. Copy of the promissory note dated 05.08.2011 with interest is annexed herewith and marked as ANNEXURE 11.

j)

The Corporate Debtor Company executed the Deed of Hypothecation in favour of the Financial Creditor of Rs. 25 crores, hypothecating by way of First Pari-passu charge over existing office/computer equipment, furniture & fixtures and electrical installation of Corporate Debtor to secure said Working Capital Credit Facility. Copy of Deed of Hypothecation dated 05.08.2011 and FORM 8 for registration of Charge is annexed herewith and marked as ANNEXURE 12.

k)

The Corporate Debtor executed Letter of Continuity in favour of the Financial Creditor as a security credit for the ultimate amount outstanding or sum remaining unpaid on the said facility. Copy of the Letter of Continuity dated 05.08.2011 is annexed herewith and marked as ANNEXURE 13.

1)

A Deed of Guarantee was executed by the directors of the Corporate Debtor in favour of the Financial Creditor to secure the due repayment of the Credit Facility of Rs. 25 crores with interest. Copy of the deed of Guarantee dated 05.08.2011 is annexed herewith and marked as ANNEXURE 14.

m)

The Corporate Debtor executed a Counter Indemnity in favour of the Financial Creditor. Copy of the Counter Indemnity dated 05.08.2011 is annexed herewith and marked as ANNEXURE 15.

n)

The Corporate Debtor executed a Letter of Set off and Lien on 05.08.2011. Copy of letter of set off and lien dated 05.08.2011 is annexed herewith as is annexed herewith and marked as ANNEXURE 16.

o)

As per the Supplemental Joint Deed of Hypothecation the Corporate Debtor agreed to pay the principal amount and other charges on demand as mentioned in the consortium agreement. The deed provided that the hypothecated assets shall be secured by way of first charge in favour of the Banks jointly and to each of them severally for the due payment and discharge on demand of the said facilities. Copy of the Supplemental Joint Deed of Hypothecation dated 14.03.2012 is annexed herewith and marked as ANNEXURE 17.

p)

That three separate Agreement of Guarantee dated 14.03.2012 were executed by the Corporate Debtor in favour of the CB Consortium whereby the directors of the Corporate Debtor individually stood as guarantors for the due payment of the loan amount/credit facility under the Joint Facility Documents to secure the due payment of the Working Capital Facility upto 280 crores. Copy of the Agreement of Guarantee dated 14.03.2012 is annexed herewith and marked as ANNEXURE 18.

q)

A Deed of Corporate Guarantee was executed in favour of the CB Consortium interalia the Financial Creditor by M/s Abhisar Impex Pvt. Ltd. (Corporate Guarantor) for the Corporate Debtor. Copy of the Corporate Guarantee dated 14.03.2012 is annexed herewith and marked as ANNEXURE 19.

r)

In view of the Additional Facility being provided by the CB Consortium the Corporate debtor in terms of the Supplementary Working Capital Agreement, the directors of the Corporate Debtor by their respective confirmatory letter of guarantee all dated 17.05.2013 agreed, confirmed and undertook that the Guarantee dated 11.10.2010 as amended from time to time on 14.03.2012 executed by them in favour of the CB Consortium for the facility extended to the Corporate Debtor, the Guarantee extends to the Additional Facility and the same shall continue to subsist and remain valid and binding on them. Copy of Confirmatory Letter of Guarantee dated 17.05.2013 are annexed herewith and marked as ANNEXURE 20.

s)

M/s Abhisar Impex Pvt. Ltd. (Corporate Guarantor) for the Corporate Debtor by Confirmatory Letters of Guarantee agreed, confirmed and undertook that the that the Guarantee dated 11.10.2010 as amended from time to time on 14.03.2012 executed by it in favour of the CB Consortium for the facility extended to the Corporate Debtor, the Guarantee extends to the Additional Facility and the same shall continue to subsist and remain valid and binding on it. Copy of Confirmatory Letter of Guarantee dated 17.05.2013 are annexed herewith and marked as ANNEXURE 21.

t)

A Supplemental Joint Deed of Hypothecation dated 17.05.2013 was signed and executed by the Defendant No. 1 in favour of the CB Consortium comprising of the Financial Creditor. The credit facilities in terms of the Consortium Agreement and the Joint Deed of Hypothecation was to be secured by a pari-passu First Charge by way of Hypothecation of the current assets of the Corporate Debtor being stocks, book debts and all other current assts of the company, both present and future and office/computer equipment, furniture & fixtures, electrical installations and other movable fixed assts (excluding vehicles, building, internally generated software and Capital WIP) standing in the name of the Corporate Debtor wherever they may situate Copy of the Supplemental Joint Deed of Hypothecation dated 17.05.2013 is annexed herewith and marked as ANNEXURE 22.

u)

Demand Promissory Note dated 23.07.2014 for Rs. 22 Crores with interest thereon at the rate mutually agreed with the monthly rates and/or rate which may from time to time be prescribed by the Bank for value received. Copy of the Demand Promissory Note Dated 23.07.2014 is annexed herewith and marked as ANNEXURE 23.

v)

Letter of continuity dated 23.07.2014 was executed by the Corporate Debtor in favour of the Financial Creditor. Copy of the Letter of Continuity dated 23.07.2014 is annexed herewith and marked as ANNEXURE 24.

II) ATTACH A COPY OF CERTIFICATE OF REGISTRATION OF CHARGE ISSUED BY THE REGISTRAR OF COMPANIES (IF THE CORPORATE DEBTOR IS A COMPANY

i.

Copy of FORM 8 for registration of Charge on Deed of Hypothecation dated 05.08.2011 is annexed herewith and marked as ANNEXURE 25.

ii.

Copy of FORM 8 for registration of Charge on Deed of Hypothecation dated 17.05.2013 is annexed herewith and marked as ANNEXURE 26.

iii.

Copy of FORM 8 for registration of Charge on Supplemental Joint Deed of Hypothecation dated 14.03.2012, Supplemental Working Capital Consortium Agreement dated 14.03.2012 and Supplemental Inter-se Agreement dated 14.03.2012 is annexed herewith and marked as ANNEXURE 27.

iv.

The charge/modification of charge on Company's current assets by way of first pari passu basis was duly registered in favour of the member banks of the CB consortium interalia the Financial Creditor, with the office of the registrar of companies, Delhi and Haryana, who also issued a certificated dated 07.04.2012 Copy of the Certificate of Registration of Charge dated 07.04.2012 along-with FORM 8 is annexed herewith and marked as ANNEXURE 28.

v.

Copy of the Certificate of Registration of Charge/Mortgage dated 22.05.2013 along-with FORM 8 whereby charge on the property D-319, Sector 63, Noida was registered in favour is annexed herewith and marked as ANNEXURE 29.

III) ESTIMATED VALUE OF THE AFOREMENTIONED SECURITY:

	As per the Financial Creditor/ Applicant herein the estimated value of the aforementioned securities is as under :
	The valuation of the Immovable assets (including the fixed assets and the current assets)	As per the Investigation Report the value of the are estimated as per records to be in excess of INR 100 Crore (approx.).
2.	PARTICULARS OF AN ORDER OF A COURT, TRIBUNAL OR ARBITRAL PANEL ADJUDICATING ON THE DEFAULT, IF ANY (ATTACH A COPY OF THE ORDER) In the matter of "DBS Bank India Ltd. Vs. Vayam Technologies Ltd" before the Ld. Debt Recovery Tribunal in O.A. NO. 466/2015 vide consent order dated 18.07.2016 & In the matter of "DBS Bank India Ltd. Vs. Vayam Technologies Ltd" before the Ld. Debt Recovery Tribunal -II in M.A. NO. 135/2017 order dated 15.07.2019 are annexed herewith and marked as ANNEXURE 30 (Colly).
3.	RECORD OF DEFAULT WITH THE INFORMATION UTILITY, IF ANY (ATTACH A COPY OF SUCH RECORD) N/A
4.	DETAILS OF SUCCESSION CERTIFICATE, OR PROBATE OF A WILL, OR LETTER OF ADMINISTRATION, OR COURT DECREE (AS MAY BE APPLICABLE), UNDER THE INDIAN SUCCESSION ACT, 1925 (10 OF 1925) N/A
5.	THE LATEST AND COMPLETE COPY OF THE FINANCIAL CONTRACT REFLECTING ALL AMENDMENTS AND WAIVERS TO DATE 1. That the Corporate Debtor duly passed the necessary resolution at the meeting of its Board of Directors on 20.07.2011 for availing the credit facility from the Corporate Debtor vide resolution dated 20.07.2011. Copy of the Board Resolution dated 20.07.2011 is annexed herewith and marked as ANNEXURE 31. 2. That pursuant to the application of the Corporate Debtor the Financial Creditor agreed to sanction the Working Capital Credit

Facility of Rs. 25 crores vide offer letter dated 01.08.2011. Copy of Offer Letter dated 01.08.2011 bearing Ref. No. CDT/ADMIN/334/2011 along with statement of account is annexed herewith and marked as ANNEXURE 32.

3.

Pursuant to the acceptance of the Offer Letter and the terms and conditions thereof by the Corporate Debtor, the Financial Creditor sanctioned the Working Capital Credit Facility of Rs. 25 crores. Agreement. Copy of Working Capital Facilities Agreement dated 05.08.2011 is annexed herewith and marked as ANNEXURE 33.

4.

The Corporate Debtor passed necessary resolution in the meeting of its board of directors for availing various credit facilities under the consortium arrangement with the Financial Creditor and other member banks of the Canara Bank Consortium, by way of Working Capital Limits. Copy of the Resolution dated 12.03.2012 passed by the Board of Directors is annexed herewith and marked as ANNEXURE 34.

5.

A Supplemental Working Capital Consortium Agreement dated 14.03.2012 was executed whereby Working Capital Limit upto an aggregate limit of INR 90 Crore (Fund Based) and INR 190 Crores (Non Fund Based) totalling to INR 280 Crores was granted to the Corporate Debtor by the CB Consortium. Copy of the Supplemental Working Capital Consortium Agreement dated 14.03.2012 is annexed herewith and marked as ANNEXURE 35.

6.

The member Banks of the CB consortium for their operational convenience entered into an Inter Se Agreement to define the right inter se the said Banks. As per Clause I of the said Agreement the member Banks recognised Canara Bank as the Lead Bank. Inter-se Agreement. Copy of the Inter-se Agreement dated 14.03.2012 is annexed herewith and marked as ANNEXURE 36.

7.

That upon review of the existing Working Capital Facility the Financial Creditor vide its renewal/sanction letter bearing no. CDT/ADMIN/539/2012 dated 13.09.2012 renewed the existing Working Capital Facilities and extended it up to 31.07.2013. Copy of the sanction letter bearing no. CDT/ADMIN/539/2012 dated 13.09.2012 is annexed herewith and marked as ANNEXURE 37.

8.

That the Corporate Debtor again approached for enhancing the Working Capital Limits under the CB Consortium and on 14.05.2013 the Corporate Debtor passed necessary resolution in the meeting of its board of directors for availing various credit facilities under the consortium arrangement with the Financial Creditor and other member banks of the Canara Bank Consortium, by way of Working Capital Limits. Copy of the Resolution dated 14.05.2013 passed by the Board of Directors is annexed herewith and marked as ANNEXURE 38.

9.

A Supplemental Working Capital Consortium Agreement dated 17.05.2013 was signed and executed by the Corporate Debtor in favour of the CB Consortium. Copy of the Supplemental Working Capital Consortium Agreement dated 17.05.2013 is annexed herewith and marked as ANNEXURE 39.

10.

The member Banks of the CB consortium for their operational convenience entered into an Inter Se Agreement dated 17.05.2013 to define the right inter se the said Banks. As per Clause 2 of the said Agreement the member Banks recognised Canara Bank as the Lead Bank. Inter-se Agreement. As per Clause 4 of the agreement the rights and obligations of each of the lender banks under this agreement and the other transaction documents are several. Copy of the Inter se Agreement dated 17.05.2013 is annexed herewith and marked as ANNEXURE 40.

11.

Thereafter the Corporate Debtor again approached the Financial Creditor for the renewal of the Working Capital Facility. Copy of the renewal/sanction letter bearing No. CDT/ADMIN/655/2013 dated 22.11.2013 is annexed herewith and marked as ANNEXURE 41.

12.

The Corporate Debtor duly availed the said credit facilities in terms of the Facilities/Security Documents. The Corporate Debtor from time to time sent various request letters for discounting the bills and availing the Letter of credit facility as per the enclosed transaction documents thereto. The Corporate Debtor vide the said request letters acknowledged and confirmed the value of the documents. The Corporate Debtor vide the request letters also authorised the Financial Creditor to recover the interest amount and other charges upfront by debiting its account maintained with the Financial Creditor. The Corporate Debtor further authorised the Financial Creditor to debit its account on the maturity dates of the respective bills for the principal, interest and other charges. The Corporate Debtor also confirmed that the said invoices were genuine and arising out of bonafide commercial trade transactions with parties mentioned therein. Copy(s) of the summary sheet of the transactions conducted by the Corporate Debtor under the Purchase Invoice Discounting Facility and Letter of Credit facility and also the request letters of the Corporate Debtor for purchasing Invoking Discounting along-with the supporting documents viz sales Invoice challan and Goods Receipt etc are annexed herewith and marked as ANNEXURE 42.

13.

The Financial Creditor approached the DRT to recover the dues from the Corporate Debtor. Copy of the O.A. filed by the Financial Creditor being "DBS Bank India Ltd. Vs. Vayam Technologies Ltd" before the Ld. Debt Recovery Tribunal, O.A. NO. 466/2015 is annexed herewith and marked as ANNEXURE 43.

14.

The parties entered into a settlement and filed a joint application in lieu of the same. Copy of the I.A. No. 705/16 filed by the Financial Creditor being "DBS Bank India Ltd. Vs. Vayam Technologies Ltd" before the Ld. Debt Recovery Tribunal, in view of the Settlement arrived at between the parties is annexed herewith and marked as ANNEXURE 44.

15.

The Corporate Debtor failed to abide by the terms of the settlement and the Financial Creditor was constrained to issue a default notice. Copy of default notice dated 23.10.2017, postal receipts, email dated 24.10.2017 and the reply of the Defendants is annexed herewith and marked as ANNEXURE 45 (Colly). 16. The Financial Creditor thereafter filed an M.A. when the settlement between the parties failed. Copy of the M.A. filed by the Financial Creditor being "DBS Bank India Ltd. Vs. Vayam Technologies Ltd" before the Ld. Debt Recovery Tribunal -II M.A. NO. 135/2017 is annexed herewith and marked as ANNEXURE 46. 6. A RECORD OF DEFAULT AS AVAILABLE WITH ANY CREDIT INFORMATION COMPANY N/A 7. COPIES OF ENTRIES IN A BANKER'S BOOK IN ACCORDANCE WITH THE BANKERS BOOKS EVIDENCE ACT, 1891 (18 OF 1891) Copies of entries in the Bankers book in accordance with the Bankers Books Evidence Act, 1891 have been annexed and marked as ANNEXURE 47. 8. LIST OF OTHER DOCUMENTS ATTACHED TO THIS APPLICATION IN ORDER TO PROVE THE EXISTENCE OF FINANCIAL DEBT, THE AMOUNT AND DATE OF DEFAULT Since the Corporate Debtor did not pay the overdue amount under the Working Capital Facilities, the Financial Creditor was constrained to issue loan recall notice dated 20.06.2015 invoking the repayment of the total facilities advanced to the Corporate Debtor. A copy of the Recall Notice along-with original postal receipts is annexed herewith and marked as ANNEXURE 48 (Colly). Liability towards Financial Creditor is also admitted by the Corporate Debtor in clear and unequivocal terms of Revival Letter dated 26.05.2015 with Canara Bank Consortium whereby the Corporate Debtor agreed, confirmed, undertook and stated that all the security documents executed by it in favour of the CB Consortium from time to time are subsisting, valid and effective and enforceable against it. Copy of the Revival Letter dated 26.05.2015 with Canara Bank Consortium is annexed herewith and marked as ANNEXURE 49.

3.

The Corporate Debtor belatedly replied on 01.08.2015 to the Loan Recall Notice dated 20.06.2015. Copy of the reply dated 01.08.2015 to the Loan Recall Notice is annexed herewith and marked as ANNEXURE 50.

“138.

A final judgment and order/decree is binding on the judgment debtor. Once a claim fructifies into a final judgment and order/decree, upon adjudication, and a certificate of Recovery is also issued authorizing the creditor to realize its decretal dues, a fresh right accrues to the creditor to recover the amount of the final judgment and/or order/decree and/or the amount specified in the Recovery Certificate.

139.

The Appellant Bank was thus entitled to initiate proceedings under Section 7 of the IBC within three years from the date of issuance of the Recovery Certificate. The Petition of the Appellant Bank would not be barred by limitation at least till 24th May, 2020.

140.

While it is true that default in payment of a debt triggers the right to initiate the Corporate Resolution Process, and a Petition under Section 7 or 9 of the IBC is required to be filed within the period of limitation prescribed by law, which in this case would be three years from the date of default by virtue of Section 238A of the IBC read with Article 137 of the Schedule to the Limitation Act, the delay in filing a Petition in the NCLT is condonable under Section 5 of the Limitation Act unlike delay in filing a suit. Furthermore, as observed above Section 14 and 18 of the Limitation Act are also applicable to proceedings under the IBC.

141.

Section 18 of the Limitation Act cannot also be construed with pedantic rigidity in relation to proceedings under the IBC. This Court sees no reason why an offer of One Time Settlement of a live claim, made within the period of limitation, should not also be construed as an acknowledgment to attract Section 18 of the Limitation Act. In Gaurav Hargovindbhai Dave (supra) cited by Mr. Shivshankar, this Court had no occasion to consider any proposal for one time settlement. Be that as it may, the Balance Sheets and Financial Statements of the Corporate Debtor for 2016-2017, as observed above, constitute acknowledgement of liability which extended the limitation by three years, apart from the fact that a Certificate of Recovery was issued in favour of the Appellant Bank in May 2017. The NCLT rightly admitted the application by its order dated 21st March, 2019.

142.

To sum up, in our considered opinion an application under Section 7 of the IBC would not be barred by limitation, on the ground that it had been filed beyond a period of three years from the date of declaration of the loan account of the Corporate Debtor as NPA, if there were an acknowledgement of the debt by the Corporate Debtor before expiry of the period of limitation of three years, in which case the period of limitation would get extended by a further period of three years.

143.

Moreover, a judgment and/or decree for money in favour of the Financial Creditor, passed by the DRT, or any other Tribunal or Court, or the issuance of a Certificate of Recovery in favour of the Financial Creditor, would give rise to a fresh cause of action for the Financial Creditor, to initiate proceedings under Section 7 of the IBC for initiation of the Corporate Insolvency Resolution Process, within three years from the date of the judgment and/or decree or within three years from the date of issuance of the Certificate of Recovery, if the dues of the Corporate Debtor to the Financial Debtor, under the judgment and/or decree and/or in terms of the Certificate of Recovery, or any part thereof remained unpaid."