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Judgment
O R D E R
11.08.2023: Heard Learned Counsel for the Appellant.
This Appeal has been filed against the Order dated 13.07.2023 by which order the Adjudicating Authority has rejected Section 7 Application of I&B Code, 2016 on the ground that the default claimed in the Application is during the Section 10A period. In part-IV of the Application, in Item No. 2, following statement was made by the Applicant:
| 2 | AMOUNT CLAIMED TO BE IN DEFAULT AND THE DATE ON WHICH THE DEFAULT OCCURRED (ATTACH THE WORKINGS FOR COMPUTATION OF AMOUNT AND DATES OF DEFAULT IN TRABULAR FORM) | 1. As on 15.04.2023 an amount of Rs. 28,03,84,530/- (Rupees Twenty Eight Crores Three Lakhs Eighty Five Thousand Fie Hundred and Thirty only) including interest, penal interest and charges is due from the borrower. 2. That Feedback Energy Distribution Company Limited committed default in repayment of the dues to the financial creditor. Date of Default: 05.09.2020 as per offer letter already annexed herewith as ANNEXURE A-14. As per the statement of account maintained with the financial creditor, following are the details of |
the amount due by the Corporate Debtor to the Financial Creditor as on 15.04.2023:
| Name of Bank | Account No. | Amount due as on 15.04.2023 |
| IIFCL Mutual Fund IDF Series I | “0011102000078171” | 280,384,530/- |
| Principal amount accrued in the loan account till 15.04.2023. | 200,000,000/- | |
| Interest accrued in the loan account till 15.04.2023. | 80,384,530/- | |
| Other charges | 0/- | |
| Balance amount due as on | Rs. 280,384,530/-(Twenty eight crore three lakh eighty four thousand five hundred thirty only/-) | |
Computation Table of amounts due is annexed herewith as Annexure A-27
Limitation
1.The date of default is 05.09.2020.
2.Thus, the present application is well within the period of limitation.
Learned Counsel for the Appellant contends that there were other two dates apart from these dates which were mentioned in the Part-IV of the Application itself. He submits that he ought to have been permitted to rectify the Application.
We have considered the submission of learned Counsel for the Appellant and have perused the record.
In item no. 2 of Part-IV of the Application, only date of default mentioned was 05.09.2020, the Adjudicating Authority did not commit any error in rejecting Application as barred by time however in the facts of the present case, we are of the view that ends of justice will be served in giving liberty to Appellant to file a fresh Section 7 Application based on the default which is subsequent to Section 10A period.
With these observations, we dispose of the Appeal.