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Judgment
Per: Kuldip Kumar Kareer, Member (Judicial)
ORDER
The present Application is filed by the Applicant, namely, the Samata Nagari Sahkari Patsanstha Maryadit, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as the "Code"] read with Rule 11 of the NCLT Rules, 2016 seekingthe following directions:
To allow the present Application
To amend Form-1 amending the date of default
Any other order or direction as made deem fit and appropriate
FACTS OF THE CASE
Samata Nagari Sahkari Patasanstha Maryadit Kopargaon (Applicant) is a Cooperative Society registered under Maharashtra Cooperative Societies Act 1960. Souvenir Developers (India) Private Limited (Respondent) is Private Limited Company incorporated under Companies Act, 1956.
The credit facility of Rs. 1,00,00,000/- was availed by Respondent vide Loan Agreement dated 03.03.2022 for a period of 3 years repayable in 36 instalments from the date of Loan Agreement.
The Applicant has submitted that the first instalment fell due for payment on 30.04.2022. However, the Respondent defaulted in making the payment of the first instalment of the sanctioned credit facilities.
It has been submitted by the Applicant that the date of default is required to be reckoned from the date when the demand notice was issued to the Corporate Debtor. The Corporate Debtor has further submitted that as the demand notice was sent on 16.09.2022 for making the payment of outstanding due within 15 days of the receipt of Demand Notice, therefore, the date of default should be 01.10.2022 whereas in the petition it is mentioned as 30.04.2022.
The Applicant has submitted that the current amendment will not change the cause of action and the nature of the Company Petition No. 1197 of 2022.
We have heard the Counsel for the Applicant and perused the records.
It is noteworthy that in Company petition No. 1197 of 2022, the Respondent was proceeded against exparte vide order dated 30.03.2023. When the present IA was listed for final hearing, even on that day the Respondent did not appear.
Having heard the Counsel for the Applicant, we are of the considered view that the proposed amendment with regard to change of the date of default can be allowed considering the fact that the proposed amendment will not materially change the cause of action nor will cause any prejudice to the Respondent/ Corporate Debtor.
Accordingly, IA 1981 of 2023 is allowed to the extent that date of default shall stand amended from 30.04.2022 to 1.10.2022.