ANJANI TECHNOPLAST LTD. Vs. SHUBH GAUTAM

JUDGEMENT

(1.) The appellant has preferred this appeal under Sec. 62 of the Insolvency and Bankruptcy Code, 2016 ("the IBC"), assailing the order dtd. 1/11/2022 of the National Company Law Appellate Tribunal, Principal Bench, New Delhi ("the NCLAT") in Company Appeal (AT) (Insolvency) No. 904 of 2022. By that order, the NCLAT set aside the order of the National Company Law Tribunal, New Delhi Bench-IV ("the NCLT") dtd. 20/6/2022 and directed the admission of a petition filed under Sec. 7 of the IBC by the respondent.

(2.) The respondent is a money lender. On 24/2/2010, he advanced a loan of Rs.2,50,00,000.00 to the appellant for a period of two months, carrying interest at 12.75% per annum payable on a half-yearly basis. The loan agreement also provided that in the event of default, the appellant would remain liable to pay interest at the stipulated rate. On 31/3/2010, a further loan of Rs.2,00,00,000.00 was taken by the appellant for a period of fifteen days, at 3% per month, again payable half-yearly. The appellant furnished cheques as security against both loans.

(3.) When presented, the cheques were dishonoured, leading to the respondent filing a complaint under Sec. 138 of the Negotiable Instruments Act, 1881, before the Metropolitan Magistrate, Tis Hazari, Delhi. During the pendency of those proceedings, the parties entered into a compromise on 31/8/2013, by which the appellant agreed to pay Rs.3,22,02,660.00 within twelve months. It is a fact that by 31/7/2014, the appellant had, in aggregate, made payments of Rs.3,53,51,520.00 to the respondent.