INDUS FINANCIAL LTD Vs. QUANTUM LTD

JUDGEMENT

(1.) This Petition is submitted before NCLT on 25th May, 2017 on Form No. 1 in the capacity of "Financial Creditor", as defined under the Insolvency & Bankruptcy Code, 2016 (hereinafter referred as The Code), with a prayer to initiate Corporate Insolvency Resolution Process. It is intimated that out of the debt sanctioned of Rs. 10 cr. by the Petitioner functioning as NBFC, only a sum of Rs. 2 crore was disbursed in favour of the Respondent i.e. the Corporate Debtor on 20th June, 2011 and 10th August, 2011 i.e. Rs. one Crore on each date. It is also clarified that the debt amount was repaid however the interest payment was defaulted. As per the Petition the amount in 'Default' is Rs. 93,29,633/- which was treated as NPA as on 31st March 2013 being a defaulter of payment of monthly interest. The Petitioner has stated that due to non-payment of monthly interest, pending since long, admitted factual position is that the Corporate Debtor had committed "Default", as prescribed under The Code. One more fact has been brought to the notice that one more creditor viz. J.M. Financial Asset Reconstruction Company Private Ltd. had filed a Petition before the Debt Recovery Tribunal, Pune and vide an order dated 5th May, 2014 an order was pronounced, relevant portion is extracted below:--

(2.) Further it is brought to the notice that one more order was passed by DRT. Mumbai on 21st March, 2017 in IA No. 243 of 2017 wherein directed as under:--

(3.) The Petitioner has also narrated the brief facts that Indus Finance Ltd. sanctioned Term Loan facility to Quantum Ltd. vide its sanction letter No. IFCL/QL/007/11-12, dated 15-06-2011. A sum of Rs. 1,00,00,000/- (Rupees One Crore only) was disbursed on 20.06.2011 and a further amount of Rs. 1,00,00,000/- (Rupees One Crore only) disbursed on 10.08.2011. The total amount disbursed to Quantum Ltd. was Rs. 2,00,00,000/- (Rupees Two Crore only). Interest on the said debt was regularly serviced by Quantum Ltd. for the period 26.02.2011 to 31.03.2012. However, the payment of interest from 01.04.2012 to 31.12.2012 was highly irregular and the account turned into NPA as on 31.03.2013. The financial Creditor regularly pursued with the Corporate Debtor for recovery of its principal and interest. The Corporate Debtor made the repayments thereafter intermittently by the account remained irregular. Meanwhile, the credit facilities enjoyed by the Corporate Debtor with Corporation Bank also turned into NPA and the said Bank sold this liability to J.M. Financial Asset Reconstruction Company Pvt. Ltd., ARC. Hence this application is being filed before this Hon'ble Tribunal for the resolution of the Corporate Insolvency Process in the matter of Quantum Ltd. (Corporate Debtor). As per the Applicant the present position is that vide order of the DRT dated 21st March, 2017 the Auction Purchaser had not deposited the entire sale consideration hence it was held by the DRT that the Applicant i.e. Quantum Ltd. (Corporate Debtor) got every right to redeem his property. The Respected DRT had granted stay of further proceedings subjected to the direction that Quantum Ltd. (Corporate Debtor) shall deposit Rs. 5,00,00,000/- within four weeks and remaining Rs. 14.26 crore within 6 weeks. According to this Petitioner if the Corporate Debtor feels to make the balance payment then the original position of the auction may come and revive into operation.