A Sennimalai & Anr vs Tourism Finance Corporation Of India ...

IN THE MATTER OF: A. Sennimalai & Anr. ...Appellants Versus Tourism Finance Corporation of India Ltd. & Anr. ...Respondents

Present: For Appellants : Mr. Angad Mehta, Advocate For Respondents : Mr. Sanjay Bajaj, Advocate for R-1 Mr. Mukesh Kr. Gupta, IRP in person Mr. Brijesh Kumar Tamber, Advocate for Indian Bank, State Bank of India and IDBI

ORDER

(Through Virtual Mode)

10.06.2020 Heard Mr. Angad Mehta, learned counsel representing the

Appellant, Mr. Sanjay Bajaj, Advocate representing Respondent No. 1, Mr.

Mukesh Kr. Gupta, Interim Resolution Professional in person and Mr. Brijesh

Kumar Tamber, Advocate for Indian Bank, State Bank of India and IDBI who

have not been arrayed as Respondents in this appeal but are the creditors who

have filed their claims before the 'Interim Resolution Professional'.

After hearing the learned counsel for the Appellant and going through the

records, we find that the factum of 'financial debt' due and payable by the

'Corporate Debtor' to the 'Financial Creditors' is not disputed. As regards, the

issue of default, it is not in controversy that the remedy available under the

'Master Restructuring Agreement' does not in any manner impact the right of the

'Financial Creditors' to claim the debt. In other words, we mean to convey that

the 'Master Restructuring Agreement' does not in any manner curtail the

exercise of right by 'financial creditors' in enforcing their claims under the 'I&B

Code'. Mr. Angad Mehta, Advocate representing the Appellant fairly conceded that no dispute can be raised as regards the 'financial debt' being due and

payable and default having occurred in discharge of the liability in terms of

'Master Restructuring Agreement' by virtue of which payment was due on 31st

March, 2019. In view of this fact situation, we are of the considered opinion that

there is no merit in the appeal.

Mr. Mehta, Advocate representing the Appellant submits that the

Appellant is making endeavours to raise funds for satisfying the claims of all

'Financial Creditors' which would necessitate sale of the assets and since

'Committee of Creditors' is yet to be constituted, an opportunity may be granted

to the Appellant to settle the dues of 'Financial Creditors'.

Having regard to the observations made hereinabove and keeping in view

the prayer of the Appellant, we dispose of this appeal with the observations that

it shall be open to the Appellant to place the plan for satisfying the claims of the

'financial creditors', before the creditors and explore all legally permissible ways

of exit from the insolvency process. Needless to say that 'corporate insolvency

resolution process' will continue.

The appeal stands disposed off accordingly.

[ Justice Bansi Lal Bhat ] Acting Chairperson

[Justice Jarat Kumar Jain] Member (Judicial)

[ Shreesha Merla ] Member (Technical)

/ns/rr/ Company Appeal (AT) (Insolvency) No. 536 of 2020