Amit Ramesh Ahirrao vs Sakharam Tambolkar & Anr

Amit Ramesh Ahirrao ....Appellant Vs. Sakharam Tambolkar & Anr. ...Respondents For Appellant: Ms. Vaishnavi Mungekar, Mr. Rohan Agrawal, Advocates. For Respondents: Mr. Shyam Kapadia, Mr. Maravendra Kare, Ms. Amruta Thakur, Mr. Aaditya Pande, Advocates for R1. Mr. Avinash Rajan Khanolkar, Advocate for RP.

ORDER

(Through Virtual Mode)

31.01.2022: Heard Learned Counsel for the Appellant as well as

Learned Counsel appearing for the Respondents.

2. This Appeal has been filed against the order of the Adjudicating

Authority (National Company Law Tribunal), Mumbai Bench, Court-5 dated

29.09.2021 by which Corporate Insolvency Resolution Process (CIRP) has

been initiated against the Corporate Debtor. The Adjudicating Authority vide

in the impugned order held that debt is proved from balance sheets filed by

the Corporate Debtor and liability of Rs.1,09,00,000/- along with interest.

Learned Counsel for the Appellant submits that Appellant has been making

efforts to settle the matter with the Respondents and several talks have

taken place but it could not be finalized because Appellant could not arrange 2

for bank guarantee as was requested by the Respondent for settlement.

Learned Counsel for the Appellant also submits that there was no financial

debt and even if any amount was reflected as debt it need not be termed as

financial debt as there is no interest agreement between the parties.

3. We have considered the submissions of the Learned Counsel for the

Appellant and perused the record.

4. The amount of Rs. 1,09,00,000/- which has been duly reflected in the

balance sheet of the Corporate Debtor and has been taken note of the

Adjudicating Authority has been held to be a financial debt. It was a loan

facility along with the interest. We do not find any error in the order of the

Adjudicating Authority admitting the Application. Insofar as the submission

of the Counsel for the Appellant that he is making efforts to settle the matter,

the course open for the Appellant is to file an appropriate Application under

Section 12A of the Code before the Adjudicating Authority. We have no doubt

that if any such Application is filed in accordance with law under Section

12A, the same shall be considered and decided by the Adjudicating Authority

in accordance with law.

5. With these observations, the Appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Dr. Alok Srivastava] Member (Technical) Anjali/nn Comp. App. (AT) (Ins.) No. 970 of 2021