Indiabulls Housing Finance Ltd (Appellant/ Financial Creditor /IHFL)Versus Rudra Buildwell Projects Private Ltd ( Respondent/ Corporate Debtor )
The case of the appellant is that as per request of the borrower, Sh Devender Singh and Ms Sushma Rajput, the appellant sanctioned loan of Rs.74,20,160/- on 6thApril, 2015.
The loan agreement was executed between appellant and the borrower on 6th April, 2015 and the aggregate loan amount sanctioned vide said loan agreement dated 6th April, 2015 was for Rs.73, 23,391.
In addition a tripartite agreement was also executed between the appellant, Corporate Debtor and the Borrower.
According to appellant in terms of the tripartite agreement dated 6.4.2015 the borrower and the Corporate Debtor are jointly and severally liable for payment of the Pre-Equated Monthly Instalment interest till commencement of the Equated Monthly Instalment.
It was alleged that the borrowers and the corporate debtor failed to maintain the financial discipline and defaulted in the payment of the Pre-Equated Monthly Installment Interest.
The Adjudicating Authority taking into consideration the aforesaid fact held that the application filed under Section 7 of I&B Code is not maintainable against M/s Rudra Buildwell Projects Private Ltd, the said respondent having not taken loan from the appellant.
Section 5(7) of Insolvency & Bankruptcy Code, 2016 defines “financial creditor” whereas Section 5(8) of Insolvency and Bankruptcy Code, 2016 defines “financial debt”.
In terms of Clause 5(8) of I&B Code, if disbursement is made for consideration of time value of money, a person can claim to be a financial creditor with regard to amount paid.
The appellant, IHFL, has disbursed the amount for consideration of time value of money in favour of borrower, Mr. Davender Singh and not to the builder. Therefore, the Adjudicating Authority has rightly held that Rudra Buildwell Projects Pvt Ltd is not the corporate debtor of the appellant and the application under Section 7 of I&B Code is not maintainable.
The case of the appellant is that as per request of the borrower, Sh Devender Singh and Ms Sushma Rajput, the appellant sanctioned loan of Rs.74,20,160/- on 6thApril, 2015.
The loan agreement was executed between appellant and the borrower on 6th April, 2015 and the aggregate loan amount sanctioned vide said loan agreement dated 6th April, 2015 was for Rs.73, 23,391.
In addition a tripartite agreement was also executed between the appellant, Corporate Debtor and the Borrower.
According to appellant in terms of the tripartite agreement dated 6.4.2015 the borrower and the Corporate Debtor are jointly and severally liable for payment of the Pre-Equated Monthly Instalment interest till commencement of the Equated Monthly Instalment.
It was alleged that the borrowers and the corporate debtor failed to maintain the financial discipline and defaulted in the payment of the Pre-Equated Monthly Installment Interest.
The Adjudicating Authority taking into consideration the aforesaid fact held that the application filed under Section 7 of I&B Code is not maintainable against M/s Rudra Buildwell Projects Private Ltd, the said respondent having not taken loan from the appellant.
Section 5(7) of Insolvency & Bankruptcy Code, 2016 defines “financial creditor” whereas Section 5(8) of Insolvency and Bankruptcy Code, 2016 defines “financial debt”.
In terms of Clause 5(8) of I&B Code, if disbursement is made for consideration of time value of money, a person can claim to be a financial creditor with regard to amount paid.
The appellant, IHFL, has disbursed the amount for consideration of time value of money in favour of borrower, Mr. Davender Singh and not to the builder. Therefore, the Adjudicating Authority has rightly held that Rudra Buildwell Projects Pvt Ltd is not the corporate debtor of the appellant and the application under Section 7 of I&B Code is not maintainable.
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