Ravi Auto Ltd. Vs Surana Mercantiles Pvt. Ltd. (NCLAT Delhi)
NCLAT Delhi held that since other materials on record prove the disbursement of amount and default, non-stamping of promissory note is inconsequential and could not be a reason to reject Section 7 application. Accordingly, appeal allowed.
Facts- The Financial Creditor disbursed an amount of Rs.1,00,00,000/- to the Corporate Debtor on 01.11.2016. A Promissory Note was also executed by the Corporate Debtor on 01.11.2016. The disbursement of Rs.1,00,00,000/- was also reflected in the ledger entry of the Financial Creditor. Corporate Debtor paid interest on the Inter Corporate Deposit (ICD) on quarterly basis till 31.03.2018. No payments were made towards interest w.e.f. 01.04.2018. On 01.04.2018, Financial Creditor issued confirmation of the accounts to the corporate debtor for the period 01.04.2017 to 31.03.2018. The confirmation was duly signed by the corporate debtor acknowledging an amount of Rs.1,10,79,999/-.
Financial Creditor filed Section 7 application on 16.01.2020 claiming debt due totalling to Rs.1,27,74,686/-. Rs.1,00,00,000/- as principal amount and Rs.27,74,686/- as interest. Adjudicating Authority vide its order dated 08.06.2022 rejected the Section 7 application. Adjudicating Authority held that there is no written agreement between the parties. Aggrieved by the order rejecting Section 7 application, this Appeal has been filed.
