JUDGMENT :

R.F. NARIMAN, J.

1. Permission to file appeal granted in Diary No. 45282 of 2019.

2. In the first matter being Civil Appeal No. 9425 of 2019, an application under section 7 of the Insolvency and Bankruptcy Code, 2016 was filed by the appellant before the National Company Law Tribunal (hereinafter referred to as the “NCLT” for brevity) on 16.03.2017. A loan, which was given way back in 2008, was restructured into two loans of Rs.18.86 crores by an agreement dated 01.04.2016, and the second being a loan of Rs.16.80 crores by agreement dated 24.06.2016, with an interest figure of Rs.2.72 crores, the total amount coming to Rs.38.39 crores.

3. To this section 7 application, a counter affidavit was filed by the corporate debtor on 15.05.2017, in which it was stated that though Rs.35.66 crores have become due, yet a section 7 application was premature inasmuch as instalment payments that were agreed upon had not yet matured. It was on this basis that this first application was withdrawn by the appellant on 30.05.2017 with liberty to file a fresh application.

4. A fresh application was filed on 04.08.2017, in which it was claimed that insofar as the 01.04.2016 loan was concerned, the