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SOUMEN SEN, BISWAROOP CHOWDHURY
Asa International India Microfinance Ltd. – Appellant
Versus
Northern ARC Capital Ltd. – Respondent
JUDGMENT (ORAL)
Soumen Sen, J.—The plaintiff/respondent no.1 claims to be guarantor in respect of Non-Convertible Debentures in favour of CDC group Plc aggregating to Rs.40 Crores.
2. The plaintiff alleged that due to default of the appellant in payment in terms of the Debenture Trust Deed dated 24th March, 2021 the Debenture Trustee had invoked the deed of guarantee dated 24th March, 2021. The plaintiff as a guarantor paid the default amounts to the respondent no.2, debenture trustee. Presently a sum of over Rs.18 crores is due and payable by the appellant on the basis of clause 4 of the Payment Undertaking executed by the appellant/defendant no.1. The appellant in spite of repeated demands did not discharge its liabilities and pay all the debts, although, payment obligations in respect of other lenders/creditors are being honoured. This is a clear breach of the obligations under the payment undertaking. On such facts and circumstances suit was filed in the Commercial Division of the department concerned with a prayer for dispensation of the mandatory requirement of Section 12A of the Commercial Courts Act, 2015. The learned judge granted leave and thereafter two orders have been p
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