MUMBAI BENCH, COURT - II

Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of the National Company Law Tribunal Rules,

2016

Rolta Private Limited

Having address at : 211, 21^st Floor, Maker

Towers “F”, Cuffe Parade, Mumbai- 400070

…. Applicant

Streamcast Education Services Pvt. Ltd.

Having address at : 1^st Floor, Unit No. 244-A

RDP 2, CTS No. 1374/B, Village Versova,

SVP Nagar, Telephone Exchange,

Mumbai- 400053

…. Respondent

In the matter of

Rolta Private Limited

..… Petitioner/Financial Creditor

Versus Streamcast Education Services Pvt. Ltd.

….. Respondent/Corporate Debtor Order Delivered on :- 16.07.2024 Coram:

Mr. Anil Raj Chellan Mr. Kuldip Kumar Kareer Member (Technical) Member (Judicial)

Appearances:

For the Applicant : Adv. Ankit Lohia a/w Adv. Shruti Singhi i/b Adv. Akash Menon For the Respondent : Adv. Feroze Patel a/w Adv. Rinu Kallan ORDER Per: - Mr. Kuldip Kumar Kareer, Member (Judicial)

1. The present application is being filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ("IBC") read with Rule 11 of the National Company Law Tribunal Rules, 2016 by the Applicant/ Financial Creditor above named herein seeking amendment to the captioned Petition.

2. The captioned Petition has been filed under Section 7 of IBC against the Corporate Debtor with respect to the short-term loan disbursed by the Financial Creditor to the Corporate Debtor, the principal amount of which aggregates to INR 1,50,00,000 (Indian Rupees One Crores Fifty Lakhs Only). The amount of INR 1,50,00,000 was disbursed by the Financial Creditor to the Corporate Debtor in three tranches, viz. (i) INR 50,00,000 on 11^th July 2019 (“First Tranche”), (ii) INR 50,00,000 on 15^th July 2019 (“Second Tranche”) and (iii) INR 50,00,000 on 01^st August 2019 (“Third Tranche”)

3. The payments which were made in the First Tranche and Second Tranche during the month of July 2019 were due and payable on 31 July 2019. Since the Corporate Debtor failed to repay the amounts on due date, the amounts with respect to the First Tranche and the Second Tranche stood defaulted on 1 August 2019. The Third Tranche disbursed by the Financial Creditor was to be repaid on the same day, i.e. 1" August 2019 However, the Third Tranche was not repaid on the said date and accordingly, the Third Tranche stood defaulted on 2nd August 2019. In the alternative and in the event the Corporate Debtor denies for any reason that the Third Tranche was due and payable on 1" August 2019, it is stated that on 19th February, 2020 the parties had agreed that the Third Tranche would be repaid, within a week from 19th February 2020, i.e. on or before 26th February 2020. This is borne out from email dated 17th June 2029 exchanged between the Financial Creditor and the Corporate Debtor. The said, email dated 17th June 2020 records the understanding between the parties that the Corporate Debtor will repay the amount of INR/ 3,00,00,000 (which includes the Third Tranche of the Short Term Loan) within 7 days from 19th February 2020 i.e. on or before 26th /

February 2020.

4. Since the Corporate Debtor failed to repay the amounts of the First Tranche and Second Tranche by 31^st July 2019, the said Tranches first stood defaulted on 1 August 2019. The Third Tranche was not repaid either on 2 August 2019 or on 26th February 2020, and the same also stood defaulted on the said dates. None of the Tranches of the Short-Term Loan have been repaid by the Corporate Debtor till date.

5. It is trite law that once default occurs, the date of such default does not shift and such date is the date of default for the purposes of IBC. As stated above, the date of default in the present matter first occurred on 1" August 2019 for the First and Second Tranche. The Third Tranche also stood defaulted on 2nd August 2019, or in the alternative on 26th February 2020. In light of the foregoing, the date of default mentioned at Sr. No. 4 in Part IV of the Petition i.e. 4th February 2021 ought to be construed in the light of t