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NATIONAL COMPANY LAW TRIBUNAL
Mr. K. Biswal, Member (Judicial), Mr. Manoj Kumar Dubey, Member (Technical)
Vistra ITCL (India) Limited – Appellant
Versus
Excel Dwellings India Private Limited – Respondent
| Table of Content |
|---|
| 1. corporate debtor's responsibility for damage impacting default claims. (Para 1 , 3 , 5 , 6 , 7) |
| 2. definition of default under the ibc must show that debt is due and payable. (Para 10 , 12 , 14) |
ORDER
Per: Manoj Kumar Dubey, Member (Technical)
1. The present petition is filed on 29.06.2021, by Vistra ITCL (India) Limited(hereinafter referred as ‘Financial Creditor/Petitioner’), under section 7of the Insolvency and Bankruptcy Code, 2016 (for brevity ‘IBC’/Code), r/w. Rule 4 of the I&B (Application to Adjudicating Authority) Rules 2016, inter alia, seeking to initiate Corporate Insolvency Resolution Process in respect of M/s Excel Dwellings India Private Limited(hereinafter referred as ‘Corporate Debtor/Respondent’) for a total outstanding default amount of Rs. 87,97,46,671/- (Rupees Eighty-Seven crores Ninety-Seven Lakhs Forty-Six Thousand Six Hundred and Seventy-One Only) as on 31.05.2021, as per Part IV of Form No. 1. The Date of default has been mentioned as 16.04.2021. The working as been given as under:
| Principal overdue | 31,75,00,000 | |
| Add: | Interest over-due/Redemption Premium Payable | 35,52,59,045 |
| Add: | PM Fee overdue (Including GST) | 6,60,11,516 |
| Dues excluding default inte | ||
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