Debtor, the Bank had initially submitted its claim of Rs. 6,41,11,708/on 31.03.2020 as prescribed under Form – C to the Interim Resolution Professional which was admitted by the then Resolution Professional. Since the loan component was not calculated properly by the Bank, it had submitted a revised claim of Rs. 8,51,87,112/- and the said claim was finally revised to Rs. 10,87,19,774 and was submitted to the Resolution Professional. It is further stated that the Corporate Debtor had acknowledged its debt continuously from 2016 till 2020. Even though the account of the Corporate Debtor was classified as a Non-Performing Asset (“ NPA ”) on 31.03.2007 by the Respondent Bank, the SARFAESI Notice has been issued under Section 13(2) on 04.06.2009 and the Bank ever since has been pursuing measures under the SARFAESI Act. In addition to this, the Corporate Debtor had acknowledged only a part of the loan amount advanced by the Bank amounting to Rs. 1,08,60,164.20/- which is only a part of the outstanding. The Respondent submits that the outstanding interest amount w.e.f. 31.03.2007 was never crystallised by the Corporate Debtor in it Balance Sheets. Therefore, the claim amount submitted to the IRP/RP was based upon principal and interest outstanding in accordance with the loan documents.
