tenable. In this regard, it is worthwhile to mention that in the loan agreement dated 13.12.2019, whereby the loan of Rs. 1,00,00,000/- was admittedly advanced to the Corporate Debtor, it is stated that the repayment was to be made at the end of 45 days. Therefore, as per the agreement, the date of default was 28.01.2020 when the period of 45 days was to expire. It is clear from the agreement that on expiry of 45 days, the Respondent was to repay amount of Rs. 1,00,00,000/- along with interest amount of Rs. 1,47,945/- as mentioned in repayment clause of the agreement. Clause 5.1 of the Agreement further provides that event of default will be non-payment by the Borrower in whole or part of the principal and interest amount on the repayment date. Since the payment was not made by 28.01.2020, the default is deemed to have occurred on the said date. Merely because the security cheques of Rs. 25 lacs each were presented for encashment on 20.11.2020 could not by itself extend the default date to 20.11.2020. It is well settled that the initial date of default always remains the same and it cannot be shifted or changed taking into consideration any subsequent events. As the amount was not repaid on the due date, i.e., 28.01.2020 the default occurred on that date. Therefore, it cannot not be said by any stretch of imagination the petition is barred under Section 10A of the Code. Similarly, merely because in the email dated 25.08.2020 (Exhibit-A) the Petitioner asked the Respondent to pay the amount by 31.12.2020 would no change the date of default from 28.01.2020.
