# In the matter of A. Sennimalai & Anr. Vs. Tourism Finance Corporation of India Ltd. & Anr. CA(AT)(Ins)No. 536 of 2020

> NCLAT judgment dated 2020-06-10. Citation: TCN-2020-NCLAT-00229. The case involves an appeal regarding a financial debt owed by the 'Corporate Debtor' to the…

- **Court:** NCLAT
- **Order date:** 10 Jun 2020
- **Citation:** TCN-2020-NCLAT-00229
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/a-sennimalai-anr-vs-tourism-finance-corporation-of-india-ltd-anr-ca-976028d5

## Summary

### Background

The case involves an appeal regarding a financial debt owed by the 'Corporate Debtor' to the 'Financial Creditors'. The factum of the debt being due and payable is not disputed. The issue revolves around the 'Master Restructuring Agreement' and its impact on the 'Financial Creditors' right to claim the debt under the 'I&B Code'. The appellant is seeking an opportunity to settle the dues.

## Facts

The case concerns a financial debt owed by a 'Corporate Debtor' to 'Financial Creditors'. The existence and validity of the debt are not in dispute. A 'Master Restructuring Agreement' is in place, but the court is examining whether it impacts the 'Financial Creditors' rights to claim the debt under the 'I&B Code'. The appellant is attempting to raise funds to settle the debt, and the 'Committee of Creditors' has not yet been formed. The payment was due on March 31st, 2019.

## Issues and analysis

### Issue 1: Whether the 'Master Restructuring Agreement' impacts the right of the 'Financial Creditors' to …

**Ratio:** The remedy available under the 'Master Restructuring Agreement' does not impact the right

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**Reasoning:** The court found that the 'Master Restructuring Agreement' does not curtail the exercise

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**Interpretation:** The court interpreted the 'Master Restructuring Agreement' in the context of

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**Application:** The court applied the ratio to the specific facts, confirming that the

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## Parties

- **Judges:** Bansi Lal…; Jarat Kuma…; +1 more
- **Appellants:** A. Senni…
- **Respondents:** Tourism Finance…

## Timeline

- **2020-06-10 — Hearing…**: The court heard Mr. Angad Mehta, learned counsel representing the Appellant, and other…
- **2019-03-31 — Payment Du…**: Payment was due on 31st March, 2019, in…

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