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(a) emails dated 31.12.2018, 16.01.2019, 02.02.2019, 04.02.2019, 28.02.2020, 02.03.2020 (all before the Covid Company Appeal (AT) (Ins.) No. 1046 of 2023 Period); and (b) 18.02.2021, 05.03.2021 and 09.12.2022. On perusal of email dated 31.12.2018, this Bench finds that the said email pertains to intimation to the principal borrower regarding devolvement of a bank guarantee on 28.02.2018 with request to principal borrower to regularize CC account. The email dated 16.01.2019 for also requires the principal borrower to regularize the account. The email dated 02.02.2019 informs the avoiding possession in account as on 02.02.2019 with request to principal borrower to regularize CC account. The email dated 04.02.2019 is response from the Corporate Debtor assuring the Financial Creditor that the principal borrower's internal accruals and cash flow is enough to take care all the future debts service obligation requirement and sought removal of lien from the cash credit account. Further, email dated 28.02.2020, a copy of which is marked to Mr. Chetan Sharma of the Corporate Debtor, is a communication from the principal borrower seeking suitable restructuring to help the principal borrower to overcome the liquidate issue and requested not to take any legal action against the principal borrower. The email dated 02.03.2020 is an email response from the Financial Creditor to the email dated 28.02.2020 seeking clarity on the restructuring request and informing the avoiding position as on 02.03.2020. The said email communicated that Financial Creditor will be forced to initiate action against the borrower and guarantor company. Communication dated 18.02.2021 and 05.03.2021 is a notice of recall of facilities and notice of invocation of guarantee respectively. This Bench does not find Company Appeal (AT) (Ins.) No. 1046 of 2023 any demand having been made upon the Corporate Debtor asking it to pay the amount outstanding against the principal borrower in these communications except notice dated 05.03.2021."
 Rupee Term Loan outstanding (principal and interest): Rs.16.98 crore  Fund-Based Working Capital Facility dues: Rs.60.87 crore  Non-Fund-Based exposure devolved: Rs.44.34 crore  DSRA (Debt Service Reserve Account) shortfall: Rs.39.90 crore  Treasury and other unadjusted items: Rs.4.69 crore  Total: Rs.166.78 crore
37. The DSRA obligation, in particular, arose under the financial covenants of the sanction letter, requiring the borrower to maintain a dedicated reserve for timely servicing of debt. Its breach gave rise to a specific contractual event of default, which is separate from the borrower's failure to repay the principal or interest. The inclusion of devolved non-fund-based facilities and treasury exposures also reflects defaults under other components of the credit package that were not part of the earlier invocation.

45. Over time, as the Principal Borrower failed to make full repayment and as the unpaid amount increased, the Bank issued a second invocation notice in December 2022. This second invocation was not a repetition of the earlier one. It was based on a new and comprehensive computation dated 08.12.2022, showing a total outstanding of Rs.166.78 crore. This amount included new components of default- specifically, Rs.44.34 crore towards devolved non-fund-based limits, Rs.39.90 crore towards DSRA shortfall, and other treasury dues. These amounts had not been demanded earlier, and therefore the failure to pay them gave rise to a fresh default.