9911796707
TMI Blog2017 (2) TMI 1241X X X X Extracts X X X X X X X X Extracts X X X X ..... ing extension of time for taking legal action for recovery. Thereafter, for the petitioner stated that the Corporate Debtor failed to discharge the liability till the date of filing this petition, this Bench believes that the corporate debtor committed default and it has remained in existence till date. The petitioner filed proof of service showing that notice has been served upon the corporate debtor before filing this petition i.e., on 08.02.2017. Looking at the Petition filed by the Financial Creditor u/s 7 of I&B Code, for this Bench being satisfied that the Corporate Debtor failed to discharge the liability mentioned in this Company Petition resulting occurrence of default for an amount of around ₹ 27.77crores, this Bench a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BG Facility) basing on facility agreement dated October 27,2007 with utilization date as February 02,2017. 4. The petitioner says since no amounts are due under BG Facility, the amount of BC Facility has not been included in this petition by reserving its right to proceed later, as to WCTL facility, the defaults first occurred in respect to RTL Facility on 31st March 2016 and in respect to WCTL facility on 1st April 2016 respectively. For the Corporate Debtor having failed to repay the out-standings as agreed in the Agreements mentioned above, in respect to RTL Facility, the amount, as on February 06, 2017, defaulted has come to ₹ 9,99,01,103.62, and in respect to WCTL Facility, the amount, as on April 01, 2017, defaulted has come ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ault has remained in existence till date. Though Information Utility Center has not yet come into existence so far, for there being a proof from Credit Information Agency bearing out default occurred in respect to the Accounts the company held with the petitioner Bank, this Bench hereby holds that the default above has been reflected in the credit agency books. 7. To further substantiate that the corporate debtor has been reminded of the fact of occurrence of default, the Petitioner has also filed the correspondence dated July 09,2015, August 19, 2015, September 11,2015, August 18,2016 and final notice dated February 06,2017 demanding payment of dues, failing which, the company would take recourse for remedial measures. To which, the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (ii) That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. g l (iii) That the provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government ..... X X X X Extracts X X X X X X X X Extracts X X X X
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