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TMI Blog2017 (5) TMI 1634X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor. The debt due to the Financial Creditor is a 'Financial Debt'. The Petition is complete in all respects. The 'Financial Debt' is defined in sub-section (8) of Section 5 of the Code. In view of the above discussions, this Petition is admitted under Section 7 (5) of the Code. - C.P. No. (IB) 19/7/NCLT/AHM/2017 - - - Dated:- 23-5-2017 - Sri Bikki Raveendra Babu JJ. Shri Baiju Bhagat, learned Advocate for Petitioner Financial Creditor. None present for Respondent Corporate Debtor. FINAL ORDER 1. IDBI Bank Limited filed this Petition under Section 7 of The Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as the Code ] read with Rule 4 of The Insolvency and Bankruptcy (Application t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n over the moveables of the Company. The Company also gave Irrevocable Corporate Guarantee for the financial assistance to the tune of ₹ 85.00 Crores granted and disbursed to Bhatia Global Trading Ltd., on 17.3.2011. The Company availed ₹ 43.30 Crores and LER facility (outside consortium) of ₹ 2.40 Crores from time to time. The Company also availed Fund-based Cash Credit Limit of ₹ 05.00 Crores. Bhatia Global Trading Ltd., has also availed sums aggregating to ₹ 85.00 Crores which was secured by Corporate Guarantee of the Respondent Company. 4. Inspite of repeated reminders given by the Petitioner Bank, Respondent Company did not choose to repay the amounts. According to the Petitioner, the outsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied Certificate of Registration Charges dated 21.3.2009; Corporate Guarantee Agreement dated 17.3.2011; and Certificate under Bankers Books Evidence Act, 1891 , dated 15th April, 2017. Petitioner filed copies of Revival Letters dated 12.11.2014 and 25.8.2016 and copy of Acknowledgement of Balance Confirmation Letter dated 02.4.2016. The above documents clearly establish existence of default to the Financial Creditor. The material on record clearly establish that a default has occurred. The claim is based on equitable mortgage and continuing guarantee and revival letters. Hence, it is within time. 7. From the material on record, it is clear that there is no disciplinary proceedings pending against the Interim Resolution Prof ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, this Adjudicating Authority hereby passes the order declaring moratorium under Section 13(I)(a) prohibiting the following as laid down in Section 14 of the Code; (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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