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TMI Blog2017 (5) TMI 1633X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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. This Adjudicating Authority is also appointing Company Secretary, Shri Nitin Hasmukhlal Parikh, residing at 7th Floor, 737, Fortune Tower, Sayajigunj, Vadodara-390005 (E-mail: nitin [email protected]) having Registration No. IBB1/1PA-002/1P-N00058/2016- 17/ 10110 as Interim Resolution Professional under Section 13(I)(b) of the Code. - C.P. (I.B) No. 18/7/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 fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce to the tune of ₹ 50.70 Crores granted and disbursed to Asian Natural Resources (India) Ltd., on 21.02.2009. The Company availed ₹ 75.00 Crores and LER facility (outside consortium) of ₹ 10.00 Crores from time to time. The Company also availed Fund-based Cash Credit Limit of ₹ 05.00 Crores. The Asian Natural Resources (India) Ltd., has also availed sums aggregating to ₹ 50.70 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 outstanding Principal amount is ₹ 68,90,36,417.64 ps. and interest and liquidated damages, expenses to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orking Capital Consortium Agreement datec 01.3.2011; Term Loan Agreement dated 17.3.2011; anc Certificate under Bankers Books Evidence Act, dated April 15 2017. The Revival Letter dated 20.12.2013; Revival Lettel dated 25.8.2016; and Balance Confirmation Letter datee 02.4.2016 are filed before this Adjudicating Authority on 22nc May, 2017. 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 Professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y passes the order declaring moratorium under Section 13(1)(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 Reconstruction of Financial Assets and Enforcement of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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