9911796707
TMI Blog2019 (5) TMI 918X X X X Extracts X X X X X X X X Extracts X X X X ..... at the moment the Adjudicating Authority is satisfied that a default in repayment of debt had occurred; the process of insolvency is to be triggered unless the application is incomplete. The Financial Creditor has stated that as on 31.07.2018, 4650.66 lakhs (including interest) is due and payable by the Corporate Debtor to the Financial Creditor. The Financial Creditor has stated that the total amount of debt granted, disbursed and restructured from 21.03.12016 and at present aggregate credit limit is of 2750.00/- lakhs. It is further stated that the account of the Corporate Debtor was declared as Non-Performing Asset w.e.f. 31.03.2016 on account of default in making payment to the Financial Creditor - This Petition reveals that there is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Forge Pvt Ltd., Mr. Shridhar Moreshwar Vaidya, Mr. Prashant Shridhar Vaidya, Mrs. Subhada Shridhar Vaidya executed Deed of Mortgage and additional Charge in favour of the Financial Creditor to secure due repayment of the credit facility availed by the Corporate Debtor. 5. The Financial Creditor has submitted that on failing the corporate debtor to pay the amounts to the financial creditor, the account of the corporate debtor was classified as Non-Performing Assets on 31.03.2016 6. The Financial Creditor has annexed the copy of recall notice dated 03.11.2016. and notice under section 13(2) of SARFAESI Act, 2002 and measures taken under section 13(4) of the Act dated 23.11.2016. 7. The Financial Creditor has stated that as on 31.07.2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ained unchallenged by the corporate debtor. Further stated that the OTS proposal submitted as late as 16.12.2018 by the corporate debtor is nothing but an afterthought which is not acceptable as the same was not within the OTS policy of the bank. 11. We have heard the arguments of both sides and perused the records. 12. The Hon'ble Supreme Court in the matter of Innoventive Industries Limited V. ICICI Bank & Anr.[(2018) 1 SCC 407], has held that the provisions of Section 7 become applicable as soon as a financial debt is established and there is an existence of a default. The Hon'ble court has expressed that the moment the Adjudicating Authority is satisfied that a default in repayment of debt had occurred; the process of insolvency is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iting all of the following of item-I, namely: I (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 Security Interest Act, 2002 (SARFAESI Act); (d) the recovery of any property b ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
