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TMI Blog2019 (6) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... CP (IB) NO. 225/7/HDB/2018 - - - Dated:- 7-2-2019 - SHRI RATAKONDA MURALI, MEMBER (JUDICIAL) For The Financial Creditor : Shri V.V.S.N. Raju and A.B.N. Raj, Advocates For The Corporate Debtor : Shri Challa Gunaranjan, M. Sridhar and Shri D.V.A.S. Ravi Prasad, Advocates ORDER PER : SHRI RATAKONDA MURALI, MEMBER (JUDICIAL) AUTHOR 1. This petition is filed by M/s. international Asset Reconstruction Company Private Limited which is the Financial Creditor stating that M/s. Maruthi Textiles Limited, Corporate Debtor herein had defaulted in repaying a sum of ₹ 26,60,58,116/- as on 13.12.2000 along with interest @ 7.5% per annum from 14.12.2000 till date of realization together with costs. Hence this petition is filed under Section 7 of Insolvency and Bankruptcy Code, 2016, R/w Rule 4 of Insolvency Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the Petition, initiation of Corporate Insolvency Resolution Process, granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter is filed by Corporate Debtor. Brief averments in the Counter are:- (1) It is averred that Industrial Credit and Investment Corporation of India Ltd (now ICICI Limited) granted Rupee Term Loan and Foreign Currency loan vide agreements dated 05.10.1990, 06.03.1991, 26.03.1991 and 30.03.1992 for ₹ 110 lakhs, Rs,105 Lakhs, 712,000 DM and ₹ 280 lakhs respectively for which Corporate Debtor has executed all necessary loan documents including hypothecation agreement in favour of Industrial Corporation of India Limited (now ICICI Limited). (2) It is averred on 18.02.2006, above Loans together with all underlying security interest and all rights titles and interests therein, were subsequently assigned to Standard Chartered Bank by ICICI Limited (Assignor) and thereafter by Standard Chartered Bank to Financial Creditor herein vide registered Assignment Agreements dated 31.07.2012 under Section 5 of SARFAESI Act. (3) It is the case of Financial Creditor that when Corporate Debtor failed to make payments, the ICICI Limited/Assignor classified the account as NPA on 07.08.2000 and filed OA No.1297/2000 before Hon'ble DRT at Chennai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17.01.2015 with regard to immovable properties of Corporate Debtor. (6) It is averred on 05.02.2015, PARAS issued an auction notice on which Shri K. Deena Bandhu had challenged the same by filing WP 5795 of 2015 on the ground that WA 652 of 2014 was still pending for adjudication. However, Division Bench of Hon'ble High Court disposed of the matter on the submission of PARAS that the land auctioned to K. Deena Bandhu by EPFO would not be auctioned. (7) It is further the case of Corporate Debtor that from 2001 till 2006, the management of the Corporate Debtor had no access to the lands of Corporate Debtor as they were under the possession of ICICI Ltd from 2006 till 2012 in the possession of Standard Chartered Bank and from 2012 till date with the possession of Financial creditor herein. (8) It is the case of Corporate Debtor that the management of Corporate Debtor opposed the illegal sale of its properties and as such deny the allegation that the Corporate Debtor or its management had willfully defaulted repayment of loan. (9) It is further contended that Demand Notice dated 07.02.2018 issued by Financial Creditor was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g with other amounts to be recovered. Consequent to above Decree awarded by Hon'ble DRT, the Financial Creditor was allowed to amend the claim amount in the Petition by reducing it from ₹ 673,18,90,996.31 to ₹ 26,60,58,116 along with interest @ 7.5% per annum from 14.12.2000 till date of realization together with costs. 9. The Counsel for Financial Creditor during the course of arguments, would contend the time which has been spent before DRT for recovering the outstanding amount needs to be excluded, because the Financial Creditor has been prosecuting the Corporate Debtor before DRT but failed to recover the debt. Therefore, Petition filed is held to be within the period of limitation. 10. It is the case of Learned Counsel for Financial creditor that it is able to establish the debt and default which is evident in the order dated 10.05.2018 of Hon'ble DRT-II Chennai. Further, Counsel also stated that Financial Creditor has suggested the name of the IRP and submitted consent in Form-2 and that the Financial Creditor duly complied with the requirement under law and prayed this Tribunal to admit the case. Further Counsel for Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also not in dispute ICICI Ltd. filed original Application under the provisions of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 before DRT-II Chennai and it is bearing OA No.1297/2000 and which was later re-numbered as OA No. 427/2015. It is also the case of Financial creditor that OA No. 427/2015 was allowed grating Decree in favour of Financial Creditor by DRT-II Chennai for ₹ 26,60,58,116 along with interest @ 7.5% per annum from 14.12.2000. 16. The Financial Creditor, thus, filed documentary proof for availing loans by Corporate Debtor and the amount due under the loans was not repaid and Corporate Debtor committed default. The contention of Corporate Debtor that it was unable to repay the loans as Company and its assets were taken over by Financial Creditor and that there was attachment. The explanation given by Corporate Debtor cannot be taken as a ground to reject the Petition filed by Financial Creditor. Loans were availed long ago and Corporate Debtor failed to repay the loans and committed default. 17. The next contention of the Counsel for Financial Creditor that debt is not barred by limitation. Counsel contende ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Petition under Section 7 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with following directions:- (a) The Adjudicating Authority hereby prohibits 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; Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor; (b) 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. (c) That the provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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