9911796707
TMI Blog2019 (7) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... cation under sub-section (2) of Section 7 of I B Code, 2016 is complete. The existing financial debt of more than rupees one lakh against the corporate debtor and its default is also proved - the petition filed under section 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency resolution process against the corporate debtor deserves to be admitted. Petition admitted - moratorium declared. - CP 4733 (IB)/MB/2018 - - - Dated:- 8-5-2019 - Mr V. P. Singh, Member (Judicial) And Mr Ravikumar Duraisamy, Member (Technical) For The Petitioner : Sr. Adv. J. P. Sen, Adv. Siddharth Ranade and Adv. Shivani Garg For The Respondent : Sr. Adv. Gaurav Joshi, Adv. Bhanik Sahid, CS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn are annexed to the Petition. 4. The Petitioner has sent a notice dated 15.10.2018 to the Corporate Debtor intimating about the occurrence of Event of Default as it has not received the payment for the period 1.10.2018 till the date of the notice. The Petitioner called upon the Corporate Debtor to repay the entire investment amount along with interest. 5. The said investment of the Petitioner was secured by Deeds of Guarantee executed by Corporate as well as Personal Guarantors dated 7.9.2016 who have unconditionally guaranteed the repayment of all amounts due under the investment agreement. The Debentures were also secured by a mortgage. The copy of the Deeds of Guarantee dated 7.9.2016 issued by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or is also reflected in the NSDL transaction statement dated 5.12.2018 as well as Annual Return of the Corporate Debtor for the F.Y. 2017-18. 12. The Petitioner has annexed the Debenture Subscription Agreement dated 6.09.2016 and the Debenture Trust Deed dated 26.10.2016 that contain the terms of the Debentures; the NSDL transaction statement dated 05.12.2018 and Annual Return of the Corporate Debtor for the F.Y. 2017-18 showing the Petitioner s ownership of Debentures of the Corporate Debtor; The copy of the Deeds of Guarantee dated 7.9.2016 issued by the Corporate as well as Personal Guarantors of the Corporate Debtor in favour of the IDBI Trusteeship Services Ltd. (Debenture Trustee) and the form along with a certificate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion process is at this moment admitted. We further declare moratorium u/s 14 of I B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
