9911796707
TMI Blog2018 (4) TMI 1748X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 pertaining to a Financial Debt of (Principal amount) stated to be disbursed. Along with Interest total default in payment claimed at 2. The as on 1st February, 2018 in respect of loan granted to M/S. S. Kumar Nationwide and also the total outstanding-financial debt is also calculated amounting to Rs. 1680,69,35,210/- as under:- 3. The Debtor Company was incorporated oh 28tn September 1990 with ROC, Mumbai. The Company is engaged in manufacturing M Cotton Fabrics and shirting at Bharuch Unit. It has a Weaving Unit at Dewas. One more unit is for spinning and weaving at Balghar. In one of the report the 3ank has narrated the background of the Debtor Company as under:- 4. The dank has further narrated the background of the company in on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13 (2) of the SARFAESI Act. It is worth to mention at this stage itself that the said statutory notice was issued without prejudice to other legal rights and 10. On 3C January 2017, the Respected DRT Karnataka at Bangalore Bench had passed an order (OA No. 711/2015) by acknowledging the classification as "Non- Performing Assets" and thereafter held the debtor as liable to pay the entire Loan amount together with interest and in case of default to grant liberty to sale the property hypothecated/mortgaged. A recovery certificate was issued. 11. All these facts have duly established the Debt due against the "Financial Debtor" as well as the default committed in non-payment. 12. On this background, the Financial Creditor filed Petition un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by other Creditors by constituting a "Committee' of Creditors". We hereby direct the IRP to inform the progress of the Resolution Plan along with a compliance report Within 30 days on receipt of this Order. However, a liberty is hereby granted progress even at early date, if need be. 17. Once the Petition is held as fit for "admission", hence as a consequence the "Moratorium" as prescribed under section 14 Shall commence henceforth. On enforcement of Moratorium certain prohibitions are applicable, such as institution of any Suit before a Court of Law, transferring of any Asset of the Debtor, encumbering any rights over the assets of the Debtor. However, it is also Clarified that the supply of essential goods or services to the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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