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TMI Blog2019 (10) TMI 277X X X X Extracts X X X X X X X X Extracts X X X X ..... 7-2019 - SHRI B. S. V. PRAKASH KUMAR, JUDICIAL MEMBER For The Financial Creditor : Shri E. Om Prakash, Sr. Advocate and P. Elayarajkumar, Advocate For M/s. Ramalingam And Associates For The Corporate Debtor : Shri N.P. Vijay Kumar Advocate and Shri R. Pradeep, Advocate ORDER Per : B. S. V. PRAKASH KUMAR, MEMBER (JUDICIAL) It is a Company Petition filed u/s 7 of the Insolvency Bankruptcy Code, 2016 ( the Code ) by the Financial Creditor seeking initiation of Corporate Insolvency Resolution Process (CIRP) on the ground that this Corporate Debtor defaulted in repaying the loan amount of ₹ 412,42,86,369 as on 09.10.2017. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 10 Crores. There will be one or other difficulty to every company coming under IBC. If it is one or adjournment expecting settlement, it is agreeable, but years together dragging on matters in the name of settlement is not right. Therefore, this Bench, not being in a position to adjourn it any further, hereby proceeds with this matter as below. 4. When this Bench has asked the Petitioner counsel as to whether he is ready to argue, the counsel has argued the case with the facts mentioned in the paras below. 5. On perusal of this Company Petition, I have ascertained that this is debt was assigned to this petitioner by Central Bank of India. Initially, the Central Bank of India on 27.09.2011 had sanctioned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n compliance of the terms and conditions of the loans, it appears as per the Assignment Agreement dated 28.03.2014 registered as Document No.2467/2014 on the file of the SRO, Cheyyur, Kancheepuram District, these various Term Loans were assigned to the Petitioner by Central Bank of India. Ever since this Petitioner has been dealing with these accounts. 7. To prove that it is not a time-barred debt, the Petitioner has placed Annual Returns of the Corporate Debtor for the year 2015 to 2016 indicating that this debt has been continuously showing in the records of the Corporate Debtor. Besides this, the Petitioner has placed part-payments made by the Corporate Debtor - an amount of ₹ 30 lakhs on 13.06.2016, Rs. One Crore on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed in various survey numbers with building with an area of 2,90,343 sq.ft. in stilt, first, second and third floors inclusive of common area in the building known as the Amirtha Research and Innovation Park Land (Multi Services Building), situated at Marg Swarnabhoomi , Seekinankuppam Village, Cheyyur Taluk, Kancheepuram District, vide mortgage deed dated 25.04.2012 in favour of the Assignor of the Applicant, registered as Doc. No.2301/2012 on the file of the Sub-Registrar Office, Cheyyur -Consolidation Valuation as on January 2017 for Item 2 and Item 6 ₹ 104.87. 3) Hypothecation - Book Debts - Loans of the Corporate Debtor - As on date reported to be NIL 4) Pari passu mortgage over land admeasuring 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Bank, registered as Doc. No.4559/2012 on the file of the Sub Registrar Office, Cheyyur. Annexure 21 is certificate of charge issued by the Registrar of Companies. 9. As against the case established by the Petitioner, the Corporate counsel has raised two contentions saying - (i) that proceedings before Debt Recovery Tribunal (DRT) in regard to same claim is pending; (ii) that the petitioner on 14.11.2018 has agreed for restructuring on the corporate debtor making upfront payment of ₹ 10 Crores. Of course, it is not supported by any written agreement from the side of the debtor. 10. It goes without saying that the parties may agree for some solution while some proceedings ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. That Supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. III. That the provisions of sub-section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from 04.07.2019 till the completion of the corporate insolvency resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X
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