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TMI Blog2019 (10) TMI 621X X X X Extracts X X X X X X X X Extracts X X X X ..... rly establish the 'debt' and there is a default on the part of the Corporate Debtor in payment of the 'financial debt' - there is existence of default and that the application under Section 7(2) of the Code is also complete in all respect. The petitioner/financial creditor having fulfilled all the requirements of Section 7 of the Code, the instant petition deserves to be admitted - petition admitted - moratorium declared. - CP. (IB) No. 325/7/NCLT/AHM/2018 - - - Dated:- 19-6-2019 - MS. MANORAMA KUMARI, MEMBER (J.) For The Financial Creditor/Petitioner : Advocate Mr. Lalit M. Patel ORDER 1. M/s. Reliance Commercial Finance Limited, through authorised signatory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny sanctioned term loan facility of ₹ 31,01,000/- to the respondent company as per proforma invoice issued by the machinery supplier - SIMEN upon execution of various security documents viz. loan cum hypothecation agreement, demand promissory note, irrevocable power of attorney etc. in favour of the applicant company, disbursed the amount of the said facility. That at the time of availing the term loan facility, the respondent assured the applicant that the amount of loan will be repaid by way of 35 equal monthly instalments (EMIs) from 20.05.2012 to 20.03.2015 as per the terms and conditions and repayment schedule. That, after availing the loan facility, respondent did not care to make payment of the instalments regularly as per agre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the respondent company. 6. The applicant has submitted copy of the following documents in support of their claim: Sr. No. Annexure Particulars Page Nos. 1 Memo of the application 1-6 2 I Affidavit in support of the application by Mr. Hitesh Joshi, authorised person 7-44 3 II ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cility, the respondent assured the applicant that the amount of loan will be repaid by way of 35 equal monthly instalments (EMIs) from 20.05.2012 to 20.03.2015 as per the terms and conditions and repayment schedule. Records available shows that the respondent has not cared to reply the notice issued by the applicant. The amount due to the Financial Creditor from the Corporate Debtor is a financial debt. That, the petitioner's claim is not barred by law of Limitation. 9. At this stage it is desirable to refer to the Judgment of the Hon'ble National Company Law Appellate Tribunal, in case of Innoventive Industries Ltd. v. ICICI Bank Vs. ICICI Bank Anr., in Company Appeal (AT) (Insolvency) No. 1 2 of 2017,, this Adju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication where declaration is made that no disciplinary proceeding is pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. 13. On perusal of record and as also discussed above, it is held that there is existence of default and that the application under Section 7(2) of the Code is also complete in all respect. 14. In view of the above, the petitioner/financial creditor having fulfilled all the requirements of Section 7 of the Code, the instant petition deserves to be admitted. 15. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub-section (1) of Section 14 of the Code: - ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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