9911796707
TMI Blog2019 (11) TMI 185X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. Chhotanagpur Roadlines Pvt. Ltd. alleging that the Corporate Debtor defaulted in repaying the loan availed by it from the Financial Creditor and that the amount claimed to be in default including interest as on 30.04.2018 is Rs. 3,55,89,295/- [Rupees Three Crore Fifty-Five Lakhs Eighty-Nine Thousand and Two Hundred and Ninety-Five only] in terms of the aggregate loan availed under Sanction Letter dated 25.10.2008. 2. Brief facts for consideration of the application are as follows: - a. The Financial Creditor vide Sanction Letter dated 25.10.2008 has granted an overall Working Capital Loan to the limit of Rs. 130 Lakhs [Rupees One Hundred and Thirty Lakhs only] to the Corporate Debtor on 31.10.2008; b. The Corporate Debtor failed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Annexure "I-A"; b. Copy of Hypothecation cum Loan Agreement dated 29.11.2008 marked and annexed as Annexure "III-A" and Annexure "III-B". c. Copy of the latest CIBIL extract of status classification marked and annexed as Annexure "IV". d. Copy of statement of account for the loan account of the Corporate Debtor along with Banker's Certificate marked and annexed as Annexure "V". e. Copy of the demand notice dated 15.06.2011 under Section 13(2) of the SARFAESI Act, 2002 and demand notice dated 15.07.2017 marked and annexed as Annexure "VI-C" and Annexure "VI-D". 4. The applicant also produced Form 2 and written communication proposing the name of the Interim Resolution Professional, Mr. Niraj Agarwal of M/S H. K. Agarwal & Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount to the tune of Rs. 130 Lakhs/-[Rupees One Hundred and Thirty lakhs only] and had committed default in repayment of the installments due and payable by the Corporate Debtor to the Financial Creditor as per the repayment terms in the Sanction Letter. According to the Ld. Counsel for the Financial Creditor, the requirement to be meted out to file an application of this nature has been complied with by the applicant and since the Corporate Debtor did not repay the debt, the application is liable to be allowed. He also submits that to prove the default, the CIBIL report has been produced and annexed with the application, the statement of account and Banker's Certificate has been produced with the petition and that the existence of defau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be made immediately. d. Moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 prohibits the following: i. The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; ii. Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; iii. 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 Int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for evolving a resolution plan. k. The Financial Creditor/Applicant to pay Rs. 50,000/- [Rupees Fifty Thousand only] to the I.R.P. as payment of his fees as advance, as per Regulation 33 [3] of the IBBI [Insolvency Resolution Process for Corporate Persons] Regulations, 2016, which shall be adjusted towards total fees payable l. The Interim Resolution professional should convene a meeting of the committee of Creditors and submit the resolution passed by the Committee of Creditors and submit the resolution passed by the Committee of Creditors and shall identify the prospective Resolution Applicant within 105 days from the insolvency commencement date. m. The registry is hereby directed under Section 7(4) of the Insolvency and Bankruptcy ..... X X X X Extracts X X X X X X X X Extracts X X X X
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