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TMI Blog2019 (4) TMI 1771X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Process against the Corporate Debtor on the ground that the Corporate Debtor defaulted in repaying the claim amount of as on 19.02.2019 together with further interest at 12% (simple) per annum to be calculated from 20.02.2019. 2. On perusal of this Company Application, it appears that the Creditor Bank sanctioned various loan facilities in its letter dated 08.12.2009 [Annexure-Il by providing overall credit facility of 0450.82 lakhs, by way of (i) takeover of Term Loan of lakhs and Cash Credit facility of lakhs from SBBJ and (ii) fresh sanction of Term Loan of lakhs and additional Cash Credit facility of *700 lakhs at interest rate BPLR + 2.5% per annum [Annexure-Il and subsequent thereto, the Creditor Bank disbursed the loan amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Creditor Bank 4. In furtherance, the Creditor Bank has also filed copy of balance confirmation dated 31.03.2012 given by the Corporate Debtor, Revival letter dated 10.12.2012 given by the Corporate Debtor, copy of Demand Promissory Note for dated 10.12.2012 executed in favor the Creditor Bank, copy of Creditor Bank's sanction letter with acknowledgement dated 08.12.2009, copy of Letter of Continuity dated 10.12.2012, copy of Lien dated 10.12.2012, copy of Search and Status Report dated 21.01.2015, copy of OTS approval letter dated 01.12.2018, copy of letter for non-compliance of OTS dated 29.01.2019, copy of statement of accounts reflecting the claim amount mentioned in the Company Application as on 19.02.2019 to prove that the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proval of OTS, thereby OTS was automatically cancelled, thereafter due to default in payment of dues and non-compliance of other terms of the sanction letter of the Creditor Bank prior to settlement, the Creditor Bank sent a notice on 29.01.2019 to the Corporate Debtor demanding repayment of principal amount along with further interest without further reference to the borrower/guarantors, when repayment has not been done as stipulated in the notice dated 29.01.2019, this case was filed before this Bench on 25.02.2019. 6. Since the Corporate Debtor failed to make the balance payment before filing this case, except making a part payment, the Creditor Bank was constrained to file this case before this Bench stating that the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is of the considered view that the Creditor Bank has proved existence of debt and default and has also filed the consent letter given by the Insolvency Professional for being appointed as Interim Resolution Professional, we hereby admit this Company Application by appointing Mr. Ashok Kumar Seshadri as Interim Resolution Professional with the following directions along with an additional direction to the IRP to deduct if any further payments have come from the debtor from the claim amount of the creditor bank at the time of verification of the claim of the creditor bank. I. That Moratorium is hereby declared prohibiting all of the following actions, namely, a) the institution of suits or continuation of pending suits or proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e immediately as specified under section 13 of IBC.
VI. That this Bench hereby appoints Mr. Ashok Kumar Seshadri having Registration Number: IBB1/PA-001/1P/P00937/2017- 2018/11541, No. 85, MGR Road, Hindu Colony, Nanganallur, Chennai-600 061, E-mail: [email protected] as Interim Resolution Professional to carry out the functions as mentioned under IBC. Fee payable to IRP/RP shall be in compliance with the IBBI Regulations/CircuIars/Directions issued in this regard.
12. Accordingly, this Petition is admitted.
13. The Registry is hereby directed to immediately communicate this order to the Financial Creditor, the Corporate Debtor and the Interim Resolution Professional by way of email or whatsapp. X X X X Extracts X X X X X X X X Extracts X X X X
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