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TMI Blog2019 (11) TMI 294X X X X Extracts X X X X X X X X Extracts X X X X ..... his debt from time to time, this Bench is satisfied that this claim is within the time prescribed under the Limitation Act - As the applicant has placed material reflecting existence of debt as well as default, it is opined that the Financial Creditor established existence of debt as well as existence of default . Petition admitted - moratorium declared. - IBA/622/2019 - - - Dated:- 29-8-2019 - MR B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) For The Financial Creditor : Shri Anirudh Krishnan, Advocate And Shri Ashwin Shanbhag, Advocate For The Corporate Debtor : Shri E Om Prakash, Sr Advocate, Shri V. Raghuraman, Advocate, And Shri Ramesh Advocate And M/s. Ramalingam And Associates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n.) 55.00 IDDBP/IDUBD/Supply Bills on 90 days DA terms Sub-Limit CC (Book debts) 275.00 60.00 Letter of Credit (I/F) on 90 days DA terms up to 90 days for Inland LC/up to 180 days for Foreign LoC 150.00 3. Likewise, the credit facilities of the Corporate Debtor over a period of time were revised on 05.07.2004, 14.05.2005, 10.10.2006, 04.10.2007, 24.01.2008, 05.03.2008, 29.11.2008, 12.03.2010, 20.04.2010, 25.04.2012 and on 10.10.2013, in pursuance of the same, the Bank disbursed the amounts on 28.03.2014, as mentioned below: Nature ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.2014, sanctioned ad hoc credit facilities as mentioned below: Nature of facility Limits (Rs. In Lakhs) Ad hoc Ccash Credit against Hypothecation of inventory and receivables 225.00 Ad hoc IDDBP/DUBD/Supply Bills on 90 days usance 175.00 Ad hoc Secured Packing Credit against LC for 90 days 25.00 Ad hoc FDDB/FDUBD under LC with usance up to 90 days 75.00 Total 500.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of charges with RoC and filed Form-8. The Financial Creditor further says that this Corporate Debtor defaulted in repaying the loan amount and various loan facilities provided to the Corporate Debtor. The present Financial Creditor acquired the secured loan of the Corporate Debtor from the original lender vide Assignment Deed, dated 24.03.2017, and in pursuant thereto, the Original Lender has given its consent on 24.03.2017, under Section 5(5) of SARFAESI Act in favour of Financial Creditor for filing the application seeking substitution at the place of Original Lender in all the pending legal proceedings arising out of the financial assets and taking all incidental steps for the same. 6. To prove that the said financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Corporate Debtor company as on 31.03.2017, reflecting this liability as entry under long-term borrowings revealing that this debt originally borrowed from Indian Overseas Bank and thereafter assigned in favour of this Financial Creditor in terms of Section 5(5) of the SARFAESI Act along with all rights, titles and interest of Indian Overseas Bank. Besides this, it is also reflected that this Corporate Debtor provided security of its various lands towards the loan availed by the Corporate Debtor from the Original Lender i.e. Indian Overseas Bank. 9. As against the material the petitioner placed before this Bench, the Corporate Debtor counsel has admitted the claim of the Applicant against the Corporate Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct of its property including any action under the Securitization and Reconstruction of Financial 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 maybe notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratori ..... X X X X Extracts X X X X X X X X Extracts X X X X
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