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TMI Blog2019 (11) TMI 769X X X X Extracts X X X X X X X X Extracts X X X X ..... y and Bankruptcy Code, 2016 (the "Code") the Financial Creditor filed against the Corporate Debtor for initiation of Corporate Insolvency and Resolution Process ("CIRP") on the ground the Corporate Debtor defaulted in repaying the outstanding amount of Rs. 71,69,27,203.48 due and payable as on 24.04.2018. 2. On perusal of this Company Petition, it appears that this Financial Creditor sanctioned a Rupee Term Loan Facility of Rs. 165 Crores on execution of a Credit Arrangement Letter (CAL) dated 31.12.2009 to enable the Corporate Debtor to finance up to 50% contribution in the business plan of establishing Karaikal Port Private Limited (KPPL) by equity participation and Capital expenditure. 3. The terms and conditions of the said Rupee Term ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e from the Corporate Debtor along with interest at the rate of 6% from the date of decree till the date of realisation. Basing on the said certificate, the Financial Creditor filed this case. 7. In addition to the Credit Arrangement Letters, the Debt Recovery Certificate, the Financial Creditor has also filed Guarantee Deed dated 23.06.2010 executed by the New Chennai Township Private Limited (NCTPL) in favour of the Financial Creditor, Deed(s) of Guarantee dated 23.06.2010 executed by Mr. G.R.K.Reddy and by Mrs. Rajini Reddy in favour of the Financial Creditor, a Deed of Simple Mortgage dated 23.06.2010 executed by NCTPL in favour of the Financial Creditor in respect of its immovable property admeasuring 564 Acres situated at Cheyyur Talu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... existence of debt as well as default against the Corporate Debtor. 10. Since the Corporate Debtor counsel has not come out with an argument stating that debt is not in existence or default is not in existence, we are of the considered view that this case is fit for admission. 11. Accordingly, this Company Petition is hereby admitted by appointing Mr. Vasudevan as Interim Resolution Professional, looking at the consent given by him with the following directions: 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 against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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