9911796707
TMI Blog2019 (6) TMI 1413X X X X Extracts X X X X X X X X Extracts X X X X ..... etition is filed under Section 7 of Insolvency and Bankruptcy Code, 2016, R/ w Rule 4 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the Petition, initiation of Corporate Insolvency Resolution Process, granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon. 2. The averments of the petition filed by the Petitioner/ Financial Creditor in brief : a) It is averred that the Petitioner initially sanctioned a Term Loan of Rs. 40 Crores with a sub-limitof Rs. 25 Crores towards Letter of Credit and a sub-limit of Rs. 5 Crores towards Bank Guarantee to the Respondent Company vide Sanction Letter dated 10.07.2012. At the reques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t statements etc., the account(s) of the Corporate Debtor was classified as a 'Non-Performing Asset' (NPA) as on 31.12.2016 in the books of the Financial Creditor. f) It is averred that the Financial Creditor has recovered an amount of Rs.l from the Respondent Company during the period from 01.01.2017 to 15.07.2018 and appropriated the recovered amount towards part payment of outstanding amount. Subsequently, as the Respondent Company had defaulted in repaying the outstanding debt, as per terms of the loan agreements. 3. The Corporate Debtor filed reply/ objections and stated that: a) The Corporate Debtor approached the Financial Creditor for sanction of Rs. 40 Crores and short term loan of 5 Crores under the short -term san ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor. 5. The Financial Creditor filed this petition under Section 7 of the Code to trigger CIRP against the Corporate Debtor. In order to prove its claim the Financial Creditor has relied on Annexure-I to Annexure -70 filed along with the Petition. 6. The Financial Creditor has sanctioned various term loans to the Corporate Debtor on different dates. This fact is admitted by the corporate debtor. Further corporate debtor admitted default in paying installments. The Corporate Debtor confirmed and acknowledged the debt by letter dated 19.12.2015 issued to the Financial Creditor. I have seen the Copy of Acknowledgement of Debt which is annexed at Page No: 382 of the Paper Book. Hence the petition is well within the limitation. 7. Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Authority admits this Petition under Section 7 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with following directions:- (a) The Bench hereby prohibits 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, arbitration panel or other authority; Transferring , encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; 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 Reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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