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TMI Blog2019 (6) TMI 1413X X X X Extracts X X X X X X X X Extracts X X X X ..... ith in time stipulated. In effect the Corporate Debtor admitted the default. The Financial Creditor treated the account of the Corporate Debtor as Non - Performing asset as on 31.12.2016 in the books of the Financial Creditor. The Financial Creditor is no way responsible for happening of certain events which causes delay in implementation of the Project. Thus, there is no valid objection raised for admission of the Petition. The corporate debtor admitted default. The Financial Creditor suggested the name of IRP and there is no compliant against proposed IRP. The financial creditor has fulfilled all the requirements as contemplated under Code. The petition is in order. Therefore the petition is fit for admission. Petition admitted - mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and continued the sub-limit of ₹ 25crores towards Letter of Credit and a sub-limit of ₹ 5 Crores towards Bank Guarantee vide Sanction Letter dated 18.12.2012.At the request of the Corporate Debtor, the Financial Creditor sanctioned a Short Term Loan of ₹ 5 Crores vide Sanction Letter dated 02.12.2013. At the request of the Corporate Debtor, the Financial Creditor sanctioned another Term Loan of ₹ 15 Crores vide Sanction Letter dated 20.09.2014. b) It is averred that the Corporate Debtor issued a Balance Confirmation dated 24.09.2014 confirming a balance of 148 as on 28.02.2013 and a Letter of Acknowledgment of Debt dated 24.09.2014, wherein the Respondent Company acknowledged the debt of as on 22.09.2014 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record produced by the Bank indicates on its very face that the release of sanction loan and disbursement of funds had taken unduly long time without any reason. b) It is averred that after commencement of the project, due to non-disbursal of loan sanctioned by the Bank within stipulated time, there was delay occurred at various stages of completion of the project. c) It is averred that due to devastating cyclone Hudhud that struck the coast of Visakhapatnam on 12th October, 2014, that had caused widespread damage to the Company'sproperty. This unpredicted conditions led to cause dent in the revenues of the Company as the occupancy ratio was declined. d) It is averred that due to Non- availability of raw m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Corporate debtor contended that default occurred due to various reasons. The Corporate Debtor admitted the default, but the default was occurred due to factors beyond the control of the management which are mainly attributable to HUD HUD Cyclone,Non- availability of raw material, labor, and vendors non- cooperation. 8. It is admitted fact that the Financial Creditor sanctioned the loan and the Corporate failed to repay the loan with in time stipulated. In effect the Corporate Debtor admitted the default. The Financial Creditor treated the account of the Corporate Debtor as Non - Performing asset as on 31.12.2016 in the books of the Financial Creditor. The Financial Creditor is no way responsible for happening of certain e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor; (b) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (c) That the provisions of sub-section (I) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (d) That the order of moratorium shall have effect from 28.06.2019 till the completion o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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