9911796707
TMI Blog2020 (1) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... Trivedi and Karthik Ram Mohan, Advs. for the Petitioner. Rohan K. George, Adv. for the Respondent. ORDER S. Vijayaraghavan, It is an Insolvency Bankruptcy Application filed u/s 7 of the I B Code by the Applicant/Financial Creditor namely, M/s. Milestone Trusteeship Services Private Limited (by the Applicant, in its capacity as Debenture Trustee) for initiation of Corporate Insolvency Resolution Process (CIRP) on the ground that the Corporate Debtor namely, M/s. Shriram Land Development Private Limited (in its capacity as Corporate Guarantor for the Debentures issued by M/s. SL Residential Layout Private Limited Issuer Company ) defaulted in making repayment of ₹ 12,50,45,925 as on 10. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is further submitted that since the Issuer Company failed to redeem the non-convertible Debentures by 21.12.2018, the Applicant sent a letter on 15.01.2019 to the Issuer Company and marking a copy thereof to the Corporate Debtor, calling upon the Issuer Company to make payments forthwith. The Issuer Company by way of Response dated 05.04.2019 sought more time for payment and undertook to honour terms of the Debenture Trust Deed. The Applicant further issued Notices of Default of financial debt under Insolvency and Bankruptcy Code, 2016 dated 09.05.2019 to the Corporate Debtor calling upon the Corporate Debtor to pay outstanding dues. The Corporate Debtor in their reply dated 15.05.2019 acknowledged default and sought time till 30.06.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the Event of Default as recorded in the Notice dated 15.01.2019, inter alia, invoking the Corporate Guarantee and calling upon the Corporate Debtor to make payment of ₹ 12,04,00,000 as on 10.03.2019 together with further interest thereon till payment within 21 days (Page No. 322) 6. Notice dated 09.05.2019 issued by Advocate for the Applicant to the Corporate Debtor enclosing the Demand Certificate (Page No. 334) 7. Reply dated 15.05.2019 by the Corporate Debtor seeking more time for repayment due to present condition prevailing in the financial markets (Page No. 46) 8. E-mail dated 28 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from the date of this Order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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