9911796707
TMI Blog2019 (9) TMI 1306X X X X Extracts X X X X X X X X Extracts X X X X ..... ntainers Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application is filed on 08.03.2019. 2. This application is filed by Mr Harikumar, Chief Manager and Constituted Attorney of the applicant Bank, duly authorised vide Letter of Authority dated 06.08.2018. 3. The Applicant had sanctioned various credit facilities to the Corporate Debtor that were restructured for an aggregate of Rs.37 crore as per the latest sanction letter dated 19.09.2014. The said credit facilities were initially disbursed to the Corporate Debtor on 25.02.2006. The said credit facilities were secured, inter alia, by Hypothecation of Stocks and Book Debts and Equitable Mortgage over fixed assets of the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor replied to the said notice vide its reply dated 30.11.2015 admitting the debt therein. 8. The Corporate Debtor appeared before this Tribunal but have not submitted any maintainable objection against admission of this application. 9. On perusal of the documents submitted by the financial creditor, it is clear that debt aggregating to Rs.37crore is due and payable by the Corporate Debtor to the Applicant. 10. The debt of Rs.37crore was sanctioned vide sanction letter dated 19.09.2014 and disbursed to the Corporate Debtor. The Corporate Debtor has not disputed the sanction letter. The Debt is secured by Equitable Mortgage over immovable property of the Corporate Debtor and the period for enforcing payment for such debt is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. Accordingly, the application filed under section 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency resolution process against the corporate debtor deserves to be admitted. ORDER This application filed under Section 7 of I&B Code, 2016, filed by Bank of India Limited, against Poonam Drums and Containers Private Limited, for initiating corporate insolvency resolution process is at this moment admitted. We further declare moratorium u/s 14 of I&B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
