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TMI Blog2019 (6) TMI 1463X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor acknowledged the debt. The Petition is not barred by limitation. 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 - moratorium declared. - CP (IB) No. 679/7/HDB/2018 - - - Dated:- 3-6-2019 - Hon'ble Shri RatakondaMurali, Member (Judicial) For the Petitioner: B. Harinath Rao, Advocate. For the Respondent: K.Purna Chandra Rao , Advocate. ORDER 1. This petition is filed by IDBI Bank Limited which is the Financial Creditor, stating that M/S. Neueon Towers Limited, the Corporate Debtor had defaulted in repaying a sum of ₹ 802,46,65,302/- (Rupees Eight hundred and two crore Forty six lakh Sixty five thousand Three hundred and Two only) calculated as on 30.09.2018. Hence this petition 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 Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fered to the Respondent Company and accordingly CDR Empowered Group, at its meeting held on 27.09.2016, approved for withdrawal of CDR package to the Corporate Debtor. f) It is averred that the Corporate Debtor accepted the Acknowledgement of debt letter dated 01.04.2018 issued by the Financial Creditor, acknowledging a debt of ₹ 761,74,90.484.34. g) It is averred that the Financial Creditor, vide letter dated 05.03.2018, addressed to the Corporate Debtor, recalled outstanding loans aggregating to ₹ 761.75 crore. The Financial Creditor is thus, entitled to recover the entire outstanding amount from the Respondent / Corporate Debtor Company together with interest thereon. 3. The brief averments made in the Counter are as follows: (a) That the petition is barred by limitation. The Counsel relied on the decision dated 11.10.2018 in BK Educational Services Private Limited Vs. Parag Gupta and Associates (Civil Appel No. 23988 of 2017) which held that a creditor that has slept over its rights and has allowed the limitation period to lapse cannot rely upon the Code to recover its time barred, dead and state debts . (b) That the present Petition filed by Financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the consortium of banks to implement the CDR package in letter and spirit. (i) It is averred that the delay in implementation of CDR package including disbursal of additional Working Capital limits to the Corporate Debtor affected the cash flow position of the Corporate Debtor and resulted in Corporate Debtor losing out some orders. It is contended Exim Bank did not release its share of the additional working capital limits, some banks adjusted part of sanctioned limits for regularization of their amount at the time of release thereby deprived the Corporate Debtor the availability of capital funds. (j) It is averred that the actions of the consortium banks have negated the very intention behind the Corporate Debt Restructuring Scheme (CDR) which severely impacted the functioning of the Corporate Debtor. (k) It is averred that the Corporate Debtor proposed to sell its assets to BS Limited (BSL) on slump sale basis. The slump sale plan got delayed due to delay in receipt of NOC from the bankers of BSL, delay in receipt of approval from Competition Commission of India etc that ultimately resulted in not materializing the proposed slump sale plan. (l) It is averred that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In order to prove its claim the Financial Creditor has relied on Annexure-2 to Annexure -120 filed along with the Petition. 6. The Corporate Debtor was incorporated under the name and style of SUJANA TOWERS LIMITED which was subsequently changed to NEUEON TOWERS LIMITED with effect from 14th October, 2016. The Fresh Certificate of Incorporations is at Annexure-111 of the Petition. 7. The consortium of Banks including the Financial Creditor sanctioned various loans in different trenches from time to time to the Corporate Debtor. The Present Petition is filed by the Financial Creditor stating that the Corporate Debtor is liable to pay an amount of ₹ 802,46,65,302.00/- as on 30.09.2018. 8. The Corporate Debtor primarily raised two objections. The first objection is that the petition is barred by limitation. The Corporate Debtor issued a Revival letter dated 22nd March, 2017 to the financial Creditor acknowledging the debt under Section 18 of Limitation Act, 1963. (Revival Letter dated 22nd March, 2017 is shown at Annexure 112 of the Petition).The Corporate Debtor once again acknowledged the debt on 01-04-2018 on the balance confirmation letter issued by the Financial C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n is not barred by limitation. 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. 13. Hence, the Adjudicating 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 Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002); the recovery of any property by an owner or l ..... 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