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TMI Blog2019 (1) TMI 1767X X X X Extracts X X X X X X X X Extracts X X X X ..... ers of judgements to say that the debt shown in the balance sheet is an acknowledgement of liability. This adjudicating authority having satisfied with the fact that the Corporate Debtor defaulted in making payment towards the liability to the petitioner, the petition deserves to be admitted. Application admitted - moratorium declared. - CP (IB) 3622/I&BP/MB/2018 - - - Dated:- 25-1-2019 - Hon ble Bhaskara Pantula Mohan, Member (J) AND Hon ble V.Nallasenapathy, Member (T) For the Petitioner : Mr. Nausher Kohli a/w Ms. Ketaki Deshpande, Advocates. For the Respondent : Mr. Aditya Pimple, Mr. Akash joshi, Advocates i/b MAG Legal. ORDER Per: V. Nallasenapathy, Member (T) 1. TJSB Sahakari Bank Ltd(hereinafter c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00/- 7 Term Loan 5 1,50,00,000/- -- TOTAL 5,10,00,000/- 9,44,06,000/- 3. The Petitioner enclosed the following security documents respect of sanctioning the loan facilities to the Corporate Debtor i. Memorandum of loan sanction on 31.12.2012 in favour of Corporate Debtor. ii. Memorandum of loan sanction on 12.02.2013 in favour of Corporate Debtor. iii. Memorandum of loan sanction on 25.02.2013 in favour of Corporate Debtor. iv. Memorandum of loan sanction on 09.05.2013 in favour of Corporate Debtor. v. Memorandum of loan sanction on 29.03.2014 in favour of Corporate Debtor. vi. Mem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hts are provided u/s 9 10 of MSMED Act. e. The Corporate Debtor is entitled to request the consortium members including the Petitioner herein for restructuring the credit facilities as provided under RBI guidelines such as Prudential guideline on restructuring of advances by banks and Guidelines for rehabilitation of sick, micro and small enterprises . The Central government has also notified the Framework for revival and rehabilitation of micro, small and medium enterprises . Despite the request of the Corporate Debtor in the year 2014 and 2015 the Petitioner or any other Financial Institution has not made any attempts to restructuring the facilities granted to the Corporate Debtor. f. Consequent to the meeting of the District ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in Part I, particulars of the corporate debtor in Part II, particulars of the proposed interim resolution professional in Part III, particulars of the financial debt in Part IV and documents, records and evidence of default in Part V. Under Rule 4(3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or speed post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count was declared as Non Performing Asset (NPA). However the cause of action would have arisen much prior to the date of NPA. Hence, the period of limitation would run starting even prior to 30.06.2015 and since this Petition was filed on 23.08.2018 this Petition is barred by limitation. 8. For the above contention of the Corporate Debtor, the Petitioner submitted that the loan was shown in the balance sheet of the Corporate Debtor which is an acknowledgement of liability and hence the debt is not barred by limitation. However, the Corporate Debtor has not disputed the fact that the loan was shown as a liability in the balance sheet of the Corporate Debtor. When the liability is shown in the balance sheet that is a clear acknowledgement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act); (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. (II) That the supply of essential goods or services to the Corporate Debtor, if continuing, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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