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TMI Blog2019 (3) TMI 1778X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor's account into an NPA, sent by the Financial Creditor, and by not filing an affidavit in reply to this petition for contesting its liability, the Corporate Debtor has admitted its liability. Moreover, there is an acknowledgement of the Corporate Debtor for admission of its liability on record. The Corporate Debtor has not placed any material to prove the claims made in its reply notice dated 02.06.2018. As long as there is a Debt and a Default occurred this Bench hereby holds that it is a fit case for admission - Application admitted - moratorium declared. - IBA/240/2019 - - - Dated:- 20-3-2019 - B.S.V. Prakash Kumar, Judicial Member And S. Vijayaraghavan, Technical Member For the Appellant : T.K. Bhaskar, Srinath ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r enhanced from time to time, in aggregate, it comes to ₹ 34,68,44,480 (Rupees Thirty Four Crores Sixty Eight Lakhs Forty Four Thousand Four Hundred and Eighty only) as on 23.10.2018. 4. To support this claim, the Creditor Bank filed dates and events disclosing existence of debt and occurrence of default, which are as follows: Sl.No. DATES EVENTS 1. 01.08.2014 General Term Loan Agreement (page 06) Letter of Continuity/Guarantee signed by Corporate Debtor (page 10-12) Letter of Undertaking not to alienate movable goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 02.06.2018, the Corporate Debtor acknowledging credit facilities availed from Creditor Bank, contended that the statement of accounts shown was not correct and to declare the account as Non-Performing Asset (NPA) was mala fide. However, the Corporate Debtor sought time till 30.06.2018 to clear off the arrears. Since the Corporate Debtor is unable to pay its debts, the Financial Creditor has no other option except approaching this Adjudicating Authority under I B Code seeking an order for commencing the Corporate Insolvency Resolution Process. It is further submitted that the notice of filing the instant case was sent to the Corporate Debtor on 04.02.2019 and proof of service has been placed before this Bench. 7. On looking at the ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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; (d) the recovery of any property by a owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or int ..... X X X X Extracts X X X X X X X X Extracts X X X X
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