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TMI Blog2019 (8) TMI 1491X X X X Extracts X X X X X X X X Extracts X X X X ..... al debt. Therefore, as per section 7(5)(a) of the code, the present application filed U/s 7 of the I B Code is admitted - Application admitted - moratorium declared. - Company Petition (IB) No. 75 (ALD) Of 2019 - - - Dated:- 14-8-2019 - Abni Ranjan Kumar Sinha, Judicial Member And Ms. Saroj Rajware, Technical Member Karan Setiya, Adv. for the Petitioner. Sohail Walia, Adv. for the Respondent. ORDER Abni Ranjan Kumar Sinha, 1. The present petition is under Section 7 of Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 filed by the Financial Creditor i.e.State Bank of India for initiation of Corporate Insolvency Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 35 Crores (Rupees One Thousand Four Hundred Thirty-Five Crores Only). ii. That out of the total sanctioned capital, Financial Creditor's share which includes State Bank of India, erstwhile State Bank of Patiala, State Bank of Bikaner Jaipur and State Bank of Hyderabad, is of ₹ 730 Crores (Rupees Seven Hundred Thirty Crores Only). iii. Sh. Narinder Kumar Sharma is working as Assistant General Manager (Grade V Officer) with the State Bank of India at BO at stressed Assets Management Branch 1 at 12th Floor, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi, 110001 and is entitled to present this petition and he is also conversant with the facts of the case. He is also competent to sign and verify all type of pleadings, Vakala ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor and either by way of substitution or addition vide Joint Deed of Hypothecation dated 30.06.2014. v. Sh. Brij Raj Punj stood guarantor to the aforesaid loan granted to Corporate Debtor and executed a personal guarantee deed in favour of the Consortium Lenders vide deed of guarantee dated 30.06.2014. vi. That the Corporate Debtor in terms of the resolution of its board of directors passed on 13.08.2014, agreed to create mortgage of properties in favour of the Consortium Lenders on Pari Passu second charge basis. Subsequently, in terms of the resolution passed by the Board of Directors of Corporate Debtor on 02.10.2015, Corporate Debtor agreed to create mortgage of the two more properties also in favour of the Consortium Lende ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... default against Corporate Debtor is ₹ 451,16,45,659/- as on 31.01.2019. 5. Corporate Debtor has replied to the application and admitted its liability to the financial creditor. Further in para 9 of reply stated no objection to admission the present application. 6. Further it is matter of record as per record of the financial creditor account of the corporate debtor was declared NPA on 11.07.2018 and Applicant/Financial Creditor has filed this application on 07.02.2019, which is within the limitaion period. 7. Ld. Counsel for the Financial Creditor submitted that to prove the Existence of the Financial Debt; they have annexed following documents: (i) The Copy of sanction letter dated of various dated is annexed as annexure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stration Number IBBI/IPA-003/IP-N00024/2017-18/10174 is appointed as Interim Resolution Professional(IRP). Further, a moratorium under the provision of sections 13 14 of the Code is declared prohibiting the following: (i) 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; (ii) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including ..... X X X X Extracts X X X X X X X X Extracts X X X X
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