9911796707
TMI Blog2019 (8) TMI 1495X X X X Extracts X X X X X X X X Extracts X X X X ..... Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Venkatesh Logistics Private Limited is hereby admitted - Application admitted - moratorium declared. - CP (IB) NO. 1405 (KB) OF 2018 - - - Dated:- 19-8-2019 - Jinan K.R., Judicial Member For the Applicant : Ranjan Kumar Ghosh, Sandip Chatterjee, Advs. and Md. Nasimuddin ORDER 1. This is an Application filed under section 7 of the Insolvency Bankruptcy Code, 2016, read with Rule 4, of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has been filed by Oriental Bank of Commerce, hereinafter referred to as the Financial Creditor, through Mr. Rajesh Kumar, Assistant General Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y) on the terms and conditions mentioned in the Letters of Sanction from time to time. The Corporate Debtor and its guarantors have agreed to pay the contractual interest and also the interest varied and/or enhanced from time to time according to the Policy of the Bank with monthly rests. The Corporate Debtor however failed to repay the principal amount along with the interest to the Financial Creditor thereby the accounts of the Corporate Debtor has declared as Non-Performing Asset (NPA) on 31.12.2015, and thereby issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, to the Corporate Debtor demanding the amount defaulted along with the interest. 4. The Corporate Debtor when failed to repay the amount to the Financial C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. The case stand adjourned for hearing on 17.06.2019. 7. When the case was taken up on 17.06.2019, the ld. Counsel appearing for the Corporate Debtor appears and submitted that he has filed an Interim Application CA(IB) No. 774/KB/2019, for recalling the order dated 2nd April, 2019, and that application was heard on 2nd July, 2019, which was allowed directing upon payment of cost of ₹ 10,000/-. Further direction given to file reply affidavit within 7 days of the date of the order and posted the case to l3.08.2019. The case was then preponed for an early hearing on 24th July, 2019. On that day nobody turned upon the side of the Corporate Debtor. Since no individual notice was served upon the Corporate Debtor for advancing the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owed. To prove that there is default what is relied upon is the recalling notice issued under Section 13(2) of the SARFAESI Act, 2002 dated 05.01.2016, and demand notice dated 21.02.2017, and the CRILC Report dated 25.09.2018. 9. The Financial Creditor has also proposed the name of the Insolvency Professional Mr. Vinod Kumar Kothari of Krishna Building, 224, A.J.C. Bose Road, Kolkata 7000-17, having Reg. No. IBBI/IPA-002/IP-N00019/2016-2017/10033, who has also sent a written communication dated 8th October, 2018, giving his consent to accept the appointment as an IRP. 10. Reference of the above said documents proved the default on the side of the Corporate Debtor in repayment of the amount in demand. Being satisfied that the Finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst the corporate debtor including execution of any judgment, decree 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (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. (iv) The supply of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
