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TMI Blog2020 (6) TMI 250X X X X Extracts X X X X X X X X Extracts X X X X ..... becomes infructuous. The present petition is dismissed as infructuous. - Company Petition No. (IB) 352/ALD/2018 - - - Dated:- 24-10-2019 - Abni Ranjan Kumar Sinha, Judicial Member For the Applicant : Nishant Mehrotra, Adv. For the Respondent : Prashant Kumar and Sarvesh Tiwari, Advs. ORDER 1. The present petition is filed under section 7 of Insolvency and Bankruptcy Code,2016 read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule,2016 by the petitioner/financial creditor i.e. Indiabulls Housing Finance Ltd. for initiation of Corporate Insolvency Resolution Process against the Respondent/Corporate debtor company M/s Emm Vee Infrastructured (India) Private Limited. 2. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... committed a breach in making payment towards the EMI with respect to the loan facility, so, the said loan was declared as NPA by the financial creditor. iii. Further staled that the recall Notice was issued by the Financial Creditor to the Corporate Debtor dated 5-12-2016 under section 13(2) of SARFAESI and submitted that the total sum, which was in default is ₹ 7,43,23,034 (Rupees Seven Crores Forty-Three Lakhs Twenty-Three Thousand and Thirty-Four Hundred Only) and the date of default is on 11-11-2016. iv. In the reply filed by the Corporate Debtor, it is slated that the petition is not maintainable against the respondent as the alleged loan has been taken by the M/s Sarvhit Trust being the borrower and the amount has been di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ., an amount of ₹ 5,96,99,885/- was sanctioned on 30 November, 2015 to corporate Debtor by financial creditor and the loan agreement was signed by the corporate Debtor along with Sarvhit Trust and V.A.M Resorts and Hotels Pvt. Ltd. and the corporate Debtor has also executed documents which shows that Sarvhit Trust and V.A.M Resorts and Hotels Pvt. Ltd. are co borrowers. So, the liability of existence of financial debt and its repayment cannot be denied by the corporate debtor and the corporate debtor has a proven undisputed debt to be repaid to financial creditor amounting to ₹ 7,44.91,494/- as on 17-09- 2018. viii. Further stated that the corporate Debtor has kept clear and transparent accounts and consequently his account w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is enclosed in that application also. So, on the basis of that, the applicant claim referred against the corporate debtor i.e. EMM VEE INFRASTRUCTURES (INDIA) PVT.LTD. is same as claimed against the corporate debtor i.e. V.A.M RESORTS and HOTELS PVT LTD . 7. At this juncture, I would like to refer this fact that the respondent of this case alongwith the respondent of CP(IB) No. 353/ALD/2018 jointly executed the document, therefore, it can be said that in both the applications the claim of the applicant is based on the same documents and on the same loan agreement. 8. Therefore, this Adjudicating Authority is of the considered view that since CP (IB) No. 353/ALD/2018 has already been admitted and moratorium has been granted, hence ..... X X X X Extracts X X X X X X X X Extracts X X X X
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