9911796707
TMI Blog2019 (11) TMI 1426X X X X Extracts X X X X X X X X Extracts X X X X ..... 9. Moreover, there was no representation on behalf of the corporate debtor side when the matter came up for hearing on September 25, 2019, October 9, 2019, October 15, 2019, October 18, 2019 and November 6, 2019 and they have not responded to the notice sent by the financial creditor and by this Tribunal. It appears that there is no defence on the part of the corporate debtor either to deny or dispute the total outstanding due. Application is admitted - moratorium declared. X X X X Extracts X X X X X X X X Extracts X X X X ..... alance loan amount of ₹ 179.79 lakhs. The account of the corporate debtor was classified as "non-performing asset" (NPA) on May 29, 2002. 2.1. Under the transfer deed dated September 30, 2004 executed by IDBI in favour of SASF, IDBI unconditionally and irrevocably transferred and assigned to SASF the loan sanctioned by IDBI, including the loan granted to the corporate debtor herein with the intent that SASF shall be full and absolute legal owner to receive the amounts payable to IDBI by the corporate debtor. Accordingly, SASF is now a secured creditor fully entitled to recover the debt in terms of the said transfer. 2.2. The borrower company approached SASF (the financial creditor) with one-time settlement (OTS) proposal i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M. A. No. 98 of 2014 for impleading the name of SASF in the transfer deed and the same was allowed and corrigendum to order dated April 22, 2015 in D. R. C. No. 78 of 2009 was also issued on April 30, 2015 by the hon'ble Debts Recovery Tribunal-II, Chennai. Further, on February 29, 2016, borrowers (Uthara Fashions Knitwear Ltd.) filed a review application R. A. No. 3 of 2015 before the hon'ble Debts Recovery Tribunal-II, Chennai claiming that "only debt was transferred and the secured asset were not transferred". The Debts Recovery Tribunal-II, Chennai has passed an order by inserting the word "not" in between the word "was" and "transferred". On April 18, 2018, the appellant-bank substituted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccepted OTS proposal 9. 19-6-2009 DRT-II Chennai allowed and permitted the financial creditor for recovery of ₹ 5.37 crores 10. 9-3-2011 Recall notice under section 13(2) of the SARFAESI Act issued to the corporate debtor 11. 22-1-2015 The financial creditor cancelled negotiated settlement since the corporate debtor defaulted final settlement amount of ₹ 426.32 lakhs 3. Looking at the dates and events as well as the annexure to the application, it is apparent that the financial creditor has furnished material disclosing that the financial creditor (IDBI) has granted credit facilities as mentioned above but the corporate debtor defaulted in repaying the same. 4. On perusal of the material and submissions by the financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terest 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. II. That Supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. III. That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Governme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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