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TMI Blog2019 (9) TMI 1400X X X X Extracts X X X X X X X X Extracts X X X X ..... India Utilities Distribution Company Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Petition is filed on 11.03.2019. 2. This application is filed by Mr Fayaz Ahmed Wani, Branch Head, Andheri Branch Office of the applicant Bank, who is duly authorised to do so. 3. The Applicant had sanctioned Line of Credit Facility to the Corporate Debtor for Rs.200crore vide sanction letter dated 17.12.2013 and loan agreement dated 27.12.2013. The loan amount is said be disbursed on 28.12.2013 and 30.12.2013. The said credit facility was further renewed vide sanction letter dated 18.11.2017. The said credit facility amount is secured vide mortgage over movable and immovable property as well as guarantees. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s about Rs.70crore. 8. On perusal of the documents submitted by the financial creditor, it is clear that debt amounting to around Rs.70crore is due and payable by the Corporate Debtor to the Applicant as on the date of filing of this application. The outstanding debt is even admitted by the Corporate Debtor in its affidavit in reply by stating that the amount of debt outstanding is Rs.70crore. The outstanding amount that is admittedly in default is more than Rs.1,00,000/-. 9. The application filed by the financial creditor is on proper form 1, as prescribed under the Adjudicating Authority Rules and application is complete. 10. The Applicant has proposed the name of Mr Hemant J Mehta, a registered Insolvency Resolution Professional havin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 activity under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. II. That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. III. That the provisions of sub-section ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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