9911796707
TMI Blog2019 (10) TMI 1306X X X X Extracts X X X X X X X X Extracts X X X X ..... occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the Applicant to rectify the defect within 7 days of receipt of notice from the Adjudicating Authority - The Corporate Debtor admitted the default. The present petition is well within the Limitation. The Petition is in order. The petition is complete and therefore deserves to be admitted. Petition admitted - moratorium declared. - CP (IB) No. 153/7/HDB/2019 - - - Dated:- 18-10-2019 - Hon'ble Shri Ratakonda Murali, Member (Judicial) And Hon'ble Shri Narender Kumar Bhola- Member (Technical) For the Petitioner: Shri V.Sethu Madhava Rao, Advocate For the Respondent: Shri G. Sethu Rama Rao, Advocate ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it of ₹ 5.00 Crores, ILC/FLC and fresh limit of ₹ 2.00 Crores, and Sanction of B.G. Limit of ₹ 0.50 Crores. August 2012 The Corporate Debtor availed enhancement of OCC limit from ₹ 1.95 Crores to ₹ 10.00 Crores , (Fresh Sublimit of PC/FUBD of ₹ 4.00 Crores under OCC limit), Renewal / Enhancement of ILC.FLC from ₹ 2.00 Crores to ₹ 3.50 Crores, Reduction of DUBD/DBP/FDBP/FUBD from ₹ 5.00 Crores to ₹ 2.00 Crores and Renewal/ Enhancement of Bank Guarantee from ₹ 0.50 Crores to ₹ 1.50 Crores . February 2015: Restructuring the credit facilities: The Corporate Debtor had availed the following restructure, Open Cash Credit (OCC) was enhanced from ₹ 10.00 C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ece and parcel of Plot No. 11 admeasuring Ac.26.OO or 105222.00 Square Mts or 125844 Square Yards with buildings, sheds, Plant and Machinery in Survey No. 528/ I(Pt) 528/2(Pt), 531 (Pt) and 532 (part at Industrial Development Park, APIIC-IALA, Gundlamadug Village, Thondur Mandal, YSR Kadapa District, A.P. and other connected documents relating to A schedule and created mortgage by deposit of title deeds over the said property. The corporate debtor has also confirmed the creation of mortgage. It is further submitted that to further secure the repayment of the loan facilities advanced to the corporate debtor, its guarantors have mortgaged other properties. d) It is averred that Form 8 was filed with ROC, Hyderabad for Registration of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial Creditor filed particulars of financial debt(Documents, Records and evidence of default). The Corporate Debtor reported no objection for starting CIRP by admitting the petition. The Petition is well within the Limitation. The account of the Corporate Debtor is treated as NPA from 31.12.2016 by the Financial Creditor. 7. Before admitting the Petition filed under Section 7 of IBC, this Tribunal has to see whether there is a debt due and if it is in default. Hon 'ble Apex Court held in Innoventive Industries Ltd vs. ICICI Bank and Ors (2018) 1 SCC 407 that The moment the Adjudicating Authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r in possession of the corporate Debtor. b) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. c) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. d) That the order of moratorium shall have effect from 18.10.2019 till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, whichever is earlier. e) That the Public announcem ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
