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TMI Blog2020 (10) TMI 381X X X X Extracts X X X X X X X X Extracts X X X X ..... plete, accordingly this Bench hereby admits this Petition. Application admitted - moratorium declared. - CP (IB) 3602/MB/2019 - - - Dated:- 16-1-2020 - Suchitra Kanuparthi, Member ( J ) And V. Nallasenapathy, Member ( T ) For the Appellant : Falguni Shete , Adv. i/b Intralegal For the Respondents : Rohit Kulkarni ORDER 1. Punjab National Bank (hereinafter called 'Petitioner') has sought the Corporate Insolvency Resolution Process against M/s. Pushpam Plaza Private Limited (hereinafter called the 'Corporate Debtor') on the ground that the Corporate Debtor committed default to the extent of ₹ 22,13,87,073/-, as provided under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (e) Term Loan Agreement dated 05.03.2010; (f) Letter of continuity dated 30.04.2010; (g) Term Loan cum Hypothecation Agreement dated 31.08.2010; (h) Letter of continuity dated 28.09.2010; (i) Hypothecation Agreement dated 10.12.2010; (j) Letter of continuity dated 24.12.2010; (k) Letter of Undertaking dated 10.12.2010; (l) Term Loan cum Hypothecation Agreement dated 24.08.2011; (m) Letter of continuity dated 16.09.2011; 4. The Petitioner enclosed the Statement of account for the above said facilities granted to the Corporate Debtor. The Petitioner also submitted the calculation showing that a sum of ₹ 22,13,87,073/-is due from the Corporate Debtor on 31.08.2019 for all the facilities. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Petitioner failed to cooperate for the same. 9. The above submissions of the Corporate Debtor cannot come in the way of the admission, in view of the fact that there is debt above ₹ 1 lakh and the Corporate Debtor committed default in repayment of the debt. 10. It is appropriate to mention the decision of the Hon'ble Supreme Court in Innoventive Industries Ltd. Vs. ICICI Bank and Ors., (2018) 1 SCC 407 wherein it was held as below: 28. When it comes to a financial creditor triggering the process, Section 7 becomes relevant. Under the Explanation to Section 7(1), a default is in respect of a financial debt owed to any financial creditor of the Corporate Debtor - it need not be a debt owed to the applicant financial c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 the applicant to rectify the defect within 7 days of receipt of a notice from the adjudicating authority. Under sub-section (7), the adjudicating authority shall then communicate the order passed to the financial creditor and Corporate Debtor within 7 days of admission or rejection of such application, as the case may be. 11. In view of the categorical ruling of the Hon'ble Supreme Court in the case of Innoventive Industries Ltd. Vs. ICICI Bank and Ors., cited supra, the contentions raised by the Corporate Debtor in the reply does not hold water and has to be rejected in l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terminated or suspended or interrupted during moratorium period. III. 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. IV. That the order of moratorium shall have effect from 16.01.2020 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, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under Section 13 of the Code. VI. That th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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