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TMI Blog2019 (12) TMI 1362X X X X Extracts X X X X X X X X Extracts X X X X ..... es, 2016 (hereinafter referred to as "AAA Rules") by the Applicant in the capacity of Financial Creditor viz. United Bank of India against the Respondent M/s. Nazar International Private Limited, (hereinafter referred to as "Corporate Debtor"). 2. Part I of the application, sets out the details of the Financial Creditor from which, it is evident that the Financial Creditor is a Bank with identification number AAACU5624P and having registered office at Arul Manai Building, No. 27, White Road, Chennai 600 014. 3. As per Part II of the application, the Corporate Debtor is a Private Limited Company with Corporate Identification Number U52324TN2001PTC046708 and having registered office at No. 7A, E.K. Guru Street, Periamet, Chennai 600 003. As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lude the following: (a) Final Order in OA No. 472 of 2016 dt. 18.09.2018 (b) DRC No. 24 of 2019 in OA No. 472 of 2016 dt. 24.01.2019 (c) Credit Sanction Advice dt. 11.07.2005 (d) Credit Sanction Advice dt. 31.08.2005 (e) Credit Sanction Advice dt. 03.03.2007 (f) Credit Sanction Advice dt. 04.08.2008 (g) Credit Sanction Advice dt. 09.03.2010 (h) Credit Sanction Advice dt. 16.03.2012 (i) Promissory Note dated 16.03.2012 (j) Letter of Continuity dated 16.03.2012 (k) Letter of Continuity dated 16.03.2012 (l) Hypothecation Agreement dated 16.03.2012 (m) Letter of Guarantee dated 16.03.2012 (n) Letter of Guarantee dated 16.03.2012 (o) Mortgage deed with letter evidencing deposit of Title deed dated 25.08.2005. (p) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation only to harass this Respondent/Corporate Debtor. It was further submitted that the Petitioner had already initiated proceedings against the Respondent/Corporate Debtor under the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (hereinafter the "SARFAESI Act") and the Recovery of Debts and Bankruptcy Act, 1993. iv) Quoting the Supreme Court decision it has been submitted that IBC is not intended to be substitute to a recovery forum as held in "Mobilox Innovations Private Limited vs. Kirusa Software Private Limited (2018) 1 SCC 353)", and accordingly the present Application filed by the Petitioner is unsustainable under the provisions of IBC and liable to be dismissed as abuse of p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re this Tribunal so as to disprove its debt and default. 8. As to the point of Limitation raised by the Corporate Debtor, it has been alleged that the present application is barred by limitation as the claim pertains to loan sanctioned in the year 2005 and the mortgage extended in favour of the Petitioner as security was given in the year 2005 and therefore, the present application is filed after the period of limitation only to harass this Respondent/Corporate Debtor. In relation to the same, the following facts emerge from the records; Date of NPA 29.06.2013 Sec 13(2) SARFAESI Notice 04.07.2013 Sec 13(4) Possession Notice 12.12.2013 Final Order of OA. 472/2016 DRT Chennai - II 19.09.2018 DRC Certificate 24.01.2019 Filing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admitted under Section 7 (5) of the I&B Code, 2016. 10. The Financial Creditor has proposed the name of Mr. Ramachandran Subramanian having Registration Number [IBBI/IPA-001/IP-P01440/2018-19/12136] as Interim Resolution Professional (IRP) and a written communication in the format prescribed under Form 2 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 has been filed by the proposed IRP who is appointed as the IRP to take forward the process of Corporate insolvency Resolution of the Corporate Debtor. The IRP appointed shall take in this regard such other and further steps as are required under the Statute, more specifically in terms of Section 15, 17, 18 of the Code and file his report wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ended or interrupted during moratorium period. (3) The provisions of sub - section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator." 13. The duration of period of moratorium shall be as provided in Section 14(4) of the Code which is reproduced below for ready reference; (4) The order of moratorium shall have effect from the date of such order till the completion of the Corporate Insolvency Resolution Process Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub - section (1) of Section 31 or passes an order for liquidation of Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X
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