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TMI Blog2020 (11) TMI 158X X X X Extracts X X X X X X X X Extracts X X X X ..... e statement of accounts furnished is on 22.06.2017. The application is filed on 12.04.2018, hence the application is filed well within the period of limitation. From the documents placed on record, this Adjudicating Authority is satisfied that default has been committed by the Corporate Debtor in repayment of loan amount to the Bank. The petition is complete - Petition admitted - moratorium declared. - C. P. ( I. B. ) No. 184/NCLT/AHM/2018 - - - Dated:- 1-9-2020 - Manorama Kumari, Member (J) And Chocklingram Thirunavukkarasu, Member (T) For the Appellant : Navin Pahwa, Learned Senior Counsel For the Respondent : Raheel Patel, Learned Lawyer ORDER Chocklingram Thirunavukkarasu, Member (T) 1. Shri. Shubhendu Kum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and cash credit. It is further stated that the total amount of default as on 26.10.2015 amounted to ₹ 515,34,27,169.91/- (Rupees Five Hundred Fifteen Crores Thirty-Four Lakhs Twenty-Seven Thousands One Hundred Sixty-Nine and Ninety-One paisa only). The date of default is 26.10.2015. 5. It is stated by the Petitioner Bank that aforesaid Credit Facilities were secured by Equitable mortgage of immovable property and the hypothecation of Movable Assets and Current Assets of the Corporate Debtor and attached the copy of documents in support of the same. 6. The Petitioner submitted the following documents in support of his claim against the Corporate Debtor. Bank Account Statements. Record of default report dated 18.05. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Company and in the light of the greater realization of investment value. Hence, Respondent has prayed for the dismissal of the application. 9. It is noted that the default has occurred on 26.10.2015 and the petition is filed on 12.04.2018. Sufficient opportunities have been given to the Petitioner from August 2018 on the ground of settlement. Hence, the objections by the Respondent are not sustainable. 10. Gone through the application filed and documents submitted by the Petitioner Bank. As per Section 7 of IBC, in an application preferred by the Financial Creditor for initiation of Corporate Insolvency Resolution Process, the Adjudicating Authority is required to see the existence of financial debt and ascertain the existence of d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oceedings against the Corporate Debtor including execution of any judgment, decree or order in any Court of Law, Tribunal, Arbitration Panel or other Authority. (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor, any of its assets or any legal right or beneficial interest therein; (iii) 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); (iv) the recovery of any property by an owner as lessor where such property is occupied by or in the possession of the Corporate Debtor. (2) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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