9911796707
TMI Blog2019 (10) TMI 1358X X X X Extracts X X X X X X X X Extracts X X X X ..... 837 - SUPREME COURT]. The applicant having proved existence of debt as well as default, the application is admitted - moratorium declared. - IBA/877/2019 - - - Dated:- 5-10-2019 - B.S.V. Prakash Kumar, Member (J) And S. Vijayaraghavan, Member (T) For the Appellant : P. Elayaras Kumar, K. Ramesh, Advocates and Ramalingam Associates For the Respondents : P. Jesus Moris Ravi and G. George Raja Selvan, Advocates ORDER B.S.V. Prakash Kumar, Member (J) Heard and dictated in Open Court on: 04.10.2019 1. It is an Insolvency and Bankruptcy Application (IBA) filed u/s 7 of the Insolvency and Bankruptcy Code, 2016 by Financial Creditor namely, M/s. CFM Asset Reconstruction Private Limited for initiation of Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omoters-Directors/Guarantors on the file of RoC, this charge was registered on 25.09.2014. When the Corporate Debtor failed to repay the loan as agreed between the Creditor Bank and the Corporate Debtor, the Indus Ind Bank on 04.05.2018 issued demand notice to the Corporate Debtor for a sum of ₹ 23,42,42,946 (Rupees Twenty Three Crores Forty Two Lakhs, Forty Two Thousand Nine Hundred and Forty Six) as on 03.05.2018. When the Corporate Debtor failed and the payment became irregular, this account was classified as Non-Performing Asset on 30.09.2016. When the Corporate Debtor failed to make repayment even after receipt of demand notice, this debt was assigned to the Applicant. And the Applicant, to prove that assignment has been made i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is also not mentioned anywhere under law that unless assignment has been intimated to the Corporate Debtor, such assignment will not get valid. 7. Here, the argument of the applicant counsel is that assignment in favour of this applicant was communicated to the Corporate Debtor on 11.09.2018 i.e. before execution of second assignment deed in favour of this assignee. On perusal, we have come to notice that earlier assignment dated 12.07.2018 was executed by Indus Ind Bank assigning various debts across India, for mutation of assignment of this debt in the records of the Registering Authority, Indus Ind Bank, on 14.09.2018, again executed another assignment deed assigning this specific debt in favour of this assignee. To show that these ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h evident on the face of the record. Moreover, there is no rule or law stating that claim has to be made within three years from the date of default. The point relevant for filing claim before any court of law is whether debtor committed default in repaying and whether such claim as on the date is within limitation or not. 9. Against second point, the applicant counsel has mentioned that this Corporate Debtor has made part-payments - Rs. 30,00,000/- on 25.07.2016, ₹ 20,000/- on 17.11.2016, ₹ 30,00,212 on 29.12.2017, ₹ 40,08,000 on 29.12.2017, ₹ 17,62,550/- on 29.12.2017. Upon seeing such part-payments showing that this debt is within limitation from 24.10.2014 till the date of filing this case on 04.07.2019, we h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urity 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; d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. That Supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. III. That the provisions of sub-section (1) of Section 14 of IBC 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 m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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