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TMI Blog2019 (8) TMI 1598X X X X Extracts X X X X X X X X Extracts X X X X ..... y Resolution Process against the Corporate Debtor on the ground that the Corporate Debtor failed to make payment of Rs. 33,00,000/- as principal amount and Rs. 3,90,576/- as interest amount. Date of default is 31.07.2018. The Petition filed on 30.04.2019. 2. In part IV of Form 1 against the column "Total Amount of debt granted," the Financial Creditor has stated that an amount of Rs. 33,00,000/- was granted as loan and was disbursed by the Financial Creditor to the Corporate Debtor under a loan agreement dated 14.09.2017. 3. The Financial Creditor stated that the Corporate Debtor approached the Financial Creditor for a short-term loan and amount of Rs. 33,00,000/- was disbursed by the Financial Creditor to the Corporate Debtor under the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019 filed on 06.08.2019 that the Corporate Debtor is undergoing financial difficulties for more than a year due to heavy losses incurred on account of financial crises in operating business. Further the Corporate Debtor stated that the Corporate Debtor's intention is fair to discharge the liabilities of Creditors but due to some reasons, they are facing difficulties in realising payments to the Financial Creditor. 7. The Corporate Debtor further stated that while there is no dispute with regard to the claim raised by the Financial Creditor. The Corporate Debtor is also not in position to commit to any repayment of loan taken from the Financial Creditor on account of dire financial distress and lack of sufficient funds. 8. We have hea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that the Corporate Debtor has admitted the liability by the letters dated 06.08.2018 and 14.08.2018 and seeking time for payment. The affidavit in reply of the Corporate Debtor the statement of the counsel appearing on behalf of the Corporate Debtor to the effect that the Corporate Debtor admits the liability and is not in position to repay the debt, also establishes the existence of debt and default. 14. The application made by the Financial Creditor is complete in all respects as required by law, and it clearly shows that the Corporate Debtor has not paid the dues and this has also been confirmed by the Corporate Debtor. 15. This Petition reveals that there is a debt as defined in section 3(11) of IBC; there is a default within the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 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 possession of the corporate debtor. II. It is further made clear that: a. The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. b. 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. c. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Ben ..... X X X X Extracts X X X X X X X X Extracts X X X X
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