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TMI Blog2019 (7) TMI 1721X X X X Extracts X X X X X X X X Extracts X X X X ..... CP (IB) 204/MB/2019 - - - Dated:- 9-7-2019 - V.P. Singh, Member (J) And Ravikumar Duraisamy, Member (T) For the Appellant : Navid Memon, Adv. For the Respondents : Rima Desai, Adv. ORDER V.P. Singh, Member (J) 1. It is a Company Petition filed u/s 7 of Insolvency Bankruptcy Code, 2016 by Financial Creditor, namely the Punjab National Bank against Corporate Debtor, namely POSCHO Steels Pvt. Ltd. to initiate Corporate Insolvency Resolution Process against the Corporate Debtor stating that the Corporate Debtor failed to make payment of ₹ 167,40,33,396/- (including interest). Date of default is 04.04.2016. The Petition filed on 04.01.2019. 2. In part IV of Form 1 in the column of the Total Amount of debt gran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt did not permit to take the physical possession of the immovable properties. 6. The Financial Creditor has stated that as on 10.12.2018 Aggregate outstanding of ₹ 167,40,33,396/- (including interest) is due and payable by the Corporate Debtor to the Financial Creditor. The Financial Creditor has annexed Bank Account Statement for the period 01.09.2015 to 11.12.2018 showing the balance unpaid. 7. The petitioner further stated that, by the letter dated 22.04.2016, the respondent has admitted the outstanding amount and submitted a settlement plan for clearing of outstanding dues. However, the settlement plan failed. A further letter dated 4.09.2017 and 19.09.2017 the petitioner again requested the respondent for one-time settleme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions of Section 7 become applicable as soon as financial debt is established and there is an existence of a default. The Hon'ble court has observed that the moment the Adjudicating Authority is satisfied that a default in repayment of debt had occurred, the process of insolvency is to be triggered unless the application is incomplete. 13. It is also noted that the Corporate Debtor has chosen not to oppose the Petition and the statement of the counsel appearing on behalf of the Corporate Debtor to this effect is recorded in our order dated 22.04.2019. This further proves the existence of debt and default. 14. The application made by the Operational Creditor is complete in all respects as required by law, and it clearly shows that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 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; 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 cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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