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TMI Blog2020 (12) TMI 1174X X X X Extracts X X X X X X X X Extracts X X X X ..... tch-370201 to initiate Corporate Insolvency Resolution Process of the Corporate Debtor on the ground that the Corporate Debtor has committed default in paying the financial debt of Rs. 20,53,85,216/-. 2. The following facts are not in dispute. 3. Firstly, on 02.02.11, the Financial Creditor granted and disbursed in favour of the Corporate Debtor Term Loan and Cash Credit Facilities to the extent of Rs. 11,50,00,000/-. The term of the repayment of the amount was extended from time to time. Lastly, in year 2016, term of repayment of the loan was extended. On 28.06.2017, loan account was declared non-performing assets. On 03.07.2017. Bank served on the Corporate Debtor notice under Section 13(2) of the SARFAESI Act, 2002 and started recovery ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor at length. 9. The Corporate Debtor did not dispute that it has taken a loan from the bank. It is not its defence that loan has completely been repaid and nothing is due and payable. It appears to us that it is the Corporate Debtor's defence that since it has not committed default in paying the debt this proceeding is not maintainable. To sustain its defense, the Corporate Debtor mainly relied on the order passed by Hon'ble DRT. 10. We have gone through the orders passed by Hon'ble DRT and DRAT. In para 34 of the order, Hon'ble Presiding Officer, DRT Ahmedabad held that "therefore, in view of the account being classified as non-performing assets contrary to the guidelines issued by Reserve Bank of India and details of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at as per revised payment schedule arrived at after restructuring of Term Loan, the amount is payable in 2015-2016, 2016-2017, 2017-2018 & 2018-2019. Further, record of default as per Information Utility Report dated 24.08.2020 has also been produced by the Financial Creditor. These facts clearly establish that the debt is due and payable both in law and in fact. It is now well settled law that in the proceeding under Section 7 of the Insolvency and Bankruptcy Code, 20, Adjudicating Authority has to see only two relevant facts (i) whether debt more than Rs. 1 lakh before 24.03.2020 in case of default prior to that date is due and payable by the Corporate Debtor & (ii) whether the Corporate Debtor committed default in paying the debt. In thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tration no. IBBI/IPA-001/IP-P00251/2017-2018/10480, having address A-201, Suryadeep Tower, Near Navneet Prakashan, Gurukul Road, Memnagar, Ahmedabad-380052, Email [email protected] under section 13 of the IB Code as IRP. 3. That the Moratorium under Section 14 of the Code shall come to effect from 02.09.2020 till the completion of Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub- Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, as the case may be. 4. That the Bench hereby prohibits the institution of suits or continuation of pending suit or proceedings against the Corporate Debtor including execution of any judgment, decree or order in an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther made clear that all personnel connected with Corporate Debtor, its Promoter or any other person associated with management of the Corporate Debtor are under legal obligation under Section 19 of the Code extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter or any other person required to assist or co-operate with IRP, do not assist or Co-operate, IRP is at liberty to make appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. 9. The IRP shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company ..... X X X X Extracts X X X X X X X X Extracts X X X X
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