9911796707
TMI Blog2019 (8) TMI 1657X X X X Extracts X X X X X X X X Extracts X X X X ..... fter called the "petitioner") has sought the corporate insolvency resolution process of Housing Development and Infrastructure Ltd. (hereinafter called the "corporate debtor") on the ground, that the corporate debtor committed default on December 4, 2018 in repayment of facilities granted to the corporate debtor to the extent of Rs. 522,29,06,768 under section 7 of the Insolvency and Bankruptcy Code, 2016 (hereafter called the "Code") read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The petitioner had subscribed to the issue of non-convertible debentures (NCD's) offered by the corporate debtor to the extent of Rs. 248,63,00,000. Further the petitioner extended term loan facility ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contracts mentioned in Schedule I-NCD facilities. (m) Copy of financial contracts mentioned in Schedule II-term loan facilities. (n) Copy of CIBIL report dated April 10, 2018. (o) Copies of entries in a banker's book dated November 30, 2018 and December 12, 2018 in accordance with the Bankers' Books Evidence Act, 1891. (p) Copy of audited financial statements of the corporate debtor. 3. Counsel for the petitioner submitted that the corporate debtor with a view to enhancing the long-term resources of the company for financing its working capital requirements requested the lenders to subscribe to the debentures. The lenders by their respective letters of intent agreed to subscribe 1,15,000 NCD's of Rs. 10,00,000 each aggr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r settlement of the debt and accordingly communicated the acceptance of the one-time settlement vide letter dated August 31, 2018. pursuant to the one-time settlement the said petition was withdrawn. Thereafter, the corporate debtor failed to pay in terms of the one-time settlement. The corporate debtor's post dated cheques issued were also dishonoured due to insufficiency of funds. Hence the petitioner vide letter dated December 4, 2018 revoked the one-time settlement and called upon to pay Rs. 522.30 crores which is inclusive of interest. 7. The petitioner enclosed the statement of account for the loan wherein it was found that the amount claimed in the petition is as per the statement of account. The statement of account further rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... professional, therefore the application under sub-section (2) of section 7 is taken as complete, accordingly this Bench hereby admits this petition prohibiting all of the following of item-I, namely : (I) (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, Tribunal, arbitration panel or other authority ; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein ; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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