9911796707
TMI Blog2021 (3) TMI 978X X X X Extracts X X X X X X X X Extracts X X X X ..... admitted - moratorium declared. - CP (IB) No. 205/7/HDB/2020 - - - Dated:- 1-3-2021 - Shri Bhaskara Pantula Mohan, Member (Judicial) and Shri Veera Brahma Rao Arekapudi, Member (Technical) For the Petitioner : Shri Saurabh Agarwal, Advocate. For the Respondent: Shri G. Bhupesh, Advocate ORDER The Present Petition is filed by the Financial Creditor to initiate Corporate Insolvency Resolution Process in the matter of M/s. TEJASWINI ENGINEERING PRIVATE LIMITED. The Petitioner stated that the respondent/ corporate debtor is due and liable to pay an amount of ₹ 13,26,49,938/-(Rupees Thirteen Crores Twenty Six Lacs Forty Nine Thousand Nine Hundred Thirty Eight Only) consisting of Principal 10,11,11,470/-(Rupees Ten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date of supply. c. It is averred that as per the terms and conditions of the purchase order, financial creditor had supplied TMT Bars and Chilled Bars. The total sales value being ₹ 10,11,11,470/ -. Since the expiry of the credit period from the supply of goods, the financial creditor requested the corporate debtor repeatedly to make the payment. d. It is averred that due to blockage of funds financial creditors yearly financial statements got severely affected and also financial creditor having financial limits with banks and timely inflow of funds had also effected. The financial creditor was forced to pay extra interest on ₹ 10,11,11,470/- which is huge burden on the company since it incurred extra expenditure of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s per the terms and conditions financial creditor supplied the material within 60 days to the corporate debtor. In the meantime due to downfall of the market corporate debtor was unable to arrange funds for making payment towards the value of the purchase order. (iv) It is averred that after several discussions both the parties entered into a loan agreement dated 10.03.2018 wherein corporate debtor agreed to pay the balance amount in 12 monthly installments commencing from 01.04.2018 and in case of default interest @12% per annum commencing from 01.10.2016 till the payment of the installment. (v) It is averred that corporate debtor is not in a position to pay the amounts, and approached the financial creditor multiple times and reques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12% from 1st October, 2016 to 31st March, 2018 amounting to ₹ 1,82,00,065/- and interest @12% per annum from 1 st April 2018 to 31 st October, 2019 amounting to ₹ 1,33,38,404/- as on 01.11.2019. Counsel for financial creditor had filed copy of purchase order, and copy of letters addressed to corporate debtor and reply from corporate debtor as well and further reminder letters from financial creditor which are annexed to the petition at Page no.15-23. Counsel for financial creditor has also filed the copy of loan agreement entered between the parties, which is annexed at Page no.24-26. Thus the learned Counsel for the financial creditor filed the petition is therefore liable to be admitted as the corporate debtor committed defa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or order in any court of law, Tribunal, arbitration panel or other authority; Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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