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TMI Blog2021 (4) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor. Application admitted - moratorium declared. - C. P. (IB) No. 35/BB/2021 - - - Dated:- 22-3-2021 - Rajeswara Rao Vittanala, Member (J) And Ashutosh Chandra, Member (T) For the Appellant : K. Chethan Kumar For the Respondents : Theerthesh B.S ORDER Per Rajeswara Rao Vittanala, Member (J) 1. C.P.(IB) No. 35/BB/2021 is filed by M/s. Shri Siddeshwar Souhard Sahakari Niyamit Co-operative Bank (hereinafter referred to as Petitioner/Financial Creditor) U/s. 7 of the IBC, 2016, R/w Rule 4 of the I B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Manali Sugars Limited (hereinafter referred to as Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion deed dated 31.03.2018 and Supplement Agreement of Hypothecation on 1st December, 2020. (3) Total amount of default committed by the Corporate Debtor is ₹ 49,90,10,000.00 (Rupees Forty Nine Crores Ninety Lakhs Ten Thousand Only) including the Principal amount of ₹ 43,39,22,000 (Rupees Forty Three Crores Thirty Nine Lakhs Twenty Two Thousand Only) and interest of ₹ 6,50,88,000/- (Rupees Six Crores Fifty Lakhs Eighty Eight Thousand Only) is due to the Applicant (being the amount due) for a period from 31st March, 2019 till 10th March, 2021. The Financial Creditor has also produced NeSL Certificate dated 16.03.2021, wherein, it is recorded that date of default is 31.03.2019, and the total outstanding amount is ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eement due to the financial constraints so faced by the Corporate Debtor, and thus it admits that there is breach of the financial obligations on its part. The Financial Creditor and Corporate Debtor shared creditor-debtor relationship and the debt in question is a financial Debt. Therefore, it signifies its willingness to initiate CIRP as prayed for the Petitioner. 4. Heard Shri K. Chethan Kumar, learned Counsel for the Petitioner, and Shri Theerthesh B.S., learned Counsel for the Respondent. We have carefully perused the pleadings of the Parties and the extant provisions of the Code, the Rules made there under, and the law on the issue. 5. Shri K. Chethan Kumar, learned Counsel for the Petitioner, while reiterating various averment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the Corporate Debtor. 7. It is also relevant to point out here that another Petition bearing CP No. (IB) No. 34 of 2021 is filed by Indian Renewable Energy Development Agency Limited (IREDA) against the same Corporate Debtor herein, by claiming total amount of default to the tune of ₹ 37,43,36,507/-. 8. In view of the above facts and circumstances of the case, by exercising powers conferred on this Adjudicating Authority, under provisions of Section 7 of the Code, and other extant provisions of the IBC, 2016, we hereby admitted C.P.(IB) No. 35/BB/2021 by initiating Corporate Insolvency Resolution Process (CIRP) in respect M/s. Manali Sugars Limited, the Respondent/Corporate Debtor, with the following consequential direction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g moratorium period; f) The provisions of Sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator; g) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process; 3) The IRP is directed to follow all extant provisions of the IBC, 2016, as framed by IBBI from time to time. The IRP is hereby directed to file progress reports to the Adjudicating Authority from time to time. 4) The Board of Directors and all the staff of Respondent/Corporate Debtor are hereby directed to extend full cooperation to the IRP, in carrying out his functions as such, under the Code and R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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