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TMI Blog2021 (4) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... . N.P. Vijay Kumar, Advocate Shri. R. Radeep, Advocate For the Corporate Debtor: Shri. A. Prasanna Venkat, Advocate For M/s. APR Associates ORDER Under adjudication is an application filed under Section 7 of the Insolvency and Bankruptcy Code read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by M/s. Kotak Mahindra Bank Limited (hereinafter referred as Financial Creditor ) for initiation of Corporate Insolvency Resolution Process against M/s. Ultra Tile Private Limited (hereinafter referred as Corporate Debtor ) on the ground that it has defaulted in repaying an amount of ₹ 8,19,21,359.06 (Rupees Eight Crores Nineteen Lakh Twenty One Thousa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Registration for modification obtained. v) Since the Corporate Debtor defaulted repayment of ₹ 8,19,21,359.06 in violation of the agreed terms and account became Non-Performing Asset (NPA) on 23.09.2019 as per Section 13 (2) of the SARFAESI Act, 2002. vi) During pendency IBA proceedings, the Corporate Debtor paid a sum of ₹ 5,14,98,810/- to the Applicant. As on 31.03.2020, the balance payable by Corporate Debtor was ₹ 3,17,25,439/- and further interest payable by Corporate Debtor. 3. The learned counsel for the Corporate Debtor has filed counter on 16.10.2020 has stated that they have availed financial facility to the tune of ₹ 11,10,00,000/-. On obtaining prior sanction from the Appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 the possession of the corporate debtor. II. That Supply of essential goods or services to the corporate debtor, if continuing, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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