9911796707
TMI Blog2021 (5) TMI 179X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Anil Kumar B., Member (T) For the Appellant : Rohan Rajasekaran and Ganesh V. Aranala, Advocates For the Respondents : A.G. Sathyanarayana, Advocate ORDER Anil Kumar B., Member (T) 1. Under adjudication is an application filed pursuant to 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. Bharani Commodities Private Limited for initiation of Corporate Insolvency Resolution Process in respect of Corporate Debtor M/s. Infiniti Metal Products India Limited on the ground that it has defaulted in repaying financial debt of ₹ 4,70,84,899/- (Rupees Four Crore Seventy Lakh Eighty Four Thousand Eight Hundred Ninet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .06.2018; (b) copy of Ledger Statement of Corporate Debtor; and (c) copy of bank statement of Financial Creditor from 10.07.2018 evidencing non-payment of debt by the Corporate Debtor; 3. In the reply filed on 11.02.2021, the Corporate Debtor has not raised any dispute in relation to business transaction between the Applicant and Respondent. It is submitted that owing to COVID-19 pandemic, the Respondent suffered severe losses and unable to accede to the immediate demand of the applicant and seeks a period of 3 years to periodically repay the debt claimed in the application. 4. After hearing the submissions by both parties and perusal of documents placed before this Adjudicating Authority, the Financial Creditor has proved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 (54 of 2002); (d) the recovery of any property by a owner or lessor where such property is occupied by or in the possession of the corporate debtor. (III) That supply of essential goods or services of the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Centra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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