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TMI Blog2021 (5) TMI 640X X X X Extracts X X X X X X X X Extracts X X X X ..... of default as per Annexure 'E' at page 61 of the petition. A submission was made on the date of hearing (22.02.2021), that time be granted for filing a detailed reply. The IBC does not envisage two stages of reply. An opportunity was afforded to the Corporate Debtor to file a reply, and it has done so. This is a petition pertaining to the year 2019 and it cannot be kept pending. It a fit case for admitting the petition, and for initiation of Corporate Insolvency Resolution Process in respect of the Corporate Debtor - petition admitted - moratorium declared. - CP No. 1246/KB/2019 - - - Dated:- 18-3-2021 - Rajasekhar V.K., Member (J) And Harish Chander Suri, Member (T) For the Appellant : Vikram Wadehra, Vidushi Chok ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 019 was ₹ 6,92,19,480.50 (Rupees Six Crore Ninety Two Lakhs Nineteen Thousand Four Hundred Eighty and fifty paisa only) and, therefore, the account of the Corporate Debtor was declared as NPA on 29th July, 2017, as per the computation sheet annexed with the petition as 'Annexure-E'. 4. It is stated that to secure the loan of the Bank, the Corporate Debtor had mortgaged various immovable properties owned and mortgaged by the Corporate Debtor with the Financial Creditor and the same are enumerated in Part-V of the Petition. 5. It is further stated that the DRT in OA No. 754/2018 passed judgment dated 30th March, 2019, pursuant to which, a Recovery Certificate for a sum of ₹ 6,15,67,529.50 (Rupees Six Crores Fifteen L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest, costs, charges etc. within 60 days from the date of the said notice. It is stated that the Corporate Debtor failed to discharge its liability thereby compelling the Financial Creditor to file these proceedings. 8. The Corporate Debtor was duly served with notice and was afforded opportunity to file reply. 9. Further in its reply affidavit, the Corporate Debtor through one of its Directors Sri Mitesh Kumar, submitted that the application filed by the Financial Creditor is an abuse of law, not maintainable under section 7 of the Code, and that the applicant Bank had not made disbursement of the loan amount on Scheduled date and time, due to which, the construction of its proposed unit had been stopped and large number of raw mater ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso proved, which is the date of default as per Annexure 'E' at page 61 of the petition. 12. A submission was made on the date of hearing (22.02.2021), that time be granted for filing a detailed reply. The IBC does not envisage two stages of reply. An opportunity was afforded to the Corporate Debtor to file a reply, and it has done so. This is a petition pertaining to the year 2019 and it cannot be kept pending. 13. The Financial Creditor has proposed the name of the IRP CA Sonu Jain, [Reg. No. IBBI/IPA-001/P-00575/2017-18/11016] Email Id: [email protected]., who has vide letter dated 17th April 2019 in Form-2 agreed to accept the appointment as IRP if an order of admission is passed in the present application. She has fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 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. v) The supply of essential goods or services rendered to the corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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