9911796707
TMI Blog2021 (5) TMI 939X X X X Extracts X X X X X X X X Extracts X X X X ..... referred proceedings before different forums. The respondent/had preferred a writ petition before the Hon'ble High Court of Telangana - the Adjudicating Authority admits this Petition under Section 7 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code - Petition allowed. - CP (IB) No. 19/7/HDB/2021 - - - Dated:- 26-4-2021 - Bhaskara Pantula Mohan, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : Trivikram Chitturu, Srinivas Chitturu and A. Harikrishna, Advocates For the Respondents : Gopinath Surey, Advocate ORDER Bhaskara Pantula Mohan, Member (J) 1. The present petition is filed by Stressed Asset Management Branch of Bank of Maharashtra , which is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsisting of Cash Credit facility with a limit of ₹ 2.50 crores and Bank Guarantee facilities aggregating to ₹ 48 crores on 25.03.2014; total facilities aggregating to ₹ 50.50 crores to the CD/Messrs SVSVS Projects Pvt. Ltd. 7. The credit facilities availed by the CD are secured by hypothecation of the entire current assets exclusive charge in favour of Bank of Maharashtra and also secured by counter guarantee of the CD, personal guarantees of its directors and equitable mortgage of immovable properties of third parties. 8. Due to the default committed by the respondent/CD the FC had initiated proceedings under section 13(2) of SARFAESI Act by issuing Demand Notice dated 08.01.2019 (page 73) demanding total outstandin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Hypothecation for all facilities of even date (page 45); (iii) Renewal of credit facilities granted by the FC vide its letter dated 09.04.2016 (page 60) (iv) Balance and Security Confirmation letter dated 15.03.2017 (Page 71) signed by the sureties in respect of the credit facilities granted to the borrowers; and (v) Demand Notice dated 08.01.2019 (page 73) issued under section 13(2) of SARFAESI Act. 11. We find that due to defaults committed by the respondent/CD, the account of the CD was classified as NPA on 27.12.2018. Subsequently, the FC has issued Demand Notice dated 08.01.2019 (page 73) under section 13(2) of SARFAESI Act demanding total outstanding dues. Unable to get response from the CD, the FC has taken symb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... occupied by or in possession of the corporate Debtor; (B) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (C) That the provisions of Sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (D) That the order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, whichever is ea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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