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TMI Blog2018 (6) TMI 1764X X X X Extracts X X X X X X X X Extracts X X X X ..... record to substantiate her objection. Therefore, the objections raised by the Counsel for the Corporate Debtor stand rejected. This Authority has ascertained the existence of a default on the part of the Corporate Debtor. The Financial Creditor has fulfilled all the requirements of law and has also proposed the name of IRP after obtaining his written consentin Form-2. Therefore, is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared. - CP/603/(IB)/CB/2017 - - - Dated:- 6-6-2018 - CH.MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) For Financial Creditor : Mr. E. 0m Prakash, Sr. Counsel, Mr. V.M. Karthik for M/ s. Ramalingam Associates For Corporate Debtor : Ms. Pushpa Menon, Counsel ORDER Per: CH MOHD SHARIEF TARIO, MEMBER (J) I. Under adjudication is an Application that has been filed by the M/S. Asset Reconstruction Company (India) Limited (ARCIL) (hereinafter referred to as 'Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Financial Creditor to recover a sum of ₹ 22,77,65,247/- with interest @ 12% p.a. (simple) from the date of institution of OA till realisation with costs, and further in case of default, by sale of the properties mentioned in the Schedule to the OA. The copy of the Final Order passed by the DRT is placed at pages 208 to 216 Of the typed set filed with the Application. Subsequently, in terms of the said Final Order, the Debt Recovery Certificate (DRC) was issued quantifying the debt amount as ₹ 34,85,49,748.48p. The Schedule of Cost issued by the DRT is placed at page 220 of the typed set filed with the Application. 5. Similarly, the Oriental Bank of Commerce (OBC) has sanctioned the Term Loan to the tune of ₹ 30 Crores on 31.01.2006 and Funded Interest Term Loan to the tune of ₹ 2.06 Crores on 30.06.2009. The copies of Term Loan Agreement dated 13.06.2006 and Funded Interest Term Loan Agreement dated 30.06.2009 are placed at pages 30 to 47 and 48 to 65 respectively of the typed set filed with the Application which provided the terms and conditions including the repayment of loan, hypothecation and amount of instalment to be paid by the Corporate Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the information and explanations given to them, the company had availed loan facilities from 10B and OBC. The loans were recalled and further reassigned to ARCIL vide Assignment Agreement dated 28.03.2014, and in their opinion, the Company has defaulted in repayment of its dues, the details of the principal and interest amount are also recorded in the said para of the Annexure. The Auditors' report along with its annexure is placed at pages 251 to 274 of the typed set filed with the Application. This clearly establishes that the Corporate Debtor has defaulted in making payment to the outstanding debt due to the Financial Creditor. 8. The Counsel for the Corporate Debtor has submitted that as far as the factual aspects are concerned, she has no objection to the same. In other words, the Counsel has admitted the liability of the Corporate Debtor with regard to the debt claimed. However, it has been submitted that there are discrepancies in the accounts, as has been claimed by the Financial Creditor. In other words, the calculations which have been given by the Financial Creditor are not correct as per their understanding. In this regard, she has referred to para 'g& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 10. Mr. S. Dhanapal is hereby appointed as IRP, as has been proposed by the Financial Creditor. There is no disciplinary proceedings pending against the IRP as is evidenced from Form-2. The IRP is directed to take charge of the Respondent Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the I B Code, 2016 within three days from the date the copy of this order is received, and call submissions of claim in the manner as prescribed. for 11. The moratorium is hereby declared which shall have effect from the date of this Order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the I B Code, 2016. It is hereby ordered to prohibit all of the following, namely: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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