9911796707
TMI Blog2021 (6) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... or'/'Petitioner') through its Authorized Representative Mr. Parveen Kumar Sharma who is duly authorized vide Letter dated 05.03.2019 (Annexure A-1) with a prayer to initiate Corporate Insolvency Resolution Process ('CIRP') against M/s. Vij Agro Exports Private Ltd. (for brevity 'Corporate Debtor'). The affidavit of Shri Parveen Kumar Sharma verifying the contents of the application is at page nos. 15 to 17 of the petition. 2. The Corporate Debtor namely, M/s. Vij Agro Exports Private Limited is a Company incorporated on 24.03.1999 under the provisions of Companies Act, 1956 with CIN No. U15312PB1999PTC022384 having its registered office at Village, Bahadur Wala, Mallanwala Road, Distt. Ferozepur-152021 which fal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petition. 7. It is also submitted that Financial Creditor has given a demand notice dated 06.01.2017 under Section 13(2) of the SARFAESI Act, 2002 and Notice of Possession under Section 13(4) of SARFAESI Act was given on 22.03.2017 to the corporate debtor which is the part of the record as Annexures A-9 and A-10 respectively. 8. In Part-V of the application, the particulars of security held are given. It is stated that factory land and building situated at Village Bahadurwala, District Ferozpur, Punjab which are covered vide three sale deeds bearing No. 528 and 529 both dated 06.05.1999 and 7066 dated 27.03.2001 (Annexure A-8) are mortgaged with financial creditor. The date of mortgage is mentioned as 04.09.1999 and 18.11.2005. As per va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as Annexure-P1 of Diary No. 6986 dated 10.12.2019. Accordingly, several opportunities were afforded to the corporate debtor to file its reply but there has been no representation from the respondent so far. 10. In the present case, the occurrence of default is evidenced by the details furnished by petitioner including Loan-cum-Hypothecation agreement, no lien letter along with Demand Promissory Note executed between both parties and same are placed at Annexures A-6 & A-7 respectively. Demand Notice dated 06.01.2017 under Section 13(2) of SARFEASI Act (Annexure A-9), possession notice dated 22.03.2017 (Annexure A-10) were issued by financial creditor and copy of order dated 16.02.2019 (Annexure A-11) passed by Debt Recovery Tribunal, Chan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s may be specified, shall not be terminated or suspended or interrupted during moratorium period. (f) The provisions of Section 14(3) shall however, not apply to such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. (g) The order of moratorium shall have effect from the date of this order till 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 as the case may be." 12. In Part-III of Form 5, Financial Creditor has prop ..... X X X X Extracts X X X X X X X X Extracts X X X X
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