9911796707
TMI Blog2019 (3) TMI 1910X X X X Extracts X X X X X X X X Extracts X X X X ..... m Ms. Neha Himatsingka (hereinafter referred to as the" FC1") in six instalments during the period from 30-04-2013 to 24-04-2014. However, there was a default in repayment of the principal amount as well as the interest accrued thereon- - for which-- an amount to the tune of Rs. 83, 30,499.00 (Rupees Eighty-Three Lacs Thirty Thousand Four Hundred Ninety- Nine) only had fallen due for payment to the FC1 as on 15-11-2017. 3. Further, Mr. Kanishka Himatsingka (hereinafter referred to as the "FC2") disbursed an unsecured loan to the tune of Rs. 25, 00000.00 (Rupees Twenty-Five Lac only) to the CD on 27-02-2013. But there was a default in repayment of the principal amount as well as the interest accrued thereon-----for which ---an amount to the tune of Rs. 38,52,630.00 (Rupees Thirty-Eight Lac Fifty-Two Thousand Six Hundred Thirty only) has become due to the FC2 as on 15.11.2017. 4. Since the amounts, which were in default, were not paid despite there being repeated demands, the FCs approached this authority by way of a joint application under Section 7 of the Code of 2016 read with Rule 4 of the Rules of 2016 seeking initiation of Corporate Insolvency Resolution Process. The statemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement is reproduced below: "That the Second Party has agreed to take over the complete management of the HOTEL with effect from 15.12.2014 (afternoon) and payment for the same will be made as per Schedule "A attached hereto." "Schedule A To shareholder 3,71,68,000.00 Unsecured Loan 2,20,00,000.00 State Bank of India loan 6,68,47,077.00 Allahabad Bank loan 49,53,200.00 Statutory and Other Liability 1,60,51,723.00 For land 29,80,000.00" 'CIause.8: That the Second party will arrange for funds to invest in the repayment of unsecured loan amounting to Rs. 2,20,00,000.0O (Rupees two Crore twenty lakh) only and balance amount of unsecured loan if any will be arranged and repaid by party of the first part. Loan standing against Allahabad Bank amounting to Rs. 49, 53,20000 (Rupees Forty nine Lakh fifty three thousand two hundred) only, statutory and other liability amounting to Rs, 1,00,41,723/- (Rupees one Crore Sixty Iakh fifty one thousand seven hundred twenty three) only will paid and settled by the 2nd party." iv) Though, as required under the agreement aforesaid, BK group has always expressed its desire to liquidate all the liabilities under the agreement, aforesaid, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same amount, we hold that it is fit case for admission." 13. Upon the aforesaid finding of the Appellate Tribunal, the matter was remitted back to this Adjudicating Authority for admission of the application under Section 7 of the Code of 2016 after issuing notice to the parties. Paragraph 32 of the Judgement of the Appellate Tribunal reads as follows: "For the reasons aforesaid, we set aside the impugned order dated 19th March, 2018 and remit the matter for the Adjudicating Authority for admission of the application under Section 7 of the 'l&B Code' after notice to the parties. The Respondents cannot take any plea other than the plea already taken and decided in this appeal. However, it will be open to the Respondents to pay all the dues including the interest, if any, before admission of the application under Section 7. The appeal preferred by 'Neha Himatsingka & Anr.' being Company Appeal (AT) (Insolvency) No.201 of 2018 is allowed." 14. In view of the above said finding of the Appellate Tribunal, notice has been issued to the CD for its appearance. The FC has attempted to serve the notice by post, by way of hand delivery and lastly by way of email. The affidavit filed on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rohibits the following: a) The institution of suit s or continuation of pending suits or proceedings against the corpora to debtor including execution 0f any judgement, 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 Securitization 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 possession of the corporate debtor. (v) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. (vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (vii) The order of moratorium shall ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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