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TMI Blog2019 (11) TMI 1658X X X X Extracts X X X X X X X X Extracts X X X X ..... ng restructuring of the loan and Balance Security Confirmation Letter dated 17.06.2017, it is clear that the Corporate Debtor has admitted to its liability to repay the debt amount received from the Applicant. The present application is filed by the Applicant The debt amount of more than Rupees One Lakh and default by the Corporate Debtor has been established. The application is filed on proper Form 1 and is complete. The Application has been filed within the period of limitation. The Application under Section 7 of I B Code, 2016 is complete - the Application filed under section 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency resolution process against the corporate debtor deserves to be admitted - app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terms of Term Loan Facility Agreement dated 29.09.2010. The Corporate Debtor was provided finance by the consortium and the amount claimed in this application is the amounts in default to the consortium of the Applicant and the Union Bank of India. Copies of the Sanction Letter and the Term Loan Agreement dated 29.09.2010 mentioned above are annexed to the Application. 4. The Corporate Debtor has executed Deed of Hypothecation of assets to secure term loans dated 29.09.2010 creating first pari passu charge on the assets of the Corporate Debtor. Copy of the Hypothecation Deed is annexed to the Application. 5. The Applicant has also annexed the Mortgage Deed dated 29.09.2010 executed by the Corporate Debtor in favour of the Applicant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Further, the letter dated 11.06.2017 issued by Corporate Debtor requesting restructuring the loan and the Balance and Security Confirmation Letter dated 17.06.2017 where the Corporate Debtor acknowledges a due of ₹32,52,07,800.79 (Rupees Thirty Two Crore Fifty Two Lakh Seven Thousand Eight Hundred and Paise Seventy Nine Only) are annexed to establish the admitted liability of the Corporate Debtor. 12. The Applicant has filed its Affidavit of Service showing that the Court Notice issued to the Corporate Debtor has been duly hand delivered to the official liquidator of the Corporate Debtor. 13. The Corporate Debtor has not entered appearance and has not tendered its Affidavit in Reply despite having been provided sufficient opport ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor has been established. The application is filed on proper Form 1 and is complete. The Application has been filed within the period of limitation. 20. The Applicant has proposed the name of Mr. Dharit Kishorbhai Shah, a registered insolvency resolution professional having Registration Number [IBBI/IPA-001/IP-P00993/2017-18/11640] as Interim Resolution Professional, to carry out the functions as mentioned under I B Code, and given his declaration; no disciplinary proceedings are pending against him. 21. The Application under Section 7 of I B Code, 2016 is complete. The existence of financial debt of more than rupees one lakh against the corporate debtor and its default is also proved. Accordingly, the Application filed under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r interrupted during the moratorium period. III. That the provisions of sub-section (1) of Section 14 of I B Code shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. 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 of I B Code or passes an order for the liquidation of the corporate debtor under section 33 of I B Code, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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