9911796707
TMI Blog2018 (10) TMI 1905X X X X Extracts X X X X X X X X Extracts X X X X ..... t etc., which reveal that default have occurred for which the Corporate Debtor was responsible to pay. The Petitioner has established clearly that the amount in default committed by the Corporate Debtor is genuine and is supported by the documentary evidence placed before this Adjudicating Authority. In the Circumstances, having satisfied with the submission put forth by the learned counsel for the Petitioner, the Instant Petition is admitted. - CP (IB) No. 462/7/HDB/2018 - - - Dated:- 4-10-2018 - K. Anantha Padmanabha Swamy, Member Judicial For the Financial Creditor: Mr. Shabbeer Ahmed, Advocate For the Corporate Debtor: Mr. K. Pratik Reddy, Advocate ORDER Per: K. Anantha Padmanabha Swamy, Member Judicial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Term Loan of ₹ 50,00,00,000/- (Rupees Fifty Crores) to the Corporate Debtor vide sanction Letter dated 21.07.2008 and Facility Agreement dated 22.08.2008 and further submitted that the Loan to be repaid in 50 equal monthly instalments, after a moratorium of 10 months from the date of first disbursement. However, the Corporate Debtor failed to pay the same and also failed in terms of the OTS envisaged under Master Restructuring Agreement. The total outstanding as on 31.05.2018, in respect of the above loan account is ₹ 44,54,91,937/- (Rupees Forty Four Crores Fifty Four Lakhs Ninety One Thousand Nine Hundred and Thirty Seven Only) payable by the Corporate Debtor to the Financial Creditor. 5. The Petitioner/FC has also enclose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 07.2018. 7. The Learned Counsel appearing on behalf of the Respondent/CD submitted that the Financial Creditor has sanctioned a loan amount of ₹ 50 Crores (Rupees Fifty Crores) vide sanction letter dated 21.07.2008 and Facility Agreement dated 22.08.2008. The Loan Agreement was re scheduled vide Amendment dated 01.02.2012, wherein the Corporate Debtor agreed to repay re-scheduled amount in 15 monthly instalments commencing from 01.07.2012. However, the Corporate Debtor was unable to adhere to the said schedule of payment. 8. The Corporate Debtor also stated that it has taken loan from the consortium of 16 Banks and Financial Institutions. The current outstanding amount as per the record is around ₹ 1811.58 crores as on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urred for which the Corporate Debtor was responsible to pay. Therefore, I am of the opinion that the Petitioner has established clearly that the amount in default committed by the Corporate Debtor is genuine and is supported by the documentary evidence placed before this Adjudicating Authority. In the Circumstances, having satisfied with the submission put forth by the learned counsel for the Petitioner, I am hereby inclined to admit the Instant Petition. 13. Accordingly, the Instant Petition is admitted and this Tribunal Order the Commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day of this order is passed. 14. I appoint Mr. Sreenivasa Rao Ravinutha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r where such prvperty is occupied by or in the possession of the corporate debtor. 16. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 17. The IRP shall comply with the provisions of Sections 13(2), 15, 17 18 of the Code. The directors, Promoters or any other person associated with the management of Corporate Debtor are directed to extend all assistance and cooperation to the IRP as stipulated under Section 19 and for discharging his functions under Section 20 of the 1 B Code, 2016. Accordingly, the application is a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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