9911796707
TMI Blog2021 (9) TMI 384X X X X Extracts X X X X X X X X Extracts X X X X ..... leging that the Corporate debtor committed default in making payment to the Financial Creditor. This petition has been filed by invoking the provisions of Section 7 Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of 33,33,55,849.97/- (Rupees Thirty-Three Crores Thirty-Three Lakhs Fifty-Five Thousand Eight Hundred Forty-Nine Rupees Ninety-Seven Paisa only) and the Financial Creditor sought resolution for the above stated amount under certain loan facilities granted to the Corporate Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 29.10.2015 executed by the Corporate Debtor No. 3 in favour of the Financial Creditor. 8. The Corporate Debtor executed undertaking cum Indemnity dated 22.12.2015 in favour of the Financial Creditor. The Corporate Debtor executed Memorandum of Entry in favour of Financial Creditor creating Equitable Mortgage by was of Deposit of Title Deeds dated 22.12.2015 in respect of the Land & Building at S.F. No. 118/1,2, 119/1, 120/1A & 120/2A, Thaneerthotti, Valpadi, Thuraiyar Rd., Nagiampathy-Post Gangavalli Taluk, Salem District- 636113. 9. The Corporate Debtor executed registered mortgage deed dated 30.01.2017 under receipt No. 1630 dated 08.02.2017 bearing registration No. BRL-5/1504/2017 in favour of Financial Creditor, inter-alia created ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date last payment and is within limitation. Thus, the counsel appearing for the Financial Debtor submitted that the debt and default are clearly established, and debt is also within limitation in the above Company Petition. She further submitted that the Financial Creditor has also suggested the name of IRP and also filed the consent letter of IRP in Form-2. 3. Even though Mr. Prem Jha, learned counsel appearing for the Corporate Debtor was present at the time of final arguments on 06.08.2021, he did not raise any legal issues opposing the above company petition except making statement that the Corporate Debtor has submitted One Time Settlement to the Financial Creditor. Thus, the present Company Petition satisfies all the necessary requi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. e. That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. f. That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. g. That the order of moratorium shall have effect from the date of pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
