9911796707
TMI Blog2020 (10) TMI 1280X X X X Extracts X X X X X X X X Extracts X X X X ..... well as the accounts of the corporate debtor was declared NPA on 30.09.2016 and the present petition was filed before this Adjudicating Authority on 11.01.2019, thus it is found well within limitation, within three years from the date of acknowledgment of debt. This Adjudicating Authority finds that the petitioner succeeded in establishing that there is a debt and existence of default on behalf of corporate debtor and the application is complete in all respect. It is seen that the amount in default is in excess of the minimum threshold limit fixed under IBC - Further, as the date of default is 28.04.2016, it is much prior to the amendment made in Insolvency and Bankruptcy Code on 05th of June, 2020 whereby Sec 10A was inserted, thus the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an facility was repayable in 11 equal quarterly instalments of ₹ 227.30 Lacs commencing from 30.09.2014 and all the terms and conditions of the sanction letter were accepted and acknowledged by the corporate Debtor as well as Sh. Vijay Pal Yadav and Smt. Sunita Yadav who had given their personal guarantees for repayment of the aforesaid facility together with stipulated interest availed by the Corporate Debtor. To secure the credit, the Corporate Debtor has offered its land and building including propose residential flats to be constructed with intention to create equitable mortgage in favour of financial Creditor. 3. Further, the Corporate Debtor again approach the financial Creditor for grant of fresh term loan facility for ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any reply nor any amount was paid by the Corporate Debtor to the Financial Creditor and the account remain unliquidated till date. Thus, contended that the total sum of ₹ 62,32,54,445/- plus interest is due as outstanding against the Corporate Debtor. 6. In reply to the above, the counsel for the Corporate Debtor has submitted that the first date of default by the borrower is 08.08.2014, hence the present proceedings is time barred and thus not maintainable and also stated that the respondent will repay the dues of the Financial Creditor after the completion of the projects in light of the order passed by RERA Authority. 7. Rebutting the same, the counsel for the Financial Creditor stated that the Corporate Debtor itself have s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate debtor was declared NPA on 30.09.2016 and the present petition was filed before this Adjudicating Authority on 11.01.2019, thus it is found well within limitation, within three years from the date of acknowledgment of debt. 11. Referring to the decision of Hon'ble Supreme court in Innoventive Industries Ltd. v. ICICI Bank, (2017) 205 Comp Cas 57(SC) it was held that ...The moment the Adjudicating Authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete.... 12. This Adjudicating Authority finds that the petitioner succeeded in establishing that there is a debt and existence of default on behalf of corporate debtor and the application is complete in all respect. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... curity 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 the possession of the corporate debtor. Explanation.-For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arisin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. 15. The Financial Creditor has proposed the name of Mr. Manish Agarwal Registration Number IBBI/IPA-002/IP-N00223/2017-2018/10904 for appointment as Interim Resolution Professional (IRP). Further IRP has filed a declaration in form 2 affirming that he is registered insolvency professional and no disciplinary proceedings are pending against him. We accordingly confirm his appointment as the IRP. He shall take such other and further steps as are required under the statue, more specifically in terms of Sec. 15, 17 and 18 of the Code and file his report. 16. The registry is directed to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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