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TMI Blog2019 (3) TMI 1938X X X X Extracts X X X X X X X X Extracts X X X X ..... S. VIJAYARAGHAVAN, MEMBER (TECHNICAL) For the Financial Creditor: Shri. Suhrih Parthasarathy, Advocate For the Corporate Debtor: Shri. Ramaswamy Meyyappan, Advocate ORDER PER. B. S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) It is a Company Petition filed u/s 7 of the Insolvency & Bankruptcy Code, 2016 ("the Code") by the Financial Creditor seeking initiation of Corporate Insolvency Resolution Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 105,00,00,000/- and tranche B for Rs. 40,00,00,000/- to the Financial Creditor. In pursuance thereof, the Financial Creditor on 18.08.2016 subscribed to 1020 out of 1050 Debentures issued by the Corporate Debtor which is evident in Annexure - A to this Company Application. As per the terms of the Debenture Trust Deed dated 16.08.2018, coupon rate of 12% interest per annum upon the debentures i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ues, as no payment has come, these applicants have filed this application making a claim of Rs. 8,51,35,527.41 for initiation of CIRP. 4. As against the claim made by the Financial Creditor, the counsel appeared on behalf of the Corporate Debtor has not raised any objection for initiation of Corporate Insolvency Resolution Process because the Corporate Debtor is not in a position to pay the amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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; d) the recovery of any property by an owner or lessor where such property is occupied by or in the po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l be made immediately as specified under section 13 of IBC. VI. That this Bench hereby appoints Mr. G. Ramachandran, Reg. No: IBBI/IPA-002/IP-N00167/2017-2018/10437, Residing at F-10, Syndicate Residebcy, No.3, Dr. Thomas First Street, Off South Board, Road, T.Nagar, Chennai-6000017 as Interim Resolution Professional to carry out the functions as mentioned under IBC. Fee payable to IRP/RP shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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