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TMI Blog2021 (12) TMI 965X X X X Extracts X X X X X X X X Extracts X X X X ..... rfeasi Act, 2002 recalling debt. Whether the present application is filed within limitation? - HELD THAT:- The corporate debtor has acknowledged the debt for the cash credit as well as for the term loan on 05.12.2017 and the present petition has been filed for 15.01.2019. Therefore, the petition has been filed within the period of limitation. The application filed in the prescribed Form No. 1 is found to be complete - The present petition being complete and having established the default in payment of the Financial Debt for the default amount being above the threshold limit, the petition is admitted in terms of Section 7(5) of the IBC. Petition admitted - moratorium declared. - CP (IB) No. 110/Chd/Hry/2019 - - - Dated:- 21-12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor has requested the petitioner to avail/enhance the credit facilities. In pursuance of the same, the following documents are executed between the Corporate Debtor and Petitioner:- a) Financial contract dated 28.05.2014 (Annexure A-9 of the petition). b) Sanction letter dated 06.01.2015 (Annexure A-10 of the petition). c) Various demand promissory notes (A-12 of the petition). d) A common deed of hypothecation of movable/assets/debts dated 15.01.2015 (Annexure A-14 of the petition). e) The letter of undertaking cum declaration (Annexure A-15 of the petition) f) General Power of Attorney for the books debts/supply bills (Annexure A-15 of the petition) g) Agreement for term loan dated 15.01.2015 (Annexur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is stated in Part-IV of Form No. 1 that the total amount of default is ₹ 6,65,53,169.92 as on 28.12.2018. The date of default is stated to be 31.12.2017 which is the date of NPA. The table of computation of amounts and days of default is attached as Annexure 4 of the petition. 8. In Part-V of Form No. 1, the details of the security held by the Petitioner is mentioned which includes property situated at Mauja-Mitrol, Tehsil, Hodal, District Palwal, Haryana along with plant and machinery. The estimated value of the property is ₹ 2,40,07,500 and of plant and machinery is ₹ 1,50,45,000 as per valuation dated 20.06.2018. The registration of charge created with ROC is attached as Annexure 5 of the petition. 9. Notice was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the occurrence of default of debt is evidenced by the copy of the agreement of term loan, General Power of Attorney, letter of undertaking cum declaration, common deed of hypothecation and sanction letter dated 06.01.2015. The corporate debtor has defaulted in making the regular payments of the credit facilities sanctioned by the petitioner and a demand notice under Section 13(2) of the Sarfeasi Act, 2002 recalling debt. 13. The other issue for consideration is whether the present application is filed within limitation. The corporate debtor has acknowledged the debt for the cash credit as well as for the term loan on 05.12.2017 and the present petition has been filed for 15.01.2019. Therefore, the petition has been filed within the peri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y be specified, shall not be terminated or suspended or interrupted during moratorium period. (f) The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. (g) The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 16. The Law Research Associate of this Tribunal has checked the credentials of Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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