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TMI Blog2021 (8) TMI 1264X X X X Extracts X X X X X X X X Extracts X X X X ..... n default and payable by the respondent/Corporate Debtor as on 31.08.2018, and seeking commencement of Corporate Insolvency Resolution Proceedings (CIRP) against the Corporate Debtor. b. The petitioner has filed this petition in its capacity as Trustee for EARC Trust-SC 130, through its authorised person, namely, Ms. Aayushi Chaudhary by virtue of Resolution passed by the Operations Committee of Financial Creditor dated 07.09.2018. c. The Corporate Debtor is a private limited company engaged in the business of manufacturing pharmaceuticals, medicinal chemicals and botanical products. The Corporate Debtor was granted financial assistances/loans under diverse loan and security agreements entered into between the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial Creditor as irrelevant. 5. The Financial Creditor gave chronology of granting credit facilities to the Corporate Debtor and how the Corporate Debtor had acknowledged the same as under: 6. That the Corporate Debtor had acknowledged the debt due and payable by it to the Financial Creditor in its Annual Reports and Balance Sheets from time to time till 2017, as can be seen from pages No. 368 to 388, more particularly at page 383 of the petition. 7. On the point that report of the Corporate Debtor for the year ending 31.03.2017 constitutes acknowledgement of liability and will give a fresh start of limitation period, the Financial Creditor relied on the following decisions: (i) M/s. Babulal Rukmanand Vs. Official Liquidator, Bha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . On the facts of the case, the NCLT, by its judgment dated 19.02.2020 recorded that the default in this case had been admitted by the Corporate Debtor, and that the signed balance sheet of the Corporate Debtor for the year 2016-17 was not disputed by the Corporate Debtor. As a result the NCLT held that the section 7 application was not barred by limitation and therefore, admitted the same. We have already set aside the majority judgment of the Pull Bench of the NCLAT dated 12.03.2020 and the impugned judgment of the NCLAT dated 22.12.2020 in paragraphs 33 and 34......" (iv) Further the Financial Creditor has relied on the Para 22 of the judgment delivered by the Hon'ble Supreme Court in the matter of Action Ispat and Power Put ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he record also has another letter dated 07.06.2018 issued by the FC to the CD conveying revocation of the said OTS letter due to non-payment of the settlement amount by the CD despite lapse of considerable time. Further, copy of Balance Sheet for the Financial Year 2017-18 also shows that secured borrowings include IDBI Cash Credit amount of Rs. 76,99,61,821/- and Indian Bank Cash Credit amount of Rs. 41,68,13,000/-. The Balance Sheet is duly stamped and signed by the Auditor as well as Board of Directors of the CD. 11. Since the Balance Sheets for Financial Year 2017-18 clearly show the secured borrowings from the Financial Creditors, which constitutes acknowledgment of debt we do not find any merit in the contention of the CD as regards ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor; ii. 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. iii. Notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances 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 condit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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