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TMI Blog2019 (2) TMI 1989X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Process (hereinafter called "CIRP‟) of New Phaltan Sugar Works Limited (hereinafter called the "Corporate Debtor‟) on the ground, that the Corporate Debtor committed default on 30.06.2017 in repayment of facilities granted to the Corporate Debtor to the extent of Rs. 1255.17 Lacs, under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called the "Code‟) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. On perusal of the Petition it reveals that the following facilities were granted to the Corporate Debtor by the Petitioner. Sr. No. Nature of Facility Amount (in lacs) 1 Term Loan 1641.00 2 Term Loan 259.00 Total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the sugarcane and their families are depending on the Corporate Debtor for their survival. c. An Application filed by the Corporate Debtor before DRT, Pune is pending for adjudication. d. The Petitioner has taken symbolic possession of the machineries of the Corporate Debtor on 03.05.2018. e. After the issue of Notice U/s 13 (2) of the SARFAESI Act, 2002, by the Petitioner, the Corporate Debtor has taken out an application before the DRT and the same is pending before the said Forum. f. The Petitioner has wrongly charged interest of Rs. 8,44,34,353/- and penal interest of Rs. 8,73,475/- for the first Term Loan of Rs. 16.41 Crores. Likewise, the Petitioner wrongly charged a sum of Rs. 1,47,74,965/- as interest and Rs. 91,177/- as p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the receipt of the application. It is at the stage of Section 7(5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the "debt", which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f by the Corporate Debtor any of its assets or any legal right 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act); (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. (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) That the provisions of sub-section (1) of Section 14 shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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