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TMI Blog2022 (1) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial Creditor claiming to be in default a sum of Rs. 1,85,19,027/- inclusive of interest of 17% p.a. as on 22.07.2021. The date of default is 1st April,2021. 2. The Corporate Debtor is a private limited company incorporated on 24.02.1982 under the companies Act,1965 with Register of companies (RoC), Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U45200MH1982PTC026441. Its registered office at CTS No.714 F, Plot No.508, Near National College, V.P. Road, Bandra (WEST), Mumbai Therefore, this bench has jurisdiction to deal with this petition. 3. The case of Financial Creditors is as follows: a) The Financial creditor submits that, the total amount claiming to be in default is a sum of Rs. 1,85,19,027/- inclusive of interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riodically interest till 14th February 2016 and thereafter the Corporate Debtor has failed to make any payment. e) The Financial Creditor Submits that, reminder letters dated 20.02.2018 and 1.03.2018 requesting for the Repayment of loan along with interest was due since 15.02.2016 which was given to the Corporate Debtor. f) The Financial Creditor Submits that, a letter dated 3.03.2018 informing the Financial Creditor that Corporate Debtor has sent all the details to the CA for checking and verifying the same as it pertains to period before the fire took place in the Company's office premises. On receiving the information from the CA, the same will take 3 weeks for further compliance. g) The Financial Creditor Submits that, as on 08.07 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Submits that, the Corporate Debtor had approached with an offer of One-time Settlement with a proposal to make payment of the entire amount of Principal and interest till 30.06.2020. It was further agreed between parties that the corporate Debtor will secure the payment of dues to the Financial Creditors. n) The Financial Creditor Submits that, Agreement for Repayment of Loan dated 7.10.2020 executed between the Corporate Debtor and Financial Creditor annexed and marked as Annexure "F" of the Company Petition. o) The Financial Creditor has proposed Mr. Saket Shantilal Jain, an Insolvency Professional registered with Indian Institute of Insolvency Professionals of ICAI having registration number IBBI/IPA-001/IP-P00065/2017-2018/10151. H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... referring to the letters dated 20.02.2018 ,01.03.2018 and 3.03.2018 alleging that the financial creditor has sent the figures/amounts by mistake and are incorrect. 6. Corporate Debtor submits that, as per the letter dated 25.07.2020 requesting for the extension of time to deposit and issue cheques all dated 30.06.2020. 7. The Financial Creditor Submits that, demand notice dated 24.05.2018 was issued against the Corporate Debtor to make the outstanding payment of Rs. 1,31,59,605/-. 8. Corporate Debtor submits that, reply to demand notice dated 24.05.2018 was filed on 02.06.2018 stating that amounts to be paid only after the sale of premises. 9. Corporate Debtor submits that letter dated 18.03.2018, referring to the letters dated 20.02.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicant against GAMBS India Private Limited, Corporate Debtor for initiating corporate insolvency resolution process is admitted. We further declare moratorium u/s 14 of I&B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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