9911796707
TMI Blog2022 (1) TMI 975X X X X Extracts X X X X X X X X Extracts X X X X ..... es of revival also have been severely and adversely impacted since March, 2020 due to Covid-19 outbreak - the Corporate Debtor Company has been particular that the Financial Creditor examines the genuine grievances and addresses its Concerns comprehensively to arrive at an amicable solution to adequately compensate the Corporate Debtor in quick time for the irreparable damage caused to the business and losses incurred that are solely attributable to the acts of omission on the part of the Financial Creditor. Upon reconciliation, the Debt may not exist and therefore, the Petition is not maintainable. The Counsel appearing for the Corporate Debtor reported that though he contacted by his client, his client did not give any instructions to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... registered and incorporated under the Provisions of Companies Act, engaged in the business of processing and export of tobacco. 3. It is submitted that the Corporate Debtor approached the Financial Creditor for availing financial assistance, working capital loan facilities. Hence, as per the request of the Corporate Debtor the Financial Creditor sanctioned various credit facilities. The Corporate Debtor executed various Agreements with the Financial Creditor for availing financial assistance from the Financial Creditor. As per the request of Corporate Debtor the Financial Creditor has sanctioned the credit facilities from time to time on various occasions. 4. The Corporate Debtor and its Guarantors executed Memorandum of Entry regardi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;s operations. The hopes of revival also have been severely and adversely impacted since March, 2020 due to Covid-19 outbreak. The interest coupled with penal interest mounted to the extent that the total exposure included mostly interest debited in the previous three to four years. Because of the attitude of the Financial Creditor the Corporate Debtor lost heavy amounts with its fortunes lingering in a suspended state. If the Financial Creditor revisits the sequence of events and loss to the Corporate Debtor due to inaction, it would be evident that the Corporate Debtor does not have to pay any amount towards loans availed by it in the past. 8. The Corporate Debtor Company has been particular that the Financial Creditor examines the gen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4B, Jains Bhavani Residency, ST No. 3, Kakatiya Nagar, Habsiguda, Hyderabad, Telangana-500007; e-mail: [email protected]; Mobile: 8008022887 is appointed as the Interim Resolution Professional. No disciplinary proceeding is pending against him as per the IBBI website. ii. He is directed to take charge of the Corporate Debtor's management forthwith and take necessary steps in furtherance of the CIRP in terms of Sections 13(2), 15, 17, 18 and 20 of Code and Rules made thereunder. iii. Moratorium in respect of the Corporate Debtor is hereby declared in terms of Section 14 of the Code. iv. The Directors, Promoters or any other person(s) associated with the management of Corporate Debtor shall extend all assistan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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