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TMI Blog2019 (5) TMI 1925X X X X Extracts X X X X X X X X Extracts X X X X ..... ess of the Corporate Debtor as the Corporate Debtor committed default in paying financial debt of Rs. 471,59,37,171/- (Four Hundred Seventy-One Crore Fifty-Nine Lakh Thirty-Seven Thousand One Hundred and Seventy-One only). 2. It is stated that by letter of disbursement dated 03.09.2015 the Financial Creditor granted and disbursed financial assistance of sum of Rs. 380,00,00,000/- (Three Hundred and Eighty Crore only) to the Corporate Debtor as per the TRA Agreement. The Corporate Debtor did not comply some of the conditions against which the loan was granted and disbursed by the Financial Creditor. Hence, the Financial Creditor cancelled the loan agreement and called upon the Corporate Debtor to repay the entire amount. The Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ipe Line could not be transferred in favour of the Corporate Debtor. The Financial Creditor has granted and disbursed the loan on the condition of transfer of the Pipe Line. The title of the Pipe Line still remain with ESIL. The loan was granted and disbursed only on the ground that the Corporate Debtor will earn rental on the Pipe Line and will as pay loan. Since the Pipe Line remains with ESIL. They are not liable to pay any loan amount. 5. It is further stated that, the State Bank of India is one of the creditors of the ESIL has filed proceeding under Section 7 of Insolvency and Bankruptcy Code, 2016 against the ESIL before the Adjudicating Authority at Ahmedabad. That application was allowed by learned Adjudicating Authority. The Finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor when matter was pending before the Adjudicating Authority at Kolkata. Thereafter, the matter was transfer to this Bench of NCLT. I called upon the learned Counsel appearing for the parties to make submission a fresh if they wish. Accordingly, the learned Counsel for the Financial Creditor, learned Counsel Mr. Dhirendra Nath Sharma for the Corporate Debtor and learned Mr. Shounak Mitra appeared for the intervener. All of them adopted the earlier submissions made by learned Senior Counsels appearing for the parties. 9. I have gone through the record and proceeding and pleadings of the parties. In my considered view very short point arise for consideration is "Whether the IDBI Bank (Financial Creditor) can start Corporate Insolvency R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmitted default in paying the debt of the Financial Creditor more than Rs. 1,00,000/-(One Lakh). 12. It is not the defence of the Corporate Debtor that they did not received any financial assistance/loan from the IDBI Bank. It is not their defence that they repaid the entire loan amount. The defence as appears from pleadings is that the amount is not due because issue of title of Pipe Line is still sub judices. I hold that such defence is not acceptable at all. The Corporate Debtor having availed the financial assistance/loan from the Corporate Debtor cannot deny to repay the same on the ground that the assets which were mortgage to the Bank are not belong to them etc. It is true that the Officers of the IDBI Bank ought not to have granted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... These are the only facts which this Authority has to considered as per the ruling of Apex Court in case of M/s. Innoventive Industries Limited versus ICICI Bank Limited (2018) 1 SCC 407. The Bank proved both the facts. 15. The Financial Creditor suggested name of Shri Ashish Chhawchharia as IRP of Grant Thorton, 10C Hungerford Street, Kolkata, West Bengal - 700 017 having Registration No: IBBI/IPA-001/IP-P00294/2017-18/10538 and Email Id: [email protected]. There is nothing on record to show that any disciplinary proceeding is pending against proposed IRP. This application is defect free. Hence, I admit the same by following order. ORDER i) The application filed by the Financial Creditor under Section 7 of the Insolvency & Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... covery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. v) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium period. vi) The provisions of sub-Section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any Financial Sector Regulator. vii) The order of moratorium shall have effect from the date of admission till the completion of the Corporate Insolvency Resolution Process. viii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves ..... X X X X Extracts X X X X X X X X Extracts X X X X
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