9911796707
TMI Blog2019 (1) TMI 1960X X X X Extracts X X X X X X X X Extracts X X X X ..... o 316 of the typed set filed with the Application. It is reiterated by the Learned Counsel for the Financial Creditor that the Corporate Debtor has filed Balance Sheet for the year 2011-2012, and thereafter, no Balance Sheet has been filed - the Financial Creditor has initiated SARFAESI proceedings by issuing a Demand Notice dated 06.06.2011 under Section 13(2) of the SARFAESI Act, 2002 and followed by the Possession Notice dated 15.09.2011 under Section 13(4) of the SAPFAESI Act against the Corporate Debtor, copies of which are placed at pages 317 to 321 of the typed set filed with the Application. The Learned Sr. Counsel for the Financial Creditor has submitted that the Financial Creditor has also filed Original Application No. 376/2013 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India Limited (hereinafter referred to as Corporate Debtor. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP). 2. The Corporate Debtor has filed an Affidavit on 09.07.2018 providing outlines of the settlement including the proposed dates of payment thereof. However, after seeking several opportunities, no payment was made by the Corporate Debtor due to which this Authority vide Order dated 06.12.2018 has recorded that the Corporate Debtor is delaying the proceedings and seeking time without any constructive proposal for settlement between the parties. 3. Now, at the time of hearing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Cash Creditor Limit of ₹ 9.50 Crores ii) Bill Discounting/LC Limit of ₹ 5 Crores and iii) Bank Guarantee Limit of ₹ 3.50 Crores by executing composite agreement on 27.02.20 10 in favour of the Federal Bank Limited to the tune of ₹ 18 Crores, copy of the agreement is placed at pages 419 to 425 of the typed set filed with the Application. Besides above, the Corporate Debtor has executed Agreement of Cash Credit to the tune of ₹ 9.50 Crores, Agreement for Negotiable Instruments Purchased/Discounted to the tune of ₹ 5 Crores and Single Counter Guarantee to the tune of ₹ 3.50 Crores in favour of the Federal Bank Limited on 27.02.2010, Copies of which are placed at pages 427 to 442 of the typed set filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which is placed at pages 565 of the typed set filed with the Application, wherein the Corporate Debtor had agreed to regularise the account before 27.09.2011. The Corporate Debtor has also sent one more communication dated 23.06.2012, copy of which is placed at page 564 of the typed set filed with the Application wherein it has been stated that the Corporate Debtor will submit all necessary documents for renewal along with the settlement of the overdue on the date specified. 10. However, the Corporate Debtor failed to service the loans availed by it. The Federal Bank Limited has assigned the debt to the Applicant viz., JM Financial Asset Reconstruction Company Limited on 26.03.2013 by executing an Assignment Deed placed at pages 87 to 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by issuing a Demand Notice dated 06.06.2011 under Section 13(2) of the SARFAESI Act, 2002 and followed by the Possession Notice dated 15.09.2011 under Section 13(4) of the SAPFAESI Act against the Corporate Debtor, copies of which are placed at pages 317 to 321 of the typed set filed with the Application. Besides above, the Learned Sr. Counsel for the Financial Creditor has submitted that the Financial Creditor has also filed Original Application No. 376/2013 against the corporate Debtor before the Debts Recovery Tribunal at Ernakulam, which is pending. 13. A fair chance has been given to the Counsel for the Corporate Debtor for stating his defence. However, it has fairly been submitted by the Counsel for the Corporate Debtor that she i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Insolvency Resolution Process, for the purposes referred to in Section 14 of the I B Code, 2016. It is hereby ordered to prohibit all of the following, namely: (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 corporate debtor in respect of its property including any action under the Securitisation and Reconstruction o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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