9911796707
TMI Blog2022 (3) TMI 864X X X X Extracts X X X X X X X X Extracts X X X X ..... . 81,78,54,736.50 as on 31.01.2019. 2. The Financial Creditor has submitted that loan of Rs. 27,05,00,000/- was sanctioned on account of cash credit hypothecation and Rs. 55,25,00,000/- on account of packing credit on 26.09.2016 to the borrower Wearit Global Ltd. (hereinafter referred to as "WGL") and the Corporate Debtor gave a corporate guarantee of aforesaid loan amount along with other guarantors to secure the aforesaid loan amount. 3. It is submitted by the Financial Creditor that the said loan amount was to be paid within one year from the date of disbursal of the loan amount. However, the Corporate Debtor has failed to pay the said amount as on the agreed date. Thereafter, the Bank issued a loan recall notice on 06.08.2018 to the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... used the material on record. It is noted that a loan amount of Rs. 27,05,00,000/- on account of cash credit hypothecation and Rs. 55,25,00,000/- was sanctioned on 26.09.2016 to the WGL and the M/s. Hind Sintex Limited had given a guarantee for securing the aforesaid loan amount, thereby the Hind Sintex Limited is a Corporate Debtor in terms of section 2(8) of the IB Code read with section 2 (8) and section 5 (8)(i) of the Code. The Corporate Debtor failed to pay the outstanding amount as per the terms and conditions of the sanction letter dated 26.09.2016. Thereafter, the Financial Creditor issued a recall notice, as well as legal notice for the repayment of the outstanding amount but the Corporate Debtor failed to pay the outstanding loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome to effect from the date of this order till the completion of Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, as the case may be. IV. The Adjudicating Authority hereby prohibits the institution of suits or continuation of pending suit or proceedings against the Corporate Debtor including the execution of any judgment, decree or order in any Court of law and further prohibits Tribunals, Arbitration Panels or other Authority(s), transferring, encumbering, alienating or disposing of any of Corporate Debtor assets or any legal right or beneficial interest therein; any action to foreclose, rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Code to extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter, or any other person required to assist or cooperate with the IRP, do not assist or co-operate, the IRP is at liberty to make the appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. IX. The IRP shall be under a duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of an obligation imposed by Section 20 of the Insolvency & Bankruptcy Code, 2016. X. We direct the Financial Creditor/Applicant to pay the IRP a s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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