9911796707
TMI Blog2022 (3) TMI 1107X X X X Extracts X X X X X X X X Extracts X X X X ..... avikumar, Assistant Vice President of the Applicant Bank. 3. The Respondent herein is registered in Companies Act, 1956 bearing CIN : U93090TN1995PLC030736 having Registered Office at sf-273, Kavaraipettai-Sathyavedu Road, Thanipoondi Post, Gummidipoondi Taluk, Thiruvallur, Tamil Nadu 601 202. 4. The Applicant states that a sum of Rs. 20,31,41,861.24 (Rupees Twenty Crore Thirty One Lac Forty One Thousand Eight Hundred and Sixty One and paise Twenty Four only) is due and payable by the Corporate Debtor to the Applicant Bank herein. 5. The Applicant further states that the Respondent/Corporate Debtor herein has availed various credit facilities with the Bank since 2008. In view of the various credit facilities sanctioned and availed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le interest thereon till the date of realization. Hence, date and default of the amount has occurred beyond reasonable doubt. 12. Learned Counsel for the Applicant relies on the citation of the Hon'ble Supreme Court in the matter of Innoventive Industries Ltd. -V- ICICI Bank and Anr., (2018) 1 SCC 407 that, "...The moment the adjudicating authority is satisfied that a default has occurred, the application must be admitted unless it is incomplete, in which case it may give notice to the Petitioner to rectify the defect within 7 days of receipt of a notice from the adjudicating authority...." .... "...30. On the other hand, as we have seen, in the case of a corporate debtor who commits a default of a financial debt, the adjudicatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed the Application for not filing with the full facts of the case. 17. We have heard both the parties and perused all the documents filed along with the Applications. The Applicant Bank has filed the entire set of documents. Furthermore, debt and default has been proved. The Respondent has executed a letter of renewal dated 28.02.2018 and the documents executed by the Respondent in favour of the Applicant Bank which are also enclosed along with the Application. 18. There is no dispute about debt and default. The Application is complete in all aspects. The Applicant Bank has also taken proceedings under Section 13(2) of SARFAESI Act, 2002 for recovery of entire amount due and payable by the Respondent and hence the debt and default is pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during moratorium period; 20. However, during the pendency of the moratorium period in terms of Section 14(2) (2A) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Liquidation Order, as the case may be. 22. The Financial Creditor has proposed the name of Mr. Ravindra Beleyur, with Registration Number: IBBI/IPA-001/IP-P00189/2017-18/10368 (email fd:[email protected]), whose Authorization for Assignment (AFA) as per IBBI website is valid till 17.11.2022, as the Interim Resolution Professional (IRP) who has also filed his written consent in Form 2 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016. 23. The IRP is directed to take charge of the Corporate Debtor's management immediately. The IRP is also directed to cause public announcement as prescribed under Section 15 of the IBC, 2016 within three days from the date the copy of this Order is receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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