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TMI Blog2022 (3) TMI 1107X X X X Extracts X X X X X X X X Extracts X X X X ..... oceedings 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 proved. Under the said circumstances, this Tribunal is left with no other option than to proceed with the present case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor, which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared. - CP/IB/61/CHE/2021 - - - Dated:- 8-3-2022 - Sucharitha R., Member (J) And Sameer Kakar, Member (T) For the Appellant : Aditi Mittal, Advocate For the Respondents : Kumarpal Chopra, Advocate ORDER Sucharitha R., Member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctioned letter dated 27.11.2008 - cash credit facility ₹ 1.5 Crore; export packing credit facility ₹ 2.5 Crore and Forward Contract Loan facility ₹ 15 lakh were sanctioned to the Respondent herein. 8. Thereafter at various stages, the loan was enhanced and furthermore facilities were extended to the Respondent. The Respondent has also executed letters of renewal. The last renewal letter is dated 28.02.2018. 9. However, the entire loan account of the Respondent herein was declared as a non-performing asset (NPA) on 30.09.2018. Thereafter, the Applicant had also initiated proceedings under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 10. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the satisfaction of the adjudicating authority that the adjudicating authority may reject an application and not otherwise.... 13. The Respondent filed their counter. The Respondent has taken a very few flimsy grounds saying that the pleadings are incomplete in the Application. Furthermore, there is a discrepancy in the amount claimed by the Petitioner. 14. The Petitioner has not enclosed the entire documents as executed between the parties and by letter of final sanction letter dated 28.02.2018 under Clause 5, the amount becomes due and payable only on demand. 15. Since no legal notice has been issued by the Applicant Bank, there is no default on the part of the Respondent herein. The Respondent has also relied on two citations: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of pending suits or proceedings against the respondent 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 respondent 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 respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d or interrupted during the period of moratorium, except where such Corporate Debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified. (3) The provisions of sub-section (1) shall not apply to (a) such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority; (b) a surety in a contract of guarantee to a corporate debtor. 21. The duration of the period of moratorium shall be as provided in Section 14(4) of the Code and for ready reference reproduced as follows: (4) The order of moratorium shall have effect from the date of such order till the com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the IBC, 2016 and file his report within 30 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIRP in relation to the Corporate Debtor in terms of the provisions of IBC, 2016. 25. The IRP shall comply with the provisions of Sections 13(2), 15, 17 18 of the Code. The Directors of the Corporate Debtor, its Promoters or any person associated with the management of the Corporate Debtor are/is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19 of IBC, 2016 for the purpose of discharging his functions under Section 20 of IBC, 2016. 26. The IRP shall conduct the Corporate Insolvency Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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