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TMI Blog2022 (4) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... the Creditor Bank as per the clauses contained in the Consent Terms in respect of the outstanding financial debt which is apparent from the documents placed on record. These petitions filed under Section 95 of the Insolvency and Bankruptcy Code, 2016(IBC) read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019 by the State Bank of India against Personal Guarantors of the Corporate Debtor M/s. Orma Marble Palace Private Limited are allowed - moratorium declared. - CP (IB)/07, 08, 09, 10, 11, 12, 13 and 14/KOB/2022 - - - Dated:- 17-3-2022 - Ashok Kumar Borah, Member (J) And Anil Kumar B., Member (T) For the Appellant : Vinod P.V., Advocate ORDER Ashok Kumar Borah, Member (J) 1. Since common issues and laws ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orrower, the credit facility was enhanced to ₹ 2,00,00,000/- on 04.05.2009. The credit facility was further enhanced to ₹ 3,00,00,000/- by way of sanction letter dated on 23.03.2010 and to ₹ 8,00,00,000/- by way of sanction letter dated 15.07.2011. At the request of the Corporate Debtor, the Creditor has further enhanced the aggregate limit of the existing credit facility from ₹ 8,00,00,000/- to ₹ 13,00,00,000/- vide sanction letter and supplementary agreement of loan for increase in overall Working Capital Limit along with other loan documents. 4. It is stated that the State Bank of Travancore merged with State Bank of India (SBI) with effect from 01.04.2017, since then, the account of the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 16.07.2011. The Personal Guarantors guaranteed the repayment of all money payable by the Corporate Debtor to the Creditor in respect of the above credit facilities together with interest thereon, and all cost and expenses in terms of the Loan Documents. It is further stated that due to the default committed by the Corporate Debtor, the Loan Accounts became NPA on 28.05.2018. 5. It is stated that the Creditors have issued a demand notice under Section 13(2) of the SARFAESI Act on 07.01.2019 to the Corporate Debtor and Guarantors, by invoking the personal guarantee, directing them to discharge the then liability of ₹ 12,19,17,748/- within 60 days from the date of the said notice, However, the Corporate Debtor and Personal Guarant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating an insolvency resolution process against--(a) any one or more partners of the firm; or (b) the firm. (3) Where an application has been made against one partner in a firm, any other application against another partner in the same firm shall be presented in or transferred to the Adjudicating Authority in which the first mentioned application is pending for adjudication and such Adjudicating Authority may give such directions for consolidating the proceedings under the applications as it thinks just. (4) An application under sub-section (1) shall be accompanied with details and documents relating to--(a) the debts owed by the debtor to the creditor or creditors submitting the application for insolvency resolution process as on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e allowed with the following directions:- II. The interim-moratorium under Section 96(1)(a) of the Insolvency and Bankruptcy Code, 2016 has commenced on the date of filing of these applications by the Creditor in relation to all the debts and will cease to have effect on the date of admission III. During such interim-moratorium period- (a) any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed; and (b) the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt. IV. Since the petitions have been filed through Mr. Easwara Pillai Kesavan Nair, Insolvency Resolution Professional having Registration No. IBBI/IPA-001/IP-P00448/2017-2018/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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