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TMI Blog2022 (4) TMI 781X X X X Extracts X X X X X X X X Extracts X X X X ..... e contention that the Petition is barred by limitation is untenable. In view of the aforesaid, the petition is admitted. The nature of Debt is a Financial Debt as defined under section 5(8) of the Code. It has also been established that there is a Default as defined under section 3(12) of the Code on the part of the Debtor. The two essential qualifications, i.e., existence of 'debt' and 'default', for admission of a petition under section 7 of the I B Code, have been met in this case. Besides, the Company Petition is well within the period of limitation - it is found that the Petitioner has not received the outstanding Debt from the Corporate Debtor and that the formalities as prescribed under the Code have been compl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner are as follows: i. A copy of the letter of Confirmation for creation of Mortgage dated 30th March, 2013 ii. A copy of the Memorandum of Recording creation of mortgage by deposit of title deeds dated 28th March, 2013. iii. A copy of certificate of Registration of charge issued by Registrar of Companies (RoC) along with the relevant forms for creation of charge before the ROC. iv. A copies of valuation reports of the properties v. A copy of the letter of arrangement dated 28th March, 2013 vi. A copy of the loan - cum- Hypothecation dated 258th march, 2013. vii. A copy of the legal notice dated 20th May, 2014 viii. A copy of Notice under Section 13(2) of SARFAESI Act, 2002 dated 28th July, 2013 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so enclosed the order of DRT Mumbai dated 08.01.2015, the order under Section 14 of Securitisation Act passed by District Magistrate, Palghar. Further, the applicant has also enclosed the OTS proposal dated 16.05.2019 proposed by the Vindyavasini Group of Companies which includes the debts of the Corporate Debtor. Finding 10. On going through the submissions made by the Learned Counsel for the Petitioner and the Corporate Debtor and perusing the documents produced on record, it is established beyond doubt the Petitioner had granted loan under Agreement of Loan cum hypothecation/letter of arrangement dated 28.03.2013. A letter of confirmation was issued for creation of mortgage on 30.03.2013. Thereafter, the memorandum recording creati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the party against whom such property or right is claimed, or by any person through whom he derives his title or liability, a fresh period of limitation shall be computed from the time when the acknowledgment was so signed. (2) Where the writing containing the acknowledgment is undated, oral evidence may be given of the time when it was signed; but subject to the provisions of the Indian Evidence Act, 1872 (1 of 1872), oral evidence of its contents shall not be received. Explanation.--For the purposes of this section,-- (a) an acknowledgment may be sufficient though it omits to specify the exact nature of the property or right, or avers that the time for payment, delivery, performance or enjoyment has not yet come or is accom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e formalities as prescribed under the Code have been completed by the Petitioner, we are of the conscientious view that this Petition deserves 'Admission'. 16. Further that, we have also perused the Form - 2 i.e., written consent of the proposed Interim Resolution Professional submitted along with this application/petition by the Financial Creditor and there is nothing on record which proves that any disciplinary action is pending against the said proposed Interim Resolution Professional. 17. The Petitioner has proposed the name of Insolvency Professional. The IRP proposed by the Petitioner, Mr. Naren Sheth, having registration IBBI/IPA-001/IP-P00133/2017-18/10275, is hereby appointed as Interim Resolution Professional to cond ..... X X X X Extracts X X X X X X X X Extracts X X X X
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