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TMI Blog2022 (5) TMI 802X X X X Extracts X X X X X X X X Extracts X X X X ..... thin the period of limitation and not barred by law - The Registered Office of the Corporate Debtor is situated in Union Territory of Dadra Nagar Haveli and therefore this Adjudicating Authority has jurisdiction to entertain and try this Application. The present Application being complete in terms of Section 7(5) of the Code we admit the application and initiate Corporate Insolvency Resolution Process of the Corporate Debtor - Application admitted - moratorium declared. - CP (IB) No. 209/NCLT/AHM/2021 - - - Dated:- 26-4-2022 - Dr. Deepti Mukesh, Member (J) And Ajai Das Mehrotra, Member (T) For the Appellant : J. Sagar Associates, Advocates For the Respondents : Arpit R. Singhvi, Learned Counsel ORDER 1. The insta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 005 by SBI Backbay Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai -400021. The said credit facilities were renewed/enhanced from time to time, at the request of the Corporate Debtor, by various banks (State Bank of India, The Shamrao Vithal Co- operative Bank Limited, The South Indian Bank Ltd., Canara Bank) and the renewal of credit facilities was done under Master Restructuring Agreement dated 31.03.2015 and Third Supplemental Working Capital Consortium Agreement dated 01.07.2015. 5. In 2009, the credit facilities were brought under consortium arrangement with SBI as the lead Bank and The Shamrao Vithal Co-operative Bank Limited, joining as member bank (SBI Consortium). In or around May 2013, South ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor has time and again acknowledged the debt owed to the Financial Creditors and have also executed 'Revival letter dated 31.12.2016 to extend the validity period in terms of section 18 of the Limitation Act. The Financial Creditors time and again sent various letters/legal/re-call notices to call upon to pay debt, to the Corporate Debtor, but the Corporate Debtor has failed to fulfill its obligation. 9. Thus, the Applicant filed present Application under Section 7 of the Code. As per Form-I of the Application, total amount claimed by the Applicant is Rs. 147,54,94,853.59/- (Rupees One hundred forty seven crores fifty four lakhs ninety four thousand eight hundred fifty three and paisa fifty nine only) as on 30.09.2021 wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... matter, the Corporate Debtor had time and again acknowledged the debt within limitation period in their financial statements for 2018-19 and again 2019-20 and their last offer letter of compromise/one time settlement for outstanding dues dated 30.08.2021 to the State Bank of India through their deputy general manager. Present application is filed on 02.11.2021, therefore, the present Application is within the period of limitation and not barred by law. 13. The Registered Office of the Corporate Debtor is situated in Union Territory of Dadra Nagar Haveli and therefore this Adjudicating Authority has jurisdiction to entertain and try this Application. 14. Considering the admission of debt by the Corporate Debtor, and the present Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 16.1. The above moratorium shall be subject to provisions of sub-sections (2) to (4) of section 14 of the code which are reproduced below: (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 moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. 19. The IRP shall make the public announcement of the initiation of the Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13(1) (b) of the IBC, 2016. 20. We direct the Applicant to deposit a sum of Rs. 2,00,000/- with the Interim Resolution Professional, namely CA Mr. Ravindra Kumar Goyal to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016. The needful shall be done within one week from the date of re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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