9911796707
TMI Blog2022 (6) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 (I&B Code) against Supertharrm Engineers Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). 2. The Financial Creditor is a bank and a body corporate constituted under the Maharashtra Co-operative Societies Act,1960. This application is filed by Mr. Subhash Deodhar, Chief Executive Officer of the Financial Creditor vide its Authority Letter dated 13.11.2020 marked as Annexure XII at Page 391 of the Petition, claiming a total default of Rs. 3,87,20,058.79/- (Rupees three crores eighty-seven lakh twenty thousand fifty-eight and seventy-nine paise only). 3. The Date of Default as mentioned in the Petition is 30.12.2017. The date of classification of the Corporate Debtor as a Non-Performing Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 55,68,903.79 1,28,16,178 3,34,977 Total Outstanding Amount as on 30.11.2020 Rs. 3,87,20,058.79 (Rupees three crore eighty-seven lakh twenty thousand and fifty-eight and seventynine paise only) c. As far as Security is concerned, Cash Credit facilities were secured by executing various documents such as Mortgage Deed dated 25.03.2013, Supplementary Mortgage Deed dated 05.12.2013, Deed of Further Charge dated 14.02.2015 as well as Notice of Intimation of Mortgage by way of Deposit of Title Deed dated 22.12.2016 are marked as Annexure 'V' at Page No.25 of the petition respectively. d. As the Corporate Debtor continued to default in repayments of its debt to the Financial Creditor, its account was classified as an NPA on 30.12.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate insolvency resolution process of the Corporate Debtor. 5. The case of the Corporate Debtor is as under: a. The Corporate Debtor is a Private Limited Company registered under the Companies act,1956 with its Corporate Identification Number as U28131PN2005PTC021526, with the registered office at 172/2, Village Salumbre, Tal Maval, Talegaon Pune, Maharashtra -410506. b. The Corporate Debtor states that the Financial Creditor was charging an exorbitant interest rate even though the Corporate Debtor tried to clear the dues of the Financial Creditor on multiple occasions but due to inaction of Financial creditor, the settlement could not take place. c. The Corporate Debtor had approached Kotak Mahindra Bank and got his 1st sanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame have been duly considered. Findings/Observations: 7. We have heard the submissions made by the counsel on both the sides and perused the records. 8. The letters which were issued by the Corporate Debtor to the Financial Creditor clearly highlight the existence of Debt due and Corporate Debtor's willingness to settle the same. 9. It is clear from the records that the Corporate Debtor has time and again acknowledged the debt which was due and payable to the Financial Creditor. The corporate Debtor has admitted his liability at para(e) in its reply. 10. On perusal of the documents submitted by the Applicant, it is clear that financial debt amounting to more than Rs.1,00,00,000/- (Rupees One Crore Only) is due and payable by the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at this Bench as a result of this prohibits: a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor 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 corporate debtor 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 corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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