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TMI Blog2022 (6) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany Petition filed by the Financial Creditor and that there is a Debt due payable by the Corporate Debtor. Therefore, the Application filed by the Financial Creditor is liable to be admitted. Application admitted - moratorium declared. - CP (IB) No.1442/MB/2020 - - - Dated:- 7-6-2022 - Mr. Rajesh Sharma Hon ble Member (Technical) And Mr. Kishore Vemulapalli Hon ble Member (Judicial) For the Petitioner : Mr. Omkar Deosthale , Advocate For the Respondent : Mr. Shyam Kapadia, Advocate ORDER Per: Kishore Vemulapalli Member, Judicial 1. This is an application being CP (IB) No.1442/MB/2020 filed by Vidya Sahakari Bank Limited, the Financial Creditor/Applicant, under Section 7 of the Insolvency Bankruptcy Code, 2016 (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 39 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14,65,523 32,848 4. HPL/747 48,02,892 29,88,795 31,450 5. HPL/748 9,27,559 4,53,138 23,796 6. HPL/765 4,78,129 2,36,392 24,517 7. HPL/777 27,32,758 10,84,609 45,872 8. Forced Loan (Bank Guarantee Revoked) 29,79,625 3,79,651 - Amount(A+B+C) 2,55,68,903.79 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 sanction letter dated 25.11.2019 for an amount of Rs.2,57,00,000/- in order to settle the term Loan leaving bank Guaranteed amount and CC amount by offering the suit properties as the proposed collateral and the same was being informed to the Financial Creditor. d. The Corporate Debtor requested the Financial Creditor through its letter dated 28.12.2019 to provide the list of original documents but the Financial Creditor never replied. e. The Corporate Debtor got 2nd sanction letter dated 14.02.2020 from Kotak Mahindra Bank for an amount of Rs.4,70,00,000/- and the same was replied and the documents were provided by the Financial Creditor to Kotak Mahindra Bank along with the outstanding amount as on 31.01.2020 through its letter dated 26.02.2020. f. The Corporate Debtor submits that two request letters were sent for settlement of dues under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I B Code and has also given his declaration that no disciplinary proceedings are pending against him. ORDER 13. This Application being CP(IB) No.1442/MB/2020 filed under Section 7 of I B Code, 2016, presented by Vidya Sahakari Bank Limited, Financial Creditor/ Applicant against Supertharrm Engineers Private Limited, Corporate Debtor for initiating corporate insolvency resolution process is admitted. We further declare moratorium u/s 14 of I B Code with consequential directions as mentioned below: I. That 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 Inter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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