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TMI Blog2022 (6) TMI 826X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 13(2) of the SARFAESI Act, 2002 was issued on 8 March 2017. The contention of the Corporate Debtor is that during the pendency of proceedings under SARFAESI Act, 2002, a petition under the Code cannot be filed. The said contention cannot be considered since actions under the Code and the SARFAESI Act are two different legislations in two different fields. The purpose of one is recovery and the purpose of the other is resolution of insolvency. Therefore, proceeding with one course of action cannot hinder with the right of the party to proceed with another. Keeping in view that a default in the payment of a financial debt has occurred and has been acknowledged by the Corporate Debtor, and that the said application is not barred by limitation, the instant application under section 7 of the Code is complete in all respects. Application admitted - moratorium declared. - CP (IB) No. 1837/KB/2019 - - - Dated:- 13-6-2022 - Shri Rajasekhar V.K., Member(Judicial) And Shri Balraj Joshi, Member(Technical) For the Appellant : Rishav Banerjee, Rahul Auddy and Aditya Gooptu, Advocates For the Respondents : Debaleena Ganguly and Tapas Kumar Das, Advocates ORDE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he failure on the part of the Corporate Debtor and/or the guarantors to liquidate their dues with the Financial Creditor in spite of repeated requests and reminders, the Financial Creditor was compelled to call up the said credit facilities and issued Notice of Demand dated 6 March, 2017 demanding payment of the entire outstanding from the Corporate Debtor. 7. In spite of such demand made as aforesaid, the Corporate Debtor has failed to liquidate the outstanding in the said accounts. The Corporate Debtor availed of the aforesaid credit facilities but failed to operate the said accounts in conformity with the terms and conditions on the basis or which it was granted and started defaulting in liquidating the outstanding dues and/or to regularize the accounts there became due from and owing by the Financial Creditor to the Corporate Debtor an aggregate sum of ₹ 25,58,52,513/- (Rupees Twenty-Five Crore Fifty-Eight Lakh Fifty-Two Thousand Five Hundred and Thirteen Only) as on 30 September 2019. In spite of repeated requests and reminders, the Corporate Debtor have faulted and neglected to clear the Corporate Debtor's dues. Submissions on behalf of the Corporate Debtor: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x of Charges of the Corporate Debtor as available in the website of the Ministry of Corporate Affairs, a charge in connection with the credit facilities granted by UCO Bank for a sum of ₹ 15,00,00,000/- is appearing even as on date of affirmation of this Rejoinder, and the creation of charge and the subsistence of the same as on date is also to be construed as an acknowledgment of debt by the Corporate Debtor. 13. It is further denied that the instant section 7 petition is not maintainable since the same is not conjointly filed with State Bank of India. It is further stated that under the law there is no embargo for one of the financial creditor to proceed individually under the Code against the Corporate Debtor so long as the said Financial creditor is meeting the minimum criterion required to file a section 7 application. It is denied that during the pendency of a SARFAESI proceeding, application under section 7 of the Code cannot be filed. Both the proceedings are independent and there is no embargo under the law. It is denied that during the pendency of SARFAESI application the financial creditor is not entitled to file a petition under Section 7 of the Code as alleged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIRP against Limtex (India) Limited, CIN: U01132WB1992PLC054383, the Corporate Debtor, is admitted. b) There shall be a moratorium under section 14 of the IBC. c) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. d) Public announcement of the CIRP shall be made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. e) Shri Sandip Mitra, registration number IBBI/IPA-001/IP-P00497/2017-18/10085, email: [email protected] is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the Code subject to submission of a valid Authorisation of Assignment in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016. The fee payable to IRP or, as the case may be, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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