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TMI Blog2022 (7) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... nded and Section 10A was inserted to the Code where provisions regarding Suspension of initiation of corporate insolvency resolution process are detailed - This suspension was further extended by subsequent Notifications issued by the Ministry of Corporate Affairs until 25th March 2021. Since the date of Default falls within the said time period of suspension, this Petition is barred by Section 10A of the Code. Even though an Event of Default as stipulated under the terms of the Agreement dated 10th October 2018 has occurred, the filing of this Petition is expressly barred by Section 10A of the Code. Petition dismissed. - CP No. (IB) 53/ MB/ 2022 - - - Dated:- 17-6-2022 - Hon ble Member (Judicial) : Justice P. N. Deshmukh (Ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oan facility for working capital requirements of the Borrower from time to time for an amount not exceeding Rs. 2,00,00,000/- (Rupees 2 Crores only). The following was agreed between the parties vide Loan Agreement dated 10th October 2018: a. That the funds shall be disbursed in tranches as and when required for infusion of fresh working capital; b. That the entire loan amount including the principal and the interest shall be converted into equity shares of the Borrower and Corporate Debtor proportionately and the said equity shall be transferred in favour of the Financial Creditor by the Borrower and Corporate Debtor in lieu of repayment of the loan amount as on 31st December 2020. In such a scenario, the Financial Creditor will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Default . The Financial Creditor addressed a Letter dated 16th November 2020 to the Corporate Debtor intimating the Corporate Debtor about the cut-off date of conversion of the outstanding debt into equity. The Corporate Debtor acknowledged the existence of the Agreement and admitted their liability to repay the Loan amount vide Reply dated 26th November 2020, copies of which have been duly annexed to this Petition. 5. Several reminders were thereafter sent by the Financial Creditor to which the Corporate Debtor replied seeking time to repay the dues. A Loan Recall Notice dated 25th July 2021 was sent by the Financial Creditor to the Corporate Debtor demanding the payment of the entire outstanding amount after the Borrower expressed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on process.- Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified in this behalf: Provided that no application shall ever be filed for initiation of corporate insolvency resolution process of a corporate debtor for the said default occurring during the said period. Explanation.-For the removal of doubts, it is hereby clarified that the provisions of this section shall not apply to any default committed under the said sections before 25th March, 202 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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