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TMI Blog2021 (9) TMI 1429X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor for the year 2015-2016 and 2016-2017 as has been annexed in the rejoinder submitted by the Petitioner. The Financial Creditor has also produced the Bank statements before the Bench that clearly reflects disbursal of the money. The bench notes that the Corporate Debtor is a body Corporate and has independent identity distinct from the shareholders. The Bench also notes that the Corporate Debtor had borrowed the money and it must be repaid. Since the Corporate Debtor had borrowed the money, it cannot take a plea of intra shareholders dispute or allegation of internal wrong doings by the constituent shareholders as a reason for not meeting its repayment obligation - In any case, the term loans have been reflected in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... came to be executed between the Corporate Debtor and Yes Bank Limited (YBL). Out of the six term loans, Term Loans I II were re-paid and therefore, the present Petition is not concerned with them. There were defaults in the repayment of the remaining four loans (Term Loans III to VI). These were assigned by the lender, i.e. Yes Bank Ltd. (YBL) to the present Financial Creditor by an Assignment Agreement dated 29th September, 2017. 3. The details of these Four Term Loans are as follows: I. Term Loan III was for a sum of Rs. 7,60,00,000/- and was disbursed on 12.11.2012. II. Term Loan IV was for a sum of Rs. 40,00,00,000/- and was disbursed in 5 tranches on 29.03.2014, 30.04.2014, 29.05.2014, 28.06.2014 and 26.07.2014. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ans were not only fraudulently sanctioned in the CD's name by Yes Bank Limited (YBL) in conspiracy with certain individuals affiliated with the HDIL group in spite of the fact that YBL was fully aware that the said individuals were not authorized to incur any financial debt on behalf of the CD but were also disbursed by YBL after notified in writing that these individuals were not authorized to avail any loans on behalf of the CD; b) Diverted from CD's YBL bank account by YBL officials to YBL bank accounts of HDIL group companies; and c) Immediately debited by YBL officials from YBL bank accounts of these HDIL group companies towards repayment of unrelated loan facilities that had been extended by YBL to these HDIL gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. The Financial Creditor is M/s. Suraksha Asset Reconstruction Private Limited to which Yes Bank Limited (YBL) has assigned the loan vide Assignment Agreement dated 29.09.2017. 5. This Petition has been preferred under section 7 for four term loans amounting to total Rs. 159,67,40,173/- along with interest as on 15.03.2019. The date of default as per the Petition is 13th July 2017. The Bench notes that existence of Financial Debt is admitted by the Corporate Debtor and these term loans are adequately reflected in the balance sheet of the Corporate Debtor for the year 2015-2016 and 2016-2017 as has been annexed in the rejoinder submitted by the Petitioner. The Financial Creditor has also produced the Bank statements before the Bench t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm loans have been reflected in the balance sheet of the Corporate Debtor and is reflected in the CIBIL Report. The facts of the case clearly and unbiasedly shows that there is a Financial Debt in terms of section 5(8) of IBC, 2016 and there is default in terms of section 3(12) of the IBC, 2016 by the present Corporate Debtor. 10. In view of this the Bench admits this Petition to Initiate Corporate Insolvency Resolution Process against the Corporate Debtor by admitting the Petition under section 7 of the IBC. 11. Accordingly, the above Company Petition is admitted by passing the following: a. The above Company Petition No. (IB) 1621(MB)/2019 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upted during moratorium period. f. That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. g. That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. i. During t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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