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TMI Blog2022 (10) TMI 205X X X X Extracts X X X X X X X X Extracts X X X X ..... its liability in its reply dated 11.11.2019 to the Loan Recall Notice issued by the Financial Creditor. The said reply is attached as Exhibit JJ at p.253 of the Petition. considering this date of 11.11.2019, the limitation criteria is fulfilled. 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 Corporate Debtor to the Applicant. There is default by the Corporate Debtor in payment of debt amount. Therefore, we do not have any objection on record against the application filed for initiation of CIRP against the Corporate Debtor - this Bench is of view that the Corporate Debtor failed to make payment to the Financ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 82504037 Term Loan 1 3,51,41,125.37 87,24,621 4,38,65,746.37 82916371 Term Loan 2 6,89,49,072.02 4,58,09,347.01 11,47,58,419.03 Total 26,05,49,031.59 7,52,04,273.87 33,57,53,305.46 3. The date of Default as mentioned in the Petition is 23.07.2019. The Petition is filed on 22.04.2021. The date of NPA is 21.10.2019. 4. The case of the Financial Creditor is as under: a) The Corporate Debtor had approached the Financial Creditor an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued various Demand Promissory Notes dated 12.10.2012, 21.07.2015, 16.04.2016, 31.05.2016, 23.02.2017, 30.10.2017 and also Letter of Continuity of Demand Promissory Note dated 12.10.2012, 21.07.2015, 16.04.2016, 31.05.2016, 23.02.2017. 5. The Financial Creditor has issued Loan Recall Notice dated 05.11.2019 to the Corporate Debtor claiming a total sum of Rs.28,82,74,214.86 (Rupees twenty-eight crore eighty-two lakh seventy-four thousand two hundred fourteen and eighty-six paise only). The Corporate Debtor had replied to the notice vide its reply dated 11.11.2019 admitting their liability and assured that payment will be made at the earliest. Further the Financial Creditor has issued a Demand Notice dated 31.08.2020 under section 13( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vice upon the Corporate Debtor, the Corporate Debtor has not appeared in the matter. Further, the Corporate Debtor has admitted its liability in its reply dated 11.11.2019 to the Loan Recall Notice issued by the Financial Creditor. The said reply is attached as Exhibit JJ at p.253 of the Petition. considering this date of 11.11.2019, the limitation criteria is fulfilled. 11. From the above observation, this Bench is of view that the Corporate Debtor failed to make payment to the Financial Creditor and the debt is due and payable to the Financial Creditor by the Corporate Debtor. 12. 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder 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 where such property is occupied by or in possession of the corporate debtor. II. That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or susp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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