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2019 (7) TMI 1508 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of Corporate Insolvency Resolution Process (CIRP) - Corporate Debtor - default of debt or not - HELD THAT:- The Petitioner is an Assignee of debt of the original lender, UCO Bank that has assigned its debt to the Petitioner vide Deed of Assignment dated 8.7.2014. The Corporate Debtor entered into the Master Restructuring Agreement dated 31.3.2012 for an amount of ₹20.26 crores owed to the Assignor. The Corporate Debtor entered into the Addendum to Master Restructuring Agreement dated 22.6.2012for an amount of ₹5.49 crores owed to the Assignor - The existence of debt is further established by various instruments for the creation of security interest for the loans availed by the Corporate Debtor such as the Additional and Third Supplement Memorandum of Entry dated 22.6.2012 and the Extension of Charge of Hypothecation dated 22.6.2012 that are annexed to the Petition. Further, the Petitioner has also annexed the Pledge of Shares Agreement dated 22.6.2012 created in favour of the Financial Creditors of the Corporate Debtor.
It is an admitted fact that the Petitioner has initiated proceedings before the Ld. DRT in the year 2014 and the same has still pending adjudication. The date of default, as stated by the Petitioner in Form 1, is 31.3.2013, i.e. the date of classification of account of the Corporate Debtor as NPA. The Corporate Debtor has also acknowledged this date as the date of default. Therefore, it cannot be disputed that the proceedings before the Ld. DRT for the impugned debt was filed within the limitation period. Thus, the debt and default of more than one Lakh Rupees by the Corporate Debtor is established. Petition admitted - moratorium declared.
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