Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2017 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (6) TMI 1314 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAIMaintainability of application - initiation of CIRP - Corporate Debtor defaulted in making repayment - existence of debt and default - HELD THAT:- The Corporate Debtor has enclosed a legal notice dated 27.12.2012 issued by Bank of India, Mumbai Mid-Corporate Branch, Bank of India Building, M.G. Road, Fort, Mumbai, claiming a sum of ₹ 4,93,72,342/-, which is a statutory notice u/s 433 & 434 of Companies Act 1956. The Corporate Debtor also enclosed a recall notice dated 02.07.2013 issued by Saraswat Co-op. Bank Ltd., Senapati Bapat Marg, Dadar, Mumbai requiring to pay a sum of ₹ 87,64,90,270/-. The Corporate Debtor says that the debt due to various financial institutions to the extent of ₹ 463.99 crores as disclosed in the petition is in default - this shows that there are debts which are in default. This Bench is of the view that the corporate debtor has cornmitted a default and the petition contains the particulars as required u/s 10 of the Code - Hence, this Bench hereby admits this petition, declaring moratorium with consequential directions. Petition admitted - moratorium declared.
|