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2017 (10) TMI 293 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABADCorporate Insolvency Resolution Process - petition under Insolvency and Bankruptcy Code, 2016 - Held that:- We are of the considered view that the Corporate Debtor has failed to satisfy the Adjudicating Authority as per various provisions especially Section 10 of IBC, for admission of the case. Therefore, it is not a fit case to admit the case. The account of Corporate Debtor was classified as NPA as early as 26.12.2013 and bank has spent sufficient time, money and energy to recover the debt from the Corporate Debtor, which could be seen from the pre-paras. In the interest of the case, we would like to narrate few important steps taken by the bank such as number of default notices issued to the Corporate Debtor, legal notices issued to the Corporate Debtor and also to the guarantors, demand notice issued under section 13(2) of the SARFAESI Act. The Demand notice got published in Deccan Chronicle and Eenadu in January, 2013, rejoinder issued on 04.03.2017, Possession Notice dated 17.04.2017 got issued under Rule 8(1) of Security Interest (Enforcement) Rules, 2002 and again published in Indian Express and Andhra Jyothy in April, 2017, Notice Prior to Sale under Rule 8(5) and 8(6) of Security Interest (Enforcement) Rules in May 2017 and E-auction sale notice in July, 2017 etc, which involved substantial cost to the Financial Creditor/Bank. Therefore, we impose a cost of ₹ 10 lakhs on the Corporate Debtor.
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