9911796707
TMI Blog2017 (2) TMI 1241X X X X Extracts X X X X X X X X Extracts X X X X ..... er referred as "Code"), seeking for admission of this petition declaring moratorium on the Corporate Debtor Company, direction for public announcement of initiation of corporate insolvency process and call for the submission of claims u/s 15 and appointment of interim resolution professional as prescribed under the Code and Rules thereon. 2. The Petitioner, Financial Creditor, granted Rs. 230 million Rupee Term Loan facility (RTL Facility) on an agreement entered on October 19,2011, thereafter disbursed the same, apart from this, this petitioner also granted Rs. 160 million Working Capital Term Loan Facility (WCTL Facility) on an agreement dated March 2014 and disbursed the same on March 6,2014. 3. Besides the above two facilities, this p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Ledger and the entries therein made in ordinary and usual course of business and the ledger is still in the custody of the petitioner Bank. To substantiate the certificate given by the petitioner Bank, the petitioner filed statements of both the Loan Accounts reflecting default occurred in two Term Loan accounts above mentioned for an amount of Rs. 17.77 crores and Rs. 9.99 crores aggregating to around Rs. 27.77crores. 6. Apart from the filings above mentioned, the Petitioner filed record of CIBIL Ltd. (Credit Rating Agency) reflecting the aforesaid two term loan accounts maintained by corporate debtor with numbers A115508001 and 0000001101 have become overdue and not paid even after 90 days past due, by which, it is evident that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ode, for this Bench being satisfied that the Corporate Debtor failed to discharge the liability mentioned in this Company Petition resulting occurrence of default for an amount of around Rs. 27.77crores, this Bench admits this petition u/s 7 of the Code declaring moratorium for the purposes referred to in section 14 of the Code with following directions: (i) That this Bench, subject to provisions of sub sections (2) & (3) of section 14 of the Code, hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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