TMI Blog2017 (4) TMI 1312X X X X Extracts X X X X X X X X Extracts X X X X ..... Janak Puri, Delhi-110058 having Regn. No. IPA- 01 / 2016-17/1P-00151 as "Interim Resolution Professional" under Section 13(I)(b) of the Code. Section 13 of the Code says that after admission of the application under Section 7, the Adjudicating Authority shall pass an order declaring a moratorium for the purposes referred to in Section 14 - C.P. No. (1B) 05/NCLT/AHM/2017 - - - Dated:- 19-4-2017 - SRI BIKKI RAVEENDRA BABU MEMBER JUDICIAL Mr. Venancio D'Costa with Mr. Shashikant Parmar, learned Advocates for the Applicant Financial Creditor. Mr. Ketan Parikh with Mr. Pavan Godiawala, learned Advocates for the Respondent Corporate Debtor. ORDER 1. M/S. Hero FinCorp Limited filed this Petition under Section 7 of T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d within 60 months. The Drawdown Facility under the Second Supplementary Agreement would be ₹ 1,10,14,570/-. The loan is subject to a minimum monthly interest at the rate of 13 per cent per annum and in case of late payment the Applicant is entitled to charge penal interest at 2% from the Corporate Debtor. As per the agreed terms, Applicant would disburse an amount of ₹ 5,89,85,430/- directly into the account of the Supplier, namely M/s. Anupam Industries Ltd., whereas an amount of ₹ 1,10,14,570/- would be disbursed in the Bank account of the Corporate Debtor with Bank of Baroda. The Applicant on 30th December, 2015 disbursed an amount of ₹ 1,10,14,570/- by crediting the same to the bank account of the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p.m. over and above the agreed interest rate. Since no reply was received from the Corporate Debtor, the Applicant invoked the Clause 12.10 of the Agreements and referred the matter to Arbitration. 4. Thereafter, Applicant filed this Petition. Applicant served the copy of the Petition on the Corporate Debtor as required by Rule 4(3) of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 5. Pursuant to the order of this Adjudicating Authority also, the Applicant served a notice of hearing on the Corporate Debtor. On behalf of the Corporate Debtor, Messrs Ketan Parikh and Pavan Godiawala, learned Advocates appeared before this Authority. 6. Heard the learned Counsel for the Applicant and the learned Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated 18.12.2015; Personal Guarantee dated 18.12.2015 of Mr. Varun Vijay Gupta and others; Sanction Letter dated 16.12.2015; Hypothecation Deed dated 18.12.2015; and Supplementary Agreements dated 18.12.2015 and 29.12.2015. The Financial Creditor also filed Annexure Z along with Additional Affidavit which show the proof of default committed by the Corporate Debtor. Learned Counsel appearing for the Applicant contended that the Corporate Debtor committed wilful default in repayment of the loan instalments and therefore the Loan Agreement and the Supplementary Agreements were recalled. Learned Counsel appearing for the Corporate Debtor submitted that the amount claimed by the Financial Creditor is not correct. However, the learned Counsel fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecree or order 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d. the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. i. The moratorium order in respect of (a), (b), (c) and (d) above shall not apply to the transa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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