9911796707
TMI Blog2017 (9) TMI 1768X X X X Extracts X X X X X X X X Extracts X X X X ..... nsolvency and Bankruptcy Code, 2016, against the corporate debtor stating that this corporate debtor availed of loan facilities and thereafter having failed to repay the debt as per terms and agreements between them, the petitioner-bank has filed this case for initiation of the insolvency resolution process against this corporate debtor, hence this petition. Facts of the case 2. The petitioner-bank, on term loan facility under common loan agreement dated September 8, 2008 entered between the parties, sanctioned loan of Rs. 80 crores thereafter on August 13, 2010 provided another term loan facility under common loan agreement for sanctioning Rs. 5 crores, subsequent to this, it has again sanctioned another working capital term loan facilit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en classified as non-performing asset in respect to facilities 1 and 2, as to facility 3, report is not available. The petitioner has also filed report of central repository of information (CRI) dated August 16, 2017 as exhibit 15 to show that this debt has been classified as NPA. The bank has filed revival letter dated September 7, 2017 addressed by the corporate debtor to the applicant acknowledging the debt liability as mentioned above. 5. The bank has filed consent letter of interim resolution professional namely Ms. Charu Sandeep Desai disclosing that she is not a related party to Mandana Industries Ltd., and she is not an employee or proprietor or partner of company secretary or cost accountants of the corporate debtor herein or its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company petition is hereby admitted with reliefs as mentioned below : (i) That this Bench 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 by the corporate debtor any of its assets or any legal right or beneficial interest therein ; 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 ; the reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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