TMI Blog2019 (5) TMI 918X X X X Extracts X X X X X X X X Extracts X X X X ..... vency is to be triggered unless the application is incomplete. The Financial Creditor has stated that as on 31.07.2018, ₹ 4650.66 lakhs (including interest) is due and payable by the Corporate Debtor to the Financial Creditor. The Financial Creditor has stated that the total amount of debt granted, disbursed and restructured from 21.03.12016 and at present aggregate credit limit is of ₹ 2750.00/- lakhs. It is further stated that the account of the Corporate Debtor was declared as Non-Performing Asset w.e.f. 31.03.2016 on account of default in making payment to the Financial Creditor - This Petition reveals that there is a debt as defined in Section 3(11) of IBC; there is a default within the meaning of Section 3(12) of IBC; t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Financial Creditor has further stated that M/s Parsuram Forge Pvt Ltd., Mr. Shridhar Moreshwar Vaidya, Mr. Prashant Shridhar Vaidya, Mrs. Subhada Shridhar Vaidya executed Deed of Mortgage and additional Charge in favour of the Financial Creditor to secure due repayment of the credit facility availed by the Corporate Debtor. 5. The Financial Creditor has submitted that on failing the corporate debtor to pay the amounts to the financial creditor, the account of the corporate debtor was classified as Non-Performing Assets on 31.03.2016 6. The Financial Creditor has annexed the copy of recall notice dated 03.11.2016. and notice under section 13(2) of SARFAESI Act, 2002 and measures taken under section 13(4) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y filed by the respondent has submitted that the financial creditor has as a consequence, taken measures under section 13(4) of SARFAESI Act, 2002, against the said corporate debtor which remained unchallenged by the corporate debtor. Further stated that the OTS proposal submitted as late as 16.12.2018 by the corporate debtor is nothing but an afterthought which is not acceptable as the same was not within the OTS policy of the bank. 11. We have heard the arguments of both sides and perused the records. 12. The Hon ble Supreme Court in the matter of Innoventive Industries Limited V. ICICI Bank Anr.[(2018) 1 SCC 407], has held that the provisions of Section 7 become applicable as soon as a financial debt is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solution professional. Therefore, this petition deserves to be admitted. ORDER 16. The petition filed by The Cosmos Co-operative Bank Ltd. U/S 7 of the I B Code 2016 for initiating corporate insolvency process against the corporate debtor is admitted, prohibiting all of the following of item-I, namely: I (a) 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; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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