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TMI Blog2019 (7) TMI 786X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of loans borrowed from various financial creditors. 2. Brief averments made in the Petition are: i. The main objects of the Corporate Applicant are to design, develop , fabricate, assemble, export from and import into India, buy, sell or otherwise deal in and to act as consultants or render services in connection with all kinds of telecommunication equipments including terminal equipments, exchange equipments, electronic private automatic branch exchange (EPABX), etc. in respect thereof and to design, develop, assemble and construct all types of telecommunication infrastructure mainly cell towers and cable wiring and fixing and maintain the equipments and to deal operation and maintenance of Telecom passive infrastructures, active in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for Bankruptcy are that major works/payments are blocked. Approx Rs. 8 crores Investment was blocked with Reliance JIO, Vihan Network Limited ("VNL") and Himal Futuristic Communication Limited ("HFCL"). vii. It is stated that Vendor code was blocked by Reliance JIO, so there was no issuance of purchase order as well as payments to the Corporate Applicant. viii. It is stated that VNL and HFCL were Turnkey Service Providers for BSNL. They could not process nor certify works as the works were rejected by BSNL due to which several of works had to be redone. ix. It is stated that the effect of intense competition following the disruptive entry of a new player Reliance Jio and legal and regulatory challenges, high level of unsuitable debt a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egative business and reputational impact. xiv. There are three pending litigation: a. Section 138 Negotiable Instruments Act Case No. CS/ 35833/ 18 in the 9th M M Court of Calcutta filed by Magma finance for the amount of Rs. 8,00,000 (Rupees Eight Lakhs Only). b. Section 138 Negotiable Instruments Act case new C.C. No. 91/2018 in the court of the XV Special Magistrate at Hyderabad filed by Standard Chartered Bank for the amount 1,44,610 (One Lakh Forty-four thousand six hundred and ten only). c. New O.A. No. 420 of 2018. Summons under sub-section (4) of Section 19 of the Act before the Debt Recovery Tribunal - 11 Abids Hyderabad by HDFC Bank Ltd., for the amount 22,89,494 (Twenty-two lakhs eighty-nine thousand four hundred and nine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied ..... X X X X Extracts X X X X X X X X Extracts X X X X
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