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TMI Blog2018 (10) TMI 1743X X X X Extracts X X X X X X X X Extracts X X X X ..... on process under section 7 of the Insolvency & Bankruptcy Code, 2016 (the Code) read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority), Rules 2016, on the ground that the Respondent defaulted in making payment of a sum of Rs. 119,76,00,000/- as on 31.05.2018, including interest and the date of default being 31.12.2011. 2. The Petition reveals that, on 15.04.2006 the Petitioner renewed credit facilities to the extent of Rs. 55.70 Lakhs, subsequently on 29.08.2007 the Petitioner has renewed and enhanced the credit facilities to Rs. 99.70 lakhs and the final renewal letter dated 30.03.2012 reveals that the facilities were renewed for Rs. 95.48 Crores, which consists of cash credit limit of 14.60 crores, WCDL 58.4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssu charge dated 04.10.2007 executed by the Corporate Debtor in favour of lenders, annexed as Exhibit-L to the Petition. (h) Joint Deed of Hypothecation dated 04.10.2007 executed by the Corporate Debtor in favour of the Consortium of Banks, annexed as Exhibit-K to the Petition. (i) List of Charges wherein the Corporate Debtor registered charges in favour of the Petitioner and other entities. (j) Memorandum of Confirmation of pari passu Arrangement dated 26.09.2008 executed between the Corporate Debtor and the Consortium of Banks in respect of an amount of Rs. 205,52,00,000/-, annexed as Exhibit-U to the Petition. (k) Joint Deed of Hypothecation dated 26.09.2008 executed between the Corporate Debtor and the Consortium of Banks wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e SARFAESI Act, 2002, annexed as Exhibit HH to the petition. 4. The Petitioner submitted that the Corporate Debtor has made payments of Rs. 6,35,00,000/- and Rs. 19,20,00,000/- on 23.07.2015 and 01.08.2015 respectively. Further there was another receipt of Rs. 1,04,22,000/- on 27.10.2015. All these were credited to the Term Loan Accounts and hence the debt is not barred by limitation. 5. The Counsel for the Corporate Debtor appeared on 31.08.2018 and made a request that they have submitted one-time settlement proposal to the Petitioner and sought time. Considering his request, the case was listed on 10.09.2018, and the Counsel requested time to file reply and accordingly the matter was listed on 28.09.2018. Again on 28.09.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 (SARFAESI Act); (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. (II) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (III) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (IV) That the order o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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