TMI Blog2018 (10) TMI 1743X X X X Extracts X X X X X X X X Extracts X X X X ..... refore the Application under sub-section (2) of section 7 is taken as complete, accordingly this Bench hereby admits this Petition, subject to imposing conditions. Petition admitted. - CP (IB) -2469/MB/2018 - - - Dated:- 22-10-2018 - Hon ble Mr. Bhaskara Pantula Mohan, Member (J) Hon ble Mr. V. Nallasenapathy, Member (T) For the Petitioner: Ms. Anamika, Adv. i/b. HSA Advocates For the Respondent: Mr. Prem Jha and Ms. Shilpa Chavan, Advocates. ORDER V. Nallasenapathy, 1. This Petition is filed by the Petitioner / Financial Creditor, UCO Bank (hereinafter called as Petitioner ), against PMT Machines Limited (hereinafter called Corporate Debtor ), seeking to set in motion th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000/-, annexed as Exibit-N to the Petition. (c) Letter of Continuity executed on 12.10.2007 by the Corporate Debtor in favour of UCO Bank as security for an advance of ₹ 48,00,00,000/-, annexed as Exhibit-O to the Petition. (d) Letter of Waiver dated 12.10.2007 executed by the Corporate Debtor in favour of UCO Bank, annexed as Exhibit-P to the Petition. (e) Copy of deed of Guarantee dated 12.10.2007 executed by two directors i.e. Mr. Nitin Sandesara and Mr. Chetan Sandesara and Sterling Biotech Limited for an amount of ₹ 99,70,00,000/-, annexed as Exhibit-Q to the Petition. (f) Deed of Hypothecation dated 12.10.2007 executed by the Corporate Debtor in favour of UCO Bank for an amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor and the consortium of banks with respect to an amount of ₹ 6,20,00,000/-, annexed as Exhibit CC to the Petition. (o) Corporate Guarantee dated 25.11.2014 executed by Sterling Biotech Ltd. and the consortium of banks with respect to an amount of ₹ 191,30,00,000/-, annexed as Exhibit- DD to the Petition. (p) Deed of Personal guarantee dated 25.11.2014 executed by two directors i.e. Mr. Nitin Sandesara and Mr. Chetan Sandesara in favour of consortium of banks for an amount of ₹ 131,30,00,000/-, annexed as Exhibit-EE to the Petition. (q) Balance confirmation by Corporate Debtor for the whole consortium loan amount of ₹ 179,06,22,000/-, annexed as Exhibit-FF to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itioner, is of the view that the Corporate Debtor defaulted in repaying the loan availed and also placed the name of the Insolvency Resolution Professional to act as Interim Resolution Professional and there being no disciplinary proceedings pending against the proposed resolution professional, therefore the Application under sub-section (2) of section 7 is taken as complete, accordingly this Bench hereby admits this Petition 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) transferri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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