9911796707
TMI Blog2019 (10) TMI 277X X X X Extracts X X X X X X X X Extracts X X X X ..... reditor seeking initiation of Corporate Insolvency Resolution Process (CIRP) on the ground that this Corporate Debtor defaulted in repaying the loan amount of Rs. 412,42,86,369 as on 09.10.2017. 2. Before passing order in this case, it is pertinent to mention that first date of hearing was given on 10.11.2017 meaning thereby this case was filed even before 10.11.2017. Ever since this Bench has kept on adjourning it on continuous requests made by the Corporate Debtor saying that it would repay this loan amount or settle with the Petitioner, but till date, no change has come in the request of the Corporate Debtor except saying that if more time is given it would resolve it through settlement talks. To show how much time this Bench has given ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was assigned to this petitioner by Central Bank of India. Initially, the Central Bank of India on 27.09.2011 had sanctioned the corporate debtor Rental Discounting Facility-I for a sum of Rs. 44.35 Crores on 26.03.2012, Term Loan-I (LRD) facility to a tune of Rs. 100 Crores (for Capital Expenditure of the Residential Projects) on 26.03.2012, Rental Discount Facility-II to a tune of Rs. 48.94 Crores on 29.10.2012 aggregating to Rs. 193.29 Crores. As to Term Loan-I (LRD) facility is concerned, this Corporate Debtor has provided an Assignment of Future Rent Receivables in favour of the Bank and mortgage over undivided portion of the land admeasuring 3.08 acres with building with an area of 2,90,343 sq ft in stilt, first, second and third flo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount of Rs. 30 lakhs on 13.06.2016, Rs. One Crore on 16.01.2018, Rs. 50 lakhs on 24.04.2018, Rs. 3,20,00,000 on 12.03.2019, Rs. 50,00,000 on 21.03.2019 and Rs. One Crore on 02.04.2019 and further Rs. One Crore on 02.05.2019 aggregating to Rs. 7,50,00,000 (Rupees Seven Crores and Fifty Lakhs) as against the liability of Rs. 412 Crores. Despite this Petitioner was given a long rope before filing this Company Petition and after filing this Company Petition, the petitioner was able to pay only Rs. 7,50,00,000 to the Petitioner as against default amount of Rs. 412 Crores. Even after taking about two years' time, the Corporate Debtor failed to generate funds to clear this debt. 8. To prove that debt and default are in existence, this Petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccordingly created a mortgage by deposit of title deeds of the said lands in favour of Indian Bank on behalf of the consortium of Banks, as confirmed by their letter dated 23.09.2010 - Valuation Rs. 127 crores. 5) Assignment of Future Rent receivables - As on date reported to be NIL. 6) Mortgage over undivided share of land admeasuring 4.58 acres comprised in various survey numbers with building with an area of 2,71,823 sq.ft. built up area consisting of stilt (part), fourth, fifth and sixth floors including proportionate common area in the building known as the Amirtha Research and Innovation Park Land (Multi Services Building), situated at "Marg Swamabhoomi", Seekanankuppam Village, Cheyyur Taluk, Kancheepuram District, created by execu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... avit filed by the Corporate Debtor. 11. Since it is not the case of the Corporate Debtor that debt and default are not in existence and there being no settlement between the parties, I am of the view that this case is fit for admission whereby this Bench hereby admits this petition by appointing Mr. L.K. Sivaramakrishnan, as Interim Resolution Professional (IRP) looking at the consent by the IRP with directions as follows: I. That Moratorium is hereby declared prohibiting all of the following actions, namely, (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; ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
