TMI Blog2019 (10) TMI 372X X X X Extracts X X X X X X X X Extracts X X X X ..... at the stage of admission of application under Section 7 of the I B Code. The challenge on this score is also without substance. The impugned order does not suffer from any legal infirmity - Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 32 of 2019 - - - Dated:- 7-5-2019 - Mr Bansi Lal Bhat, Member (Judicial) And Mr Balvinder Singh, Member (Technical) For The Appellant : Mr. Atul Sharma, Mr. S. C. Dass, Mr. Pushkar Sood and Mr. Harshit Kher, Advocates For The Respondents : Mr. Ramji Srinivasan, Sr. Advocate with Mr. Suresh Dutta Daboal and Ms. Sonakshi Dhiman, Advocates for Phoenix. Mr. Aditya Verma, Mr. Shrey Patnaik, Advocates for RP. JUDGMENT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore immovable assets in the form of mortgage of immovable properties and hypothecation of stock, receivables and other assets. Account of the Corporate Debtor came to be declared as a Non-Performing Asset (NPA) by the Bank . It happened on 30th September, 2015. Admittedly, the Bank assigned the account of Corporate Debtor to Phoenix ARC Pvt. Ltd. (Financial Creditor) on 31st March, 2016 in terms of Letter of Assignment. According to notice issued by the Financial Creditor u/s 13(2) of SARFAESI Act, 2002, the total amount of default as on 30th November, 2016 was ₹ 60,92,44,653/- which the Corporate Debtor failed to pay and the same aggregated to ₹ 73,08,54,170/- as on 15th March, 2018 when the application for initiat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to the arguments advanced at the Bar. Even a cursory look at the record placed before the Adjudicating Authority as also before this Appellate Tribunal brings it to fore that the factum of State Bank of Travancore from whom the loan was raised as far back as 1999 as a duly secured debt was renewed from time to time and finally in the year 2015, and upon declaration of the account of Corporate Debtor as NPA on 30th September, 2015 same being assigned to the Respondent Financial Creditor, is an admitted position. Apart from the revival letter and the balance confirmation letter executed by the Corporate Debtor in February, 2016, there is an admission on the part of Corporate Debtor as emanating out of the Summary of differences formin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an be found with the impugned order as regards initiation of Corporate Insolvency Resolution Process. The contention raised is accordingly repelled. 7. In so far as gross exaggeration of claim on the part of Respondent Financial Creditor is concerned, same appears to be based on a pure surmise. The Appellant has resorted to conjecture which is attributable to pure fancy/ imagination. There is no basis to arrive at a conclusion that subsequent to declaration of the loan account of Corporate Debtor as NPA, the loan was assigned by the Bank to the Respondent Financial Creditor for a sum of ₹ 39.90 Crores. Assuming though not holding that it was so, still it does not dilute the liability of Corporate Debtor who is unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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