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2019 (10) TMI 373

..... rom the material placed on record by the Applicant, this Authority is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant. As can be seen from the Written Communication of the proposed Insolvency Resolution Process, no disciplinary proceedings are pending against him. In the instant case, the documents produced by the Financial Creditor clearly establish the ‘debt’ and there is a default on the part of the Corporate Debtor in payment of the ‘financial debt’. Application admitted - moratorium declared. - CP (IB) No. 218/7/NCLT/AHD/2018 - 19-6-2019 - MS. MANORAMA KUMARI, MEMBER (JUDICIAL) AND MR HARIHAR PRAKASH CHATURVEDI MEMBER (JUDICIAL) For The Petitioner : Mr Haresh R .....

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..... nt for financial assistance by way of term loan for housing project named Rai Pink City , Phase - II, at Satgadhi Choraha, Village Borda, Lolar Road, Bhopal and also submitted financial data and other particulars with loan application on 11.07.2013 for a sum of ₹ 5.00 crores by way of project loan. That, pursuant to the request made by the respondent company and considering the project, the petitioner bank had sanctioned a term loan facility under Housing Project Loan for a sum of ₹ 500/- (Rupees five hundred lacs only) on 12.10.2013 on various terms and conditions as referred to in the sanction letter including one of the conditions to create a principal security by way of equitable mortgage of the diverted property situated at .....

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..... lso signed, executed and delivered a letter of acknowledgement of debts on 04.11.2016 and also confirmed the outstanding amount of ₹ 3,37,61,236.11 (Rupees three crores thirty-seven lakhs sixty-one thousand two hundred thirty-six and paise eleven only) due as on 03.11.2016 and also confirmed the execution of the security documents on 08.11.2013, however, the respondent company, its directors/guarantors failed and neglected to set right the accounts. That, though numbers of opportunities were given to the respondent company, its directors/guarantors/mortgagors to repay the overdue amount as well as interest accrued thereon, the respondent failed and neglected to do so. That, under such circumstances, account of the respondent company w .....

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..... application dated 11.7.2013 60-82 6 A7 Sanction letter 83-92 7 A8 Board resolution of the respondent company dated 08.11.2013 93-97 8 A9 Stamped undertaking cum declaration 98-100 9 A10 Legal mortgage 101-154 10 All Certificate of ROC regarding registration of charge 155 11 A12 LAD (Form No. L 444 C) 156-159 12 A13 letters addressed to respondent company, directors/guarantors collectively 160-162 13 A14 Notice addressed to respondent company, directors/guarantors 163-165 14 A15 Reply sent by respondent 166-172 15 A16 Reply sent to the respondent by petitioner 173-174 16 A17 Publication of possession notice 175-176 17 A18 Valuation report of mortgaged property 177-179 18 A19 Statement of accounts and the outstanding and computation of the am .....

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..... dditional security and, as the respondent does not own any other property other than the ones already offered to the petitioner bank, the respondent could not avail any finance from any other financial institution either. That, because of unavailability of funds, construction of new flats got halted and the respondent had to repay approximately ₹ 80.00 lakhs to the customers who had paid booking amount since the respondent company was declared NPA. 10. The respondent has also submitted that the steps taken by the petitioner bank for initiating action under SARFAESI against the respondent was put on hold by Hon ble High Court, Madhya Pradesh vide order dated 27.03.2018. 11. Heard learned lawyers appearing for both the sides. Findings 1 .....

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..... g against the proposed Insolvency Resolution Professional. 13. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant. As can be seen from the Written Communication of the proposed Insolvency Resolution Process, no disciplinary proceedings are pending against him. 14. In the instant case, the documents produced by the Financial Creditor clearly establish the debt and there is a default on the part of the Corporate Debtor in payment of the financial debt . 15. There is no dispute in the case that the petitioner is the financial creditor. The application is also furnished in the prescribed form - 1 of .....

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..... t or beneficial interest therein; (iii) any action to foreclose, recover or enforce any security interest 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 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 19. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transaction as may be notified by the Cen .....

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