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2019 (4) TMI 1771

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..... be of no use in postponing this matter. This Bench having perused the material available on record, it is of the considered view that the Creditor Bank has proved existence of debt and default and has also filed the consent letter given by the Insolvency Professional for being appointed as Interim Resolution Professional, we hereby admit this Company Application by appointing Mr. Ashok Kumar Seshadri as Interim Resolution Professional with specified directions - petition admitted - moratorium declared. - IBA/332/2019 - - - Dated:- 30-4-2019 - B. S.V. Prakash Kumar, Member (Judicial) S. Vijayaraghavan, Member (Technical) For the Financial Creditor: Shri. P.S. Ganesh, Advocate For the Corporate Debtor: Shri. .....

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..... of Attorney executed by the Corporate Debtor on 10.12.2009 authorizing the Creditor Bank to collect future receivables, Undertaking-cum-Declaration dated 10.12.2009 agreeing that bank is at liberty to take action in accordance with law, Agreement for Assignment of Rent dated 10.12.2009, Agreement for Term Loan against future interest dated 10.12.2009, Agreement of Guarantee by R.A. Samy Trading dated 10.12.2009, Agreement of Guarantee on individual capacity dated 10.12.2009, Agreement of Guarantee by Eswari dated 10.12.2009, Agreement of Guarantee by R. Navamani dated 10.12.2009. Acknowledgement of Deposit of Title Deeds in Bank Format dated 10.12.2009, Registered Memorandum of Deposit of Title Deeds (equitable mortgage) Doc.No.1364/2010 d .....

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..... dated 29.01.2019 notifying it to the Corporate Debtor that it has failed in repaying even the amount agreed in the OTS entered into. 5. Looking at the letter dated 29.01.2019 issued by the Creditor Bank to the Corporate Debtor, it appears that this OTS is arrived at for repayment of Crores against total dues outstanding against Corporate Debtor. It is apparent on record that the Corporate Debtor has failed in paying in OTS amount within the stipulated time. It is evident on record that the Creditor Bank has only received crores on 01.12.2018 and Crore on 24.01.2019. The Creditor Bank further states that as per their sanction letter, the Corporate Debtor should have deposited the entire settlement amount of Crores to the Creditor .....

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..... . Against this argument, the Creditor Bank has stated that this Corporate Debtor is in the habit of giving such type of undertakings and thereafter violating the same. Moreover, the Creditor Bank counsel has stated that this Bench has posted this matter to today on the assurance given by the Corporate Debtor that the Corporate Debtor would make the entire payment on or before today but whereas today, this Corporate Debtor has filed another memo seeking extension of time without paying the claim amount as sought in this Claim application. 9. On hearing the submissions of the Corporate Debtor, it is evident on record that it is not the case of the Corporate Debtor that debt is not in existence and default is not in existence. Though .....

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..... recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; 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 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 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector .....

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