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2019 (11) TMI 445

..... s out of the money collected from depositors, share holders etc. The notional loss as pleaded by the Respondent is prima facie not tenable. The Ld. Counsel for the Petitioner has stated that credit facility of ₹ 2 Crore was not disbursed as the Respondent failed to fulfil the Terms of the sanction. Keeping in view the circumstances of the case, the Application of the Petitioner is admitted. Petition admitted - moratorium declared. - CP-IB-429/ND/2019 - 28-8-2019 - MR R. VARADHARAJAN, MEMBER (JUDICIAL) AND MR K.K. VOHRA, MEMBER (TECHNICAL) For The Petitioner : Mr V. K. Jain And Shekhar Gupta (Advocate) For The Respondent : Ms. Reema Khorana (Advocate) ORDER 1. The Financial Creditor (Petitioner) has filed a Petition under Section 7 of .....

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..... s etc by the Respondent (Pg 88 of reply of Respondent). It further stated that due to lack of non release of any LC since December 2014, the Respondent had not been able to execute its running project resulting into non realisation of payments. 6. The Ld Counsel for Respondent stated that there is no liability of Respondent in view of the counter claim. The Respondent admitted that he had taken the loan. The counter claim of ₹ 45.1987 Crore (Pg 36 of reply on behalf of the Respondent) includes items like loss of good will, loss of order book and profitability etc. 7. The banks give loans out of the money collected from depositors, share holders etc. The notional loss as pleaded by the Respondent is prima facie not tenable. The Ld. Cou .....

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..... inancial 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. However during the pendency of the moratorium period in terms of Section 14(2) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. The duration of the period of moratorium shall be as provided in Section 14(4) of the Code and i .....

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