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2019 (11) TMI 445

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..... etition admitted - moratorium declared. - CP-IB-429/ND/2019 - Dated:- 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 Insolvency and Bankruptcy Code, 2016 for the recovery of a total outstanding amount of ₹ 52,05,03,856.06 which includes a Cash Credit of ₹ 30,10,88,786.25 (Page 906 of Petition) and a Term Loan of ₹ 21,94,15,069.81(Page 912 of Petition) from the Corporate Debtor. 2. The Ld. Counsels for Petitioner as well as Respondent were present. The Petitioner has stated that the Respo .....

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..... aken 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. 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. 8. The Petitioner has proposed Mr. Arvind Garg, registered with Insolvency Professional Agency of Institute of Cost Accounts of India having reg .....

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..... 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 is reproduced below for ready reference: (4) The order of moratorium shall have effect from the date of such order till the completion of the Corporate Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-section (1) of section 31 or passes an order for li .....

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