TMI Blog2019 (11) TMI 445X X X X Extracts X X X X X X X X Extracts X X X X ..... Petition 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 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 Applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or 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 is reproduced below for ready reference: ..... X X X X Extracts X X X X X X X X Extracts X X X X
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